Leasing Agency Agreement
Leasing Agency in Australia – what do they do?
Among all types of Leases from retail, commercial to residential, that which are all highly recommended to be managed and dealt by a Leasing agent or Leasing executive in NSW and across Australia.
Leasing Agents in NSW mostly deal with commercial and residential Leases whilst Leasing Executive are used for officers who deal with retail leases such as community and shopping centers.
What is a Leasing Agency Agreement?
Leasing Agency Agreement is a written agreement between you, as a client, and an agency who engages to manage your portfolio including lease document, negotiation and so on.
What should be included in an agency agreement?
Each Agency Agreement is different in specified, but generally, it should contain the Agency details such name entity name, ABN/ ACN, scope of work, contract terms and service cost.
Besides basic terms, it is important for the client to know what to do if thing go south. For example, if the agency does not do their job properly what will be the solution; If the client changes their mind in the middle course of business, how much would the cost the forfeited.
Leasing Agency Agreement scope of work may include the timeline for the job. In a normal course, if an agreement is based on a one-off job, this item is not mentioned. But for a long-term investor, who has more than 10 leases to manage, the timeline of the contract will normally be indefinite unless the portfolio is closed.
Does an agency agreement need to be in writing?
Agency agreement is a type of contract, even though a contract could be formed orally, it is best to have every term set out on paper to avoid any ambiguity in the long run.
What are the benefits of an agency agreement?
An agency agreement set out the rights and obligations of the parties entered the contract. It eliminates the possibility of litigation and gives all relevant parties a peace of mind, knowing that their work is conducted professionally and will get paid as per the agreement. It could also be used for records of the professional portfolio, particularly for larger firms.
What are the advantages of using a leasing agent?
Leasing Agent are offices who have knowledge in Lease and property field, they understand the law, pros and cons of the process and can walk you thru the work seamlessly instead of you spending hours with paperwork and tumble through the process.
Knowing and understand the processes, leasing agents could save you days from delay, advise and give you a look-out for any possible obstacle you may encounter in the process and provide you with a most effective solution.
