Theoretically, letting agents are supposed to make your life a lot easier when it comes to keeping your tenants happy and your property profitable.
With constant changes in regulations, this has been seen by some as an opportunity to raise fees to new highs, leaving less in your pocket and no noticeable difference in the service you are getting.
So, what can you do if you are no longer satisfied with the service you or your tenants are receiving?
Are you worried that changing your letting agent is more hassle than its worth?
Not sure how to go about it?
That is where we come in – we are here to help!
Below, we have outlined some key points to consider when looking to switch your agent:
You are likely to be tied into a contract with your current letting agent, especially if they found your tenant. This is standard practice and is designed to avoid landlords leaving immediately after an agent has invested time and effort in to securing a tenant.
You will need to give the terms of business a thorough read through to see exactly what steps you need to take to give them notice. If the wording does not make it immediately clear, feel free to send it over to us and we will give it a read through to help you gain a better understanding.
Some agents will have a clause which states an exit fee will be due in the case of early termination of the contract. This is often equivalent to one months rent but it does vary.
You will also need to find how out much written notice you need to provide to your agent and where this needs to be sent to.
If you are having problems with your current letting agent, there is a good chance that your tenants are too!
It is very important that you and your tenants have a good relationship with the letting agent, as if they find them difficult to deal with, they may look to leave your property earlier than they would if the agent was helpful.
Remember, the only person that loses out when you lose a good tenant, is you. The agent will still get paid to find a new tenant for you.
The thing to remember is your tenants only have a contract with you, not the agent. The agent acts on your behalf.
Once a new letting agent has been chosen, and the termination of your services with the existing agent agreed, the new agent will get in touch with your previous agent to ensure all relevant paperwork is sent across. The new agent will also make contact with your tenant to introduce themselves and will likely book an appointment to inspect the property and ensure all is well. This is also nice for the tenants as they will get to meet the new agent face to face.
It is important that you ensure you have the correct contact details for your tenants. It is worth contacting your current agent to check these for you. When you switch your letting agent, it will be very helpful for the new agent to have these as early on as possible as it will enable them to hit the ground running when managing your property.
Most letting agents can seem similar on paper with the services they provide, however how these services are executed can be very very different.
At Layco we are experienced in assisting landlords with switching the management of their properties and we work to make the process as straightforward as possible. We can assist landlords through the entire process.
You can be assured of a personal and flexible service when you choose Layco.
If you are thinking of switching your agent, we would love to hear from you.
Please feel free to contact us for a free, no obligation chat where we can offer you honest advice.
Declen Collins & Jennifer Rayment of Layco Properties