Switching letting Agents
A landlord's guide
Switching letting Agents
A landlord's guide
Why landlords switch letting agents
Changing your letting agent can be a big decision to make. The good news is that it isn’t as complicated or time-consuming a move as you may think it is. There are many reasons why landlords decide to change letting agents.
Poor communication The landlord feels that the letting agent isn’t keeping them updated on things that affect their property.
Late rental payments Landlords get frustrated when rent is paid late from their agent, especially when a tenant has paid on time.
Compliance errors Falling foul of the myriad of rules and regulations around rental property is the cause of many relationship breakdowns between landlords and letting agents
Poor quality inspections Inventories and inspections are tasks where landlords often feel their letting agents fall short. Usually, this is due to a lack of detail and care. Even worse is when properties are not inspected at all. Detailed inspections consistently carried out protect landlords and help them budget for the future.
How to change agents successfully
Frequently asked questions
Will my tenants be adversely affected by any changes?
No. If you have done your research and chosen an agent that can deliver better service, the move should benefit the tenant Changing agents does not affect their tenancy agreement.
What if I’m unhappy with the way my outgoing agents handle the switch?
A good letting agent will have a complaints procedure in place. You should start by making a formal complaint to the agent in writing. Then, if you’re still unhappy, escalate it as high as possible within the agent before finally using an independent redress scheme.
What happens to my tenant’s deposit?
The new agent must transfer the deposit to their deposit scheme. This can be easy if agents use the same deposit service. The new agent should be able to arrange for a transfer with the outgoing agent. The tenant’s permission will be required to move their deposit.
Should I just wait until the end of my contract and then make the change?
It’s totally up to you. But if you are really unhappy and the contract still has several months to run, it may be worth looking into. Most letting agents require three months’ notice in writing. Agency agreements and their termination clauses vary from agent to agent, so check your contract for clarity around the details.
Do I have to give notice of my intention to switch agents?
Yes. You may be frustrated or even angry with your current agents, but don’t do anything rash as you have legal obligations to fulfil. As mentioned earlier in the guide, check how long your contract is for and what the notice period is. Most letting agency contracts have a ‘break clause’ in them so that even if your contract is for 12 months, you can give notice at a certain point during that time.
Will it cost me any money to leave my current letting agents?
As long as you’ve acted within your contractual obligations, you shouldn’t have to pay anything extra. Unless, of course, the contract contains terms that include early exit fees. If you are leaving due to the agent failing to uphold their terms of business, you may be able to negotiate a waiver of these fees.
What should I tell my tenants?
Once you are sure you want to change letting agents and have total clarity around the contracts, inform your tenant as soon as possible. Keeping your tenant updated goes a long way to building a good relationship.