Most landlords don’t want to change letting agents during a tenancy primarily due to the perceived consequences involved.
For various reasons, the switch apparently involves some risks that landlords should avoid at every turn.
Well, what’s the source of fear for letting agents?
And how much of the fear is actually warranted?
Speaking of fear, there are landlords who would readily associate the switching process with that of changing a bank or internet service provider.
Yes, there is a chance of saving a few bucks in the process, but when it comes down to it, landlords seem to simply baulk at the prospect.
So, is the apparent trouble worth it? Let’s find out.
Times are changing! It’s about time you do too.
If your letting agent realises that there’s no danger of you ditching him in favour of another one, chances are they will grow complacent and exploit your situation. The fact of the matter is switching of letting agent is not as tricky as one might imagine.
Read about the benefits and you will be well on your way to make the switch yourself.
Dispelling misconceptions about switching letting agents
A landlord might pull the plug on a letting agent for many reasons including damage to property, contract violation, communication breakdown and lapse of rent payment. Of course, that’s not all, but you get the idea.
Landlords see that it’s time to move on and find a new letting agent when things go from bad to worse.
On the one hand, you have landlords who stay with the same agents for many years despite the agents’ failure to deliver on the promises.
On the other hand, you have got landlords who are essentially stuck with letting agents just to avoid any risks involved in the switching of a letting agent. For these poor souls, a switch is practically impossible.
If you can dispel the misconceptions surrounding the letting agent switch, more and more landlords will start considering it.
So, let’s look at some major benefits of switching your letting agents
It will end up costing you less
Fees are always at the top of the agenda when making your mind up about selecting a letting agent.
As a landlord, you have every right to be suspicious about the high prices charged by letting agents.
You may be aware of the tenant fee ban that prevented letting agents from soliciting additional fees from the unsuspecting tenants.
With the elimination of the additional source of revenue, most letting agents turn to landlords to make up for the loss.
The moment you start feeling that your traditional agent is exploiting you by charging you too much for their services, you should look for new agents.
Are you wondering why?
Well, most of them offer services at cheaper rates and are known for offering a flat fee that can take care of all your needs.
Don’t worry, their services will cover all the necessary areas including paperwork and damage repair.
With new letting agents, you can rest assured that you will not be charged unfairly.
Also, there’s the added benefit of knowing that all the property-related services are managed by a single person at economical rates.
Take advantage of the latest technologies
With all due respect to their professionalism, some traditional letting agents are not too keen on keeping up with the latest technologies.
In this digital age, you will be up a for a bumpy ride, if don’t keep up with the changes in technology.
The new generation letting agents tend to be tech-savvy. They take a technologically driven approach to go about daily activities and are always interested in experimenting with everything digital.
In other words, they are way more flexible and versatile in every way imaginable.
Every time a new tool surfaces, they will be the first to test the water to see how it can be used to improve the efficiency for landlords.
When the traditional letting agent works every muscle in their body to get a routine task done, your tech-savvy letting agent will automate it with minimal effort.
Allowing technology to take care of the routine tasks will allow letting agents to invest more time and energy into your tenants.
The result is a considerable amount of saved time, happier landlord-tenant relationship and more personalised services.
As a landlord, you can’t find yourself in a better situation.
Building stronger means of communication
Taking the comparison game another step further, the new agents, especially the online-based ones are known for offering more effective communication across various digital platforms.
Better communication ensures enhanced connectivity through platforms like email, WhatsApp and other online channels.
Being active online at all times will also make the agents available for emergencies.
Just imagine the benefits of having an expert online to answer all your queries and solve all the problems. That’s a great deal of flexibility.
The advantages of having a tech-savvy, self-reliant agent working around the clock to protect your property far outweigh the perceived risks of changing your letting agent.
A landlord is bound to run into property management issues every day, be it maintenance, household repairs or delay in rent payment.
The need of the hour is to find out if your current letting agent is up for the challenge. If you find that they are out of their depth, you should start looking elsewhere.
Now that you know the benefits of changing agents, let’s see what you need to do to find the new qualified letting agent.
Don’t be nervous, we got you covered.
Just follow these steps:
- Send a notice to your letting agent concerning the switch. It’s highly recommended that you proceed according to the terms of your contract.
- You may have to pay an exit fee depending on the status of your contract. If there’s been a violation of contract, you may not even have to pay the full amount.
- It’s mandatory to inform your tenants about the impending change of letting agent.
- Finish all pending paperwork and take the keys from the letting agent
- Close the new agreement with the new tenant
Don’t worry if you find the list a bit too overwhelming. Remember, all these steps can be managed by your new incoming letting agent. All you need to do is to hook them up with your old agent and have them settle the agreement.
Think it’s about time you explored an online letting agent?
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