Referrals from tenants

[rocap]

Hi,

I have some tenants just moved into one property, found by my usual agent. They have some friends looking for a 5 bed, and I happen to have one round the corner. Would the agents have / try to have any claim on any commission as the referred tenants cam from tenants they introduced?

Thanks!

[Richlist]

That would depend on any existing agreement/ contract you have with the agent &/or what if any involvement your agent is likely to have with the new let.

Who's going to arrange the AST, extra clauses, deposit protection, inventory, schedule of condition, references, guarantor, rent guarantee insurance, standing order, check in/ check out, ongoing management, S21's & S8's, legal requirements, notices, meter readings etc etc ?

[Mortitia]

I would say the agent would have an interest if you had the 5 bed on their books.

Sounds from what you write that you only use the agent for tenant find only (is that correct)? If so and 5 bed not on agent's books I would not expect to pay agent anything on the strength of a conversation with 2 viewers.

I'd wait and see if tenancy is likely to formed before declaring anything.

Mortitia

[rocap]

That would depend on any existing agreement/ contract you have with the agent &/or what if any involvement your agent is likely to have with the new let.

Who's going to arrange the AST, extra clauses, deposit protection, inventory, schedule of condition, references, guarantor, rent guarantee insurance, standing order, check in/ check out, ongoing management, S21's & S8's, legal requirements, notices, meter readings etc etc ?

Thanks for the reply. Yes there is a lot to do, but I have done this myself before a few times, although no rent guarantee insurance, tenants do standing order, I normally check in and check out and manage, S21s and S8's not normally required (!), and meter readings are fairly trivial. I'm not sure the agent gets rent guarantee insurance. Schedule of condition I don't do.

The agent's fee is £2700, so it is quite a lot of money. The agent would have nothing to do with the new let, although the property is on their books at the moment. The contract I have with them is just on a property-by-property basis....

Thanks

[rocap]

I would say the agent would have an interest if you had the 5 bed on their books.

Sounds from what you write that you only use the agent for tenant find only (is that correct)? If so and 5 bed not on agent's books I would not expect to pay agent anything on the strength of a conversation with 2 viewers.

I'd wait and see if tenancy is likely to formed before declaring anything.

Mortitia

Hi Morttitia,

Thanks for your reply. The 5 bed IS on their books, and yes I only use agent to find tenants, not manage.

Thanks

[Guest tenants_from_hell]

£2700 fee to find tenants?! For how many properties?

Mind you, I have started using an agent and all have been getting is ripped off, more stress, more crappy tenants and so on!

Few years back, I had one tenant who found me many tenants and that was brilliant. If your tenant is decent, pays on time etc etc go for it. Sometimes some people have wide links up and down the country who have mates in every corner. In return the chap was struggling for a month or 2 and I let him stay for rent free (he wanted to move out to his gf's for that period) but I said mate you might as well stay put (he gave me a good 20 tenants so it doesnt make any difference to me).