There are a number of reasons why a landlord could be looking to switch letting agents. The largest misconception however, regardless of reason, is that the process is an unnecessary hassle. So, what if we were to tell you it doesn’t have to be, in addition to the positive outcome it will yield?
As human beings, we typically want our processes in life to be as simple as possible, yet generate the best outcome. The same can most certainly be said for property investment and property management.
Your property, or entire portfolio, is undisputedly amongst your most expensive assets. As landlords ourselves, we know that your properties need to be taken care of. Managing a property is heavily time-consuming, and you will want an agent that has the time to invest into your property in order for it to generate the income you desire.
But what happens if you have been sold false promises by another Co. Armagh letting agent? Perhaps their communication with you or your tenants is non-existent. Maybe they are the total opposite of proactive at letting your property out, driving void periods in a buoyant market? Are their hidden fees driving costs that mean your return on investment is not living up to your expectations?
Regardless of your reasoning, property investment needs to be conducted properly to get your best returns. This means that if your current managing agent is offering sub-par levels, you need to be proactive in doing something about it, and that can mean switching agent entirely.
Changing letting agent is not a simple exercise, but finding a new letting agent can be justified by finding out just how much time and effort can be committed to not only transitioning you over, but also by how cared for and welcome you and your property portfolio feel.
Changing letting agents is like swapping banks. There are steps to take and documentation required to be in order, but it is perfectly legal. When you enter a partnership with a managing agent, you will sign a contract outlining that agent’s requirements and partnership lengths. No matter how the contract is usually written, there are get out clauses put in place for you to make the switch.
This clause, usually referred to as the termination clause, should outline the details of notifying your current agent of your intentions to terminate the contract, as well as the notice you are required to give. Termination clauses will vary from agent to agent, but they exist, can be, and should be utilised to ensure you switch to getting the levels of service you, your properties, and tenants deserve.
The majority of landlords we speak to when they want to discuss switching agents believe you have to wait until the tenant in situ vacates the property, as it can lead to various problems handing over notice midway through a tenancy.
On the whole, it is a quick, easy, and most importantly, a hassle-free process, particularly as we do the heavy lifting for you. In fact, with Orchard, there are only six steps required to get the attention and levels of care you and your properties deserve.
- Give notice. Communicate with your current agent to establish how much notice you are required to give within the contract you initially signed with them. Once you have determined this, give the required notice in writing to terminate your agreement. In the event you require any advice on giving your notice to your current agent, we will be more than happy to assist.
- Meet Orchard Lettings, your property lifeline. We will arrange to meet you at a time and location convenient to you, be it your home, our offices, or over a coffee; the choice is entirely down to you. We will go through our transparent terms of business in a comprehendible manner, outlining everything you need to know, our effective lettings process, and exactly how we intend to provide you an unrivalled level of property management service you can only find by using a lettings only, committed agent like ourselves.
- Agent communication. We will contact your agent on your behalf to inform them of your intention to switch, and request all the required information such as property details, any outstanding maintenance requests, tenant details, and any possible fees due or rent arrears. This means for you as a landlord making the switch, you needn’t lift a finger as we do the heavy lifting and detail acquisition for you.
- We will proactively collect all the appropriate legal documentation, such as tenancy forms and information, property keys, and arrange for the transfer of your tenant’s deposit to our account held by the Tenancy Deposit Scheme (TDS) NI.
- Tenant communication. We believe in open and transparent communication with tenants; after all this is one of the most basic fundamentals to sustaining a long-lasting tenancy. We will contact them and introduce ourselves, informing them of the change of management and reassuring them of the hassle-free process. They will be provided a new tenancy agreement, and be shown how to report any prospective issues with the tenancy or maintenance requests, as well as details on rental payments.
- Revel in outstanding levels of service. This final step is on you, as you can sit back and allow your property to do the hard work for you in our capable hands. On completion of the new tenancy agreement and associated documentation, we will create the new standing order for rent payments and ensure they are promptly delivered to you. The only question you will have to ask yourself is how to relax and unwind knowing you have made the correct decision for you, your properties, and tenants.
The benefits of switching managing agents and becoming a hands-off investor enjoying a passive income speak for themselves, and allow your property to generate the best income and provide a safe, enjoyable home for your long-lasting tenants.
If you would like any more information in switching letting agents, and how to become part of the Orchard Lettings landlord family, give us a call on 02838 355 100.