Management
Letting Agent
Company managing property lettings and tenants
Full Definition
Letting agents handle tenant finding, referencing, rent collection, and property management. Tenant-find-only services cost 50-100% of first month's rent. Full management typically charges 8-15% of monthly rent. Agents must belong to a redress scheme and client money protection scheme. Fees vary significantly by location and service level.
Related Terms
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Void Period
Time when property is empty between tenancies
Rent Arrears
Unpaid rent owed by tenant
Tenant Referencing
Background checks on prospective tenants
Guarantor
Person agreeing to cover tenant's rent if they default
Maintenance Reserve
Funds set aside for property repairs
Rent Guarantee Insurance
Insurance covering unpaid rent from tenants