How to handle a find only agent with getting data in and handling fees on your first months rent

This article looks at the best way to handle find only agents, where you manage and collect the rent

1. Create the applicant
2. Converting the applicant into a tenancy and adding the financials

This article is also linked to where  agents collect rent on an ongoing basis

The last part of this article shows how to add a management fee if applicable for this rent held by the agent as their commission

1. Adding the applicant

To save time get Arthur services to create a bespoke web form called a  “Letting agent submission form” and send it to your agent to fill in. This will also allow your agent to attach documents. The point of this is that all the data will appear in Arthur as an applicant. The cost of such a form can be found at https://www.arthuronline.co.uk/knowledgebase/how-much-for-arthur-to-build-a-bespoke-applicant-web-form/

2. Adding a tenancy

Go either to the applicant and create a tenancy or on the add tenancy, page 3 add the applicant in form there.

When adding a tenancy you will create two transactions on page 4 of the add tenancy screen

1. 1st months rent
2. Agents fee (analysis code for this is “Head Agent commission”

Go to te tenant statement and you will see both transactions there

Allocate the head agent commission to the charge

2. Retrospectively

Go into the tenancy>statement>add transaction (Head agent commission)

Management fee

If a management fee is applicable because the owner has to be charged for this rent that effectively is not received, simply add a transaction “Management fee” payable by the owner. This will add your fee to the owner statement