I’m a landlord of multiple properties and I’m currently having problems with the managing agency that looks after them for me. I really don’t think I can tolerate them much longer but feel like I have my hands tied as most of the tenancies have at least six months to run. Can I fire them and hire a new agency?
End Of My Tether
Dear End Of My Tether
It’s always disappointing to hear an agency is letting you down and although changing over to a more desirable company can be challenging it can be done.
The easiest route by far is to serve notice on all the tenants now, if your contracts allow you to, and get them out so you can hand the properties over to a new agency with vacant possession.
Then they can start the re-letting process immediately and pick up the management once they tenants are secured.
However, given your tolerance for the situation has completely run dry, there are other more rapid options but they could also be costly so you will need to consider how desperate you are before you proceed.
Most importantly, before you do anything, make sure you source a new agency properly – recommendations are usually the best way forward.
Ask fellow investors or even your conveyancing solicitor if they have a personal recommendation for someone suitable, and always ensure they are regulated members of the Association Of Residential Lettings Agents .
Once you have found one, set up meeting with them to discuss the transfer of the management across to them.
You will then need to serve notice on your current agency to terminate your contract with them.
Check the small print prior to doing so to ensure you serve the correct length of notice.
Your current agency is unlikely to refund any fees given you have served notice on them, and the new agency will want their fee too to take over the operation.
Relevant parties will then be notified and deposits transferred to finally complete the operation.
Dawn Sandoval is the owner of Dawn Sandoval Residential in Canary Wharf
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