Showing properties that have been "let" can help prospective tenants and others interested in local rental markets to see how the market is performing. A prospective tenant who sees that many outstanding opportunities are quickly converted to "agreed rent" will at least know what he or she is up against. In simple terms, there is a big difference between a "Let Agreed" and a "Let" property. The term "Let Agreed" means that a tenant has shown a serious interest in a property and has made a verbal offer to let it.
This initial offer will have been accepted in principle by the landlord or letting agent and, as a token of the tenant's commitment, the tenant will have been asked to pay a refundable deposit to reserve the property, whilst the necessary reference checks are carried out. The deposit is limited to one week's rent in the case of fixed-term tenancies. Agreed tenancy is a term used to explain that a tenant has been found for a property and the terms and conditions have been agreed. As a result, the prospective tenant will deposit a bond to guarantee that the landlord or letting agent will "hold" the property for them.
Basically, the deposit is like a "reservation fee". The agreed rent is almost the equivalent of "sold subject to contract" when buying a property. Even if a property says "rented subject to agreement", the property will still appear on the market for some reasons. The "agreed rent" means that a prospective tenant has expressed a desire to rent the property in question, has made a verbal offer and the landlord has accepted it.
The tenant will also deposit a deposit to pass the property to Let Agreed, but the agreement is not yet finalised. Let Agreed is used when a prospective tenant has indicated that they would like to rent a property and has made a verbal commitment to rent it. However, the process is far from complete. Most tenancy agreements involve three parties: the tenant, the estate agent and the landlord.
In order for things to run smoothly, each must perform their own tasks and obligations. Here we explain exactly what these are, although they may vary from one agreement to another. Broadly speaking, yes, most will. Generally, they will be happy to show a rented property, as it means they are good at renting property and will attract more business.
These two statements are often found on estate agents' signs outside homes, properties and land waiting to be rented. Before finalising a tenancy agreement, the agent will need to carry out all the necessary reference and credit checks etc. to ensure that the prospective tenant is who they say they are, have the legal right to rent a property in the UK and can afford to pay the rent each month. One of the main benefits to the landlord of a buy-to-let property is that they can receive a regular and steady income from the rental arrangements, as well as building up the wealth that the house will receive as house prices rise over time in the UK.
If you are interested in a property but see that it has "agreed rent", it is worth asking to be put on a list in case it falls through so that you can be the next to view the property and agree terms with the landlord. For example, an estate agent may ask you for £150 to take the property off the market while your application paperwork and credit check is being done. Yes, rental agreements can and do fall through, which is one of the main reasons why they keep advertising on property websites to ensure that if the deal falls through, they can quickly change the advert and start accepting applications again. Checks carried out by the landlord or letting agent include verification of identity and right to live in the UK.
Although Let Agreed properties are very likely to be passed to Let in due course, this is not always the case, so both landlords and agents prefer to keep properties available for others to express an interest, should they wish to do so. Depending on the types of services the landlord is paying for, agents may assist (albeit for a fee) with the following services during the "agreed let" process. For those entering the rental market for the first time, terms such as 'Let Agreed' may leave them scratching their heads. The landlord/landlady has a long list of responsibilities and obligations when entering into a 'let agreed' situation.
If you back out of an 'agreed rent' arrangement, it can tarnish your track record and scare off future tenants. As frustrating as it can be, there are valid reasons why landlords and property owners continue to list properties that are rented on an "agreed rent" basis. If it says "agreed rent" then they are aware that the terms have been agreed with another tenant and so they may start looking elsewhere. If you see an "agreed rent" on OpenRent it means that that listing has not disappeared or been removed from the market for no reason.