Struggling to manage your tenants Don't wait until the tenant moves out - it's easy to switch!
Do you have regrets about deciding to manage your tenancy on your own? Before the tenants moved in, you thought you could handle it, saving yourself a monthly fee. But now, you might wish you had an agent to help you with everything.
Whether you've had your holiday interrupted with a boiler emergency or your tenants are struggling with their bills and are late with the rent, you might now be coming to the realisation that there is more to managing a tenancy than it initially appears.
Managing agents charge a monthly fee to look after your tenants and the property, so you don't have to. This will make a dent in your profit margin, and many landlords start out thinking that this is a cost they can save. After all, as long as the tenants pay the rent, there isn't much to it, is there? And if you've selected a good tenant, they will have no issue paying, so you can skip the monthly management and save yourself those costs, right?
But, the majority of self-managed landlords are not compliant. There are anomalies with legislation and specific dates that certain pieces of paperwork need to be issued. The Government are changing the rules and regulations all the time. Unless you've sat exams in the field and are constantly checking within the industry for updates, keeping up to date with everything is almost impossible.
Of course, if you miss a few things here and there, it will probably be ok. No harm done. But, the repercussions of missing something, no matter how small, will not become apparent until something goes wrong. By that time, it could be too late.
If you need to evict your tenant, the notice will be void if you haven't managed the tenancy correctly. If you need to go to court for a possession order, the judge will want to see that everything has been done properly and might not grant you possession of your property if it hasn't.
As you might imagine, ignorance of the rules is not a defence. You could end up with the tenant being able to remain in the property, whether they are paying rent or not until you can make your tenancy compliant. Even if you rally around and make the tenancy compliant, you will have to wait for another court date to apply for a possession order again. Clearly, this is a lengthy process, and if your tenant isn't paying rent, you will want to regain possession as quickly as possible.
So, what do you need to do if you've decided that going it alone wasn't the best idea and think it's time to ask a letting agent to take over?
Timing - Do you need to wait until the tenancy ends? No. You can transfer a tenancy over to a managing agent at any time.
Audit - Contact the agent that you would like to take over the management for you, as they will need to audit the tenancy and ensure that everything is compliant.
Communication - Let the tenant know you are handing over the tenancy management to a letting agent. Many tenants actually prefer this as there is an added sense of professionalism.
Rent - Your tenant must change their rent payment to go to the agent. Your agent will arrange the change of payment, but it's a good idea to let the tenant know yourself that they will have to change their payment to someone else so that they know it is a legitimate request and not a scam.
Keys - Your agent will need a set of keys for the property, so it is a good idea to take a set of keys and the file for the property into the agent's office so they have everything they need.
Letting agents are experienced in managing tenancies. They have qualifications and are regularly up to date with changes in the law. Software and internal processes ensure that nothing is missed. They deal with this every day, not just once in a while, so they're proficient and can ensure that your property is looked after correctly and you are safe from a legal standpoint.
In short, a letting agent is worth every penny of their monthly management fee. They work for you and will protect you throughout this process. In the long run, the monthly management fee will pale insignificance if you encounter a sticky situation.
To transfer your property management over to us, get in touch without delay. Our expert agents will keep you on the right side of the law.