How easy is it to switch letting agents?
How often do you switch bank accounts? Or dentists? Or even hairdressers? I expect it's not that often. It is the same for estate agents. Either way, it's possible to change if you are feeling underwhelmed, disappointed or disheartened with the experience and it doesn't meet expectations.
From conversations we've had with potential landlords, it appears that once a landlord has signed up with an agent, they often don't change as it's considered too much hassle. When the agent is so entwined with the legal paperwork and the tenancy, it's easier to leave things as they are. But this can mean that many landlords are tied to an agent they're unhappy with.
Whether it's a lack of communication, poor quality of visits, maintenance problems, overlooking necessary compliance checks, or rent arrears, a landlord will put up with a lot before reaching their final straw and switching to a new agent. If a landlord is deeply unhappy because something has been mishandled or mismanaged, they tend to put themselves through the drama of switching agents. But only if they are at the end of their tether. Otherwise, they'll put up with poor service and, rather than upsetting the applecart, will wait until the tenancy ends. A natural breakpoint when the tenant leaves creates an opportunity to switch to a new, 'better' agent.
This isn't really good enough, is it? A letting agent should be able to provide excellence, professionalism, knowledge and expert advice on handling your rental investment. Anything short of this shouldn't be tolerated.
And in reality, switching agents isn't so bad. You shouldn't feel that you have to wait until the tenancy ends or something awful happens to switch. If you feel that the service that you've received has met your expectations or what you were promised when you signed up, you can change agents, even mid tenancy.
Of course, a contract between you and your agent will be in place, and you should double-check the terms as every agent differs. There may be a notice period that you have to give or a balance of fees to pay to end the agreement mid-tenancy if upfront marketing costs were set up to be spread over the term of the tenancy to ease cashflow.
A new agent will gladly handle the changeover for you, collecting the paperwork, rental account history and transferring the deposit funds. It is likely they will arrange to meet your tenant and check the property to ensure everything's okay and will renew any paperwork that needs to be updated. This should also include a compliance check to ensure nothing pertinent has been missed.
It's actually much easier to change than you might think. Speak to the agent you're considering using, and tell them your main concerns. Ask them how they'll handle these issues, to improve your experience and alleviate your stresses moving forward.
Once you've selected the agent to move to and checked the terms & conditions with your current agent, you can inform them and the tenant of your intention to change and start the process. A simple phone call should suffice if the tenant is still in situ but perhaps followed up with an email. Inform them that you are changing agents and reassure them that their occupancy in the property will not be impacted in any way. Then, ensure they change their rent payment to the new agent, and voila!
Once you've changed agents, you can sit back and relax, knowing that your rental property is being looked after properly and you have no cause for concern. If you have a rental property being advertised or under management and are not 100% happy with your agent, please get in touch to discuss your options with our expert team.
