29^th March 2022

Are letting agents like banks?

We all know that despite recognising that there might be a better deal, savings rate or service charter elsewhere, people rarely change banks. Often because it's perceived as being too difficult or a load of hassle to make the switch. Is it the same for letting agents? The answer is that it needn’t be.

How often as a landlord have you thought:

• Nobody seems to know what’s happening with my property!
• I never seem to speak to the same person twice!
• The property managers never get back to me!

These are comments we hear so often when speaking to landlords thinking of transferring over to us. Letting out a property is a big thing, and a landlord is placing a huge amount of trust in an agent to look after one of their biggest assets. Isn’t it therefore disturbing that these are some of the most frequent reasons landlords cite for considering moving their properties or portfolios?

Other issues mentioned to us, or discovered when portfolios are transferred to us, are landlords with potential regulatory exposure due to agents not performing basic compliance tasks on time or agents charging premium rates for what is actually quite a basic service. Agents often justify this premium on the back of their name rather than their performance.

Landlords moving their properties as a result of poor service or a breakdown in trust forms a significant element of our business growth. Trust is a huge factor in how relationships develop and it comes through consistent quality of service and continuity of contacts. There is no industry where the adage of ‘people work with people’ is more relevant.

If any of this rings true for you then it’s time for a rethink. Changing agent is quite straightforward and really consists of a simple set of steps, most of which we can take care of smoothly and seamlessly:

• Check the terms of any existing agency agreement so that any notice requirements can be complied with (many have terms described by trading standards as ‘unfair terms’). We can help you review and understand how to sort out notice if needed.
• Provide us with details of your current agent, property and tenants, along with the agreed date that your existing agency agreement will end.
• We can then liaise with the agent to transfer over all relevant details and information. We will also liaise with your tenants by explaining the changes, helping them to fully understand what the change means for them and providing them with details of the staff that will support them moving forward.
• We'll then ensure revised rent payment arrangements are put in place for the handover date and arrange for any tenancy deposit to be transferred and re-registered into our deposit protection scheme.

Below is a comment from tenant to landlord following the transfer of his property over to us:

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Hello!
Great, that's some good news! We want to thank all of you so much!
We are also very happy with the new agency! They are all amazing people!
Stay safe!
Kind regards, Daniel and Daniela

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As Andrew Ward owner of Award Property says 'the property market is extremely busy right now and with the ever-increasing demands upon landlords from regulation and heightened tenant demands it has never been more important to choose an agent carefully. Landlords need to have confidence that their interests are being best served and should not be hesitant in changing if they feel this not the case.'

Award Property Management are professional letting agents in Cambridge offering an exceptional service with a personal touch. If you’re less than delighted with your current letting agency arrangements, please get in touch. We’d be happy to help and advise.