How to change your managing agent.
Do not accept a poor service. If you’re not happy then do something about it as soon as possible. The sooner you set the ball rolling the sooner you can move on and relax and enjoy the money from your investment without worry and stress. Here's how ...
The main reason why property owners don’t change letting agents is because they either believe they can’t or it will be too much hard work. Consequently, some landlords then stay with a letting agent for years even if they receive a poor service.
There are many reasons why a landlord changes agent, we find the mains ones to be:
• They are not satisfied that the property is being looked after properly. This could mean that you’re getting complaints from tenants.
• Poor communication. Either it’s hard to get in touch with your agent, they don’t return calls and emails or you are talking to a different person every time you call and no one knows what’s going on.
• Their property is empty for long periods between tenancies
Regardless of the reason why things are not working out, changing letting agent should be a hassle-free process - both for the landlord and their tenant.
We often receive enquiries from property owners who are frustrated by the service they receive from their current agent and have a seamless process in place to manage the change so if you’re ready to switch agents or just considering it, here are a few simple steps to take.
STEP 1 – READ THE TERMS OF BUSINESS
Check your Terms of Business document as this will detail your agreement with your letting agent and tell you how much notice you must give to end the contract. If you do not have a copy request it from your agent – they should be able to send you a SIGNED copy. If they can’t then there is no contact in place and you are free to do as you wish! Read these terms FIRST! You don’t want to prepare to leave and then find that you can’t.
Your contract with the letting agent (which is different to a tenancy agreement), may include wider tie-ins. In most cases, you’ll be committed to an initial fixed-term period as this protects the agent from the risk of a landlord leaving almost immediately after a new tenant has been secured. If you are unsure, we are always happy to read the terms and assist in writing notices on your behalf.
If you’re changing mid-way through a tenancy, then a letting agent may charge you exit fees.
STEP 2 – FIND A NEW AGENT
Before getting rid of your current letting agent, you need to find a replacement. This is important because other agencies can help you during the transfer and this will make the process a lot easier for you.
Before making your final decision, ask how they’d deal with the issues which led you to look for a new agent. If they’d do things differently then you shouldn't find yourself in a similarly frustrating position in the future.
Look at reviews either on the agent’s website or google. What are other landlords saying? Also, don’t be afraid to ask for references. Any agent worth its salt should be able to provide one … perhaps a landlord that has also moved agencies would be helpful.
Don’t make any rash decisions, for example only wanting to change because another agency is a little bit cheaper. You need to make sure that you’re changing your agency for the right reasons.
We regularly take over the management of properties and portfolios from other letting agents so have a straightforward process in place to handle all aspects of the move. This includes but is not exclusive to:
• Contacting your tenant – to let them know we’ll be managing the property and explaining the process
• Confirming and collecting all paperwork and keys from the other agent – i.e. tenancy documents & references, warranties, compliance and safety certificates.
• Arranging a property inspection and tenancy ‘health check’ to ensure compliance.
• Making sure the deposit is transferred securely and registered
STEP 3 - ISSUE YOUR NOTICE
Ensure you issue your notice in line with your signed terms of business. The notice should be in writing and request confirmation that they’ve received it.
STEP 4 - GET YOUR TENANT’S DETAILS AND TALK TO THEM
It might sound simple, but it’s important to make sure you’ve got the most up to date contact details for your tenant. You can then let them know what’s going on before a new agent makes contact with them. Talk to your tenant and reassure them that this change will not affect them. This will give them the opportunity to ask any questions and for you to alleviate any concerns.
More often than not tenants are happy there will be a change … if your agent isn’t providing you with a good service, it is likely that the tenant will also be unhappy.
STEP 5 - INSTRUCT YOUR NEW AGENT
Appointing your new letting agent as soon as possible is the best way to ensure a seamless switchover. Tell your new agent why you left the old one to ensure they provide a service in line with your expectations.
Don’t settle for less than the best - If you’re thinking about switching letting agents and this sounds like an approach that could work for you, don’t go it alone – contact our office. We are here and ready to help!