How Easy is it to Switch Letting Agents Mid-Tenancy?
Being a landlord isn’t straightforward and it helps to get advice from a professional. Landlords may choose to use the services of an agent, however, the agent that they initially picked may not have been the best choice. If you would like to explore your options, you have probably asked yourself 'How easy it is to switch agents during a tenancy?'
There is a general assumption that it is better to wait until a current tenant has given notice to leave the property before it is acceptable to switch agents as it is far more problematic to change letting agents midway through a tenancy.
Well, in a lot of cases this can be true, however, although it may seem like a lot of hassle, it is hassle that you don't have to get involved in at all as we can do most of the work for you!
Check your Notice Period
Before you get too excited about the prospect of switching agents, check your notice period. You should have a contract with an agent, and the terms of business dictate if you need to give notice to end the agreement. If you do have a notice period, you will need to terminate this agreement correctly.
If you feel you can discuss the matter with your agent, do so. They may be willing to negotiate an early release of the agreement, or they may offer a solution which creates a better working relationship.
Hand in Your Notice
Once you have decided you are going to sever the relationship, do so in writing and request confirmation of this notice. A useful tip is to schedule this notice alongside tenancy periods. Doing so helps you switch agents at the same time as rent is due.
Confirm your Tenants’ Details
While you should have correct contact details for your tenant on record, this is an excellent time to confirm these details are correct. This allows you to engage your tenant and you are confident that you are supplying the relevant contact details to new agent.
Finding a New Agent
If you are looking to switch, then you will probably be looking to move to a new agent. You may even know which agent you intend to use. However, you may not have someone in mind. If this is the case, you will need to begin researching.
Look for online reviews, speak to other landlords and ask for recommendations. Also, before you commit to a new agent, arrange a meeting. You don’t need to become best friends with your new agent, but you should have respect for each other. A meeting allows you to ask questions, and you can find out a lot more about them as a person, and what they will do for you and your rental property.
Instructing a New Agent
When you have decided on a new agent, you should review the business agreement carefully. If there are issues, you don’t agree with or don’t understand, raise the matter before signing the contract.
Instructing a new agent can take time, so try to do this as early as possible. Some of the steps an agent must do include:
· Contact tenants and arrange to meet with them
· Make arrangements for any payment changeover
· Draft a new tenancy agreement
· Ensure the deposit is transferred and protected in accordance with regulations
The more time you give an agent to do this work, the easier it will be for them.
If you are a landlord looking for a new agent, or you wish to discuss your options, please get in touch. We are here to help!