There’s a variety of different reasons why landlords have swapped from other agents to us; overpriced maintenance fees, lack of communication, excessive void periods or a simple failure to adhere to their initial promises.
Most landlords tend to remain with the letting agent they first choose for a lengthy period of time – years on years and tenancy after tenancy, even if the service isn’t particularly desirable. So why do landlords remain with their letting agents if the management service simply isn’t to their expected standards?
Many landlords including ones who have swapped to us originally either don’t believe the possibility is real, or the hassle could lead to their current agent becoming complacent regarding the management once a tenancy is underway and leave a negative experience.
The reality is that changing letting agents isn’t as difficult as you might expect; it can be hassle free for both yourself as a landlord and your tenants.
Yes, these agreements do mean that you’re tied down to an initial fixed term contract with your letting agent. Understandably this is to prevent any landlord’s from walking away after an agent has invested valuable time into sourcing a tenant, undertaking referencing and completing all the relevant documentation.
Each initial term can vary from anywhere between 6 – 12 months, which can be found on the Terms of Business that you originally signed. This will inform you of the length of fixed term period, as well as the notice needed in order to terminate the contract with your letting agent.
If your initial fixed term has passed, or you are approaching the end of the contract, you can most likely end it by giving 1 or 2 months’ written notice. Any current tenancy does not need to coincide with this.
Once your fixed term contract has expired, the rest is a lot more straightforward than you would imagine. Once your notice has been completed with your current letting agent, all aspects of the switch should be carried out by your new letting agent. All bases for a letting agent switch over to us here at Silverkey are completed by us, relieving you of the stress and allowing you to allocate your precious time elsewhere.
Firstly, we will make contact and introduce ourselves to your new tenant, with plenty of room for a face-to-face introduction to ensure a personal greeting as opposed to an email or phone call. We will ensure they know who to call in the event of maintenance issues and where to send the rent, with all the correct bank details to ensure you as a landlord have your rent on time.
We will ensure we have copies of all relevant tenant documentation, as well as obtaining the keys to the property and ensuring their safe storage.
All property documents such as ASTs, EPCs and all warranties will be collected, whilst we ensure your property is fully compliant with all industry rules and regulations.
We will often renew current tenancies to ensure compliance to Silverkeys highest standards of practice.
This is the best part. The tenancy agreement is between the tenant and you as a landlord; the letting agent is only the middleman with no place in that agreement. Therefore, swapping agents does not affect any legal rights or obligations for either yourself or the tenant.
It also makes the process going forward much easier, as the agent will not need to source a new tenant and conduct the marketing process; everything is already done and keeps the switching process smooth.
If the letting agent hasn’t been matching your standards, then there’s a good chance they haven’t been meeting the tenant’s either. A change in management may also boost their happiness in their property, and the switch is also almost as equally easy for the tenant.
Letting agents all share the same job of offering you the best property management service; but our intuition tells us you’ll have seen those horror news stories of crooked letting agents overcharging fees and making both landlords and tenants unhappy and out of pocket.
Silverkey Property Management are open, transparent and systemised. This means you’ll be able to view every step we take to ensure the best for you, your property, your tenants and your profit. With a management service that spans the whole of Cornwall, we can give you the ability to expand your property portfolio across a region currently reaping the rewards with some of the highest yield growths in the country.
If you’re unhappy with your current letting agent but are unsure about making the plunge, we’re always open for a hassle free, no obligation discussion about a prosperous future for your properties and your profits.