Thinking of changing your letting agent?
Posted on 18th December 2020
Are you still happy with the return from your rental property?
Do you feel that your letting agent is providing good value and a good service to you as a landlord?
If you have been renting out your property for more than two years, it’s probably time to review the return you are achieving and the service you are receiving.
This needn’t be a difficult process and you could discover some things that surprise you. It might be time for a change.
How can I change letting agent?
Good times to review your position are when your property becomes vacant or when a tenancy agreement is due for renewal.
Firstly, check the agreement you have signed with your agent to find out about your notice period.
You can take charge of your property again when it isn’t occupied, but there are a few extra steps involved if you want to transfer an occupied property to a new letting agent.
Giving notice – typical notice periods can be up to three months. If you don’t have a copy of your agreement with your letting agent, they should provide one for you. If the agreement isn’t clear, you can ask them to be specific.
If you decide to change agents, you will need to give your existing agent written notice. Ideally this should fit in with the day your tenants pay their rent, so that they are unaffected by the change.
Tenant details – your agent is required to provide you with contact details for your tenants, along with copies of the signed inventory and deposit protection scheme details as well as any legally required safety certificates.
Transferring to your new agent – carefully check the terms and charges of your new agent and ask plenty of questions. Fees and responsibilities should be clear and transparent. When you are satisfied you can simply hand over the contact details for your tenants and other paperwork relating to your property and tenancy.
Your new agent will liaise with your tenant and reassure them about the process, including new contact details, the date of the change, any new paperwork that’s needed, including a new tenancy agreement, and transfer of their deposit.
Your new letting agent will set up new payment arrangements with your tenants and provide the tenant with the necessary paperwork, certification and prescribed information for their deposit. They will also set up your account details so that you will receive your rental payments after the transfer has been completed.
Your new letting agent should speak directly with your outgoing agent and collect any outstanding paperwork such as the current gas certificate, energy performance certificate (EPC), and warranties for any work that has been completed on your property. Any property keys should be handed over and held securely on your behalf by your new agent.
If you would like advice about how to change your letting agent, please get in touch for a no-obligation discussion.
Tagged as: landlords, letting agreement, property management
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