Agent

  • There is more than one kind of agent.
  • Letting agents act for property owners (landlords)
  • Sole agent -only one agent is appointed by an owner to sell or let a property
  • Multi Agent – more than one agent is appointed by an owner to sell or let a property.  The successful agent takes all (the commission)!
  • Multi marketing by multi agents means some will not be paid for their efforts, acting as a deterrent.  Sole agency usually gets best results through more committment.
  • Sole Agents prioritise the sale or let of properties ahead of multi agent appointments.
  • Agent for the landlord
  • This can be anyone acting on his behalf
  • It need not be a formal agent, it could be a friend.
  • Agent for the tenant
  • This can be anyone acting on his behalf
  • When a person makes a payment on behalf of a tenant it is prudent and best practice to provide a receipt and to have this countersigned by the “agent for the tenant” stating the purpose for the payment (rent, bills, deposit, etc) and the property it relates to.
  • The authority to act as agent is established by (R.E.A.L.):
  • Ratification
  • Estoppel
  • Appointment
  • Legal implication
    • Think of Real (estate) Agent

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