BADLY MANAGED: FIVE SIGNS THAT IT\'S TIME TO CHANGE YOUR MANAGING AGENT

Using an agent to manage your rental property should leave you full of confidence and free of stress, with reliable long-term tenants, full legal compliance, and efficient maintenance and repairs.

Unfortunately, that's not every landlord's experience, and not all agents live up to their hype. A poor one can cause a string of headaches, but knowing whether or when to switch isn't always clear.

With that in mind, we’ve put together these five clear signs (all with specific examples) that it might be time to move on from your managing agent: 

1. Poor communication.
2. High tenant turnover and vacancy rates 
3. Disorganised maintenance and repairs.
4. Lack of legal compliance.
5. Unclear or unexpected fees.

There really is no need to accept anything less than excellence from your managing agent, whatever the size of your property or portfolio. Let's explore whether it's time for a change.

POOR COMMUNICATION

Regular and respectful communication is the foundation of any successful relationship, and yet it's consistently the largest complaint landlords have about their agents.

If your messages are often ignored, or your questions are met with vague responses, it could be that your agent is overwhelmed or simply not prioritising your property.

• Radio silence: When you have a question or concern, you should receive a quick response, even if it’s just an acknowledgement that your agent is on the case.
• Reactive approach: Good agents anticipate issues and keep you informed in advance, from potential changes in regulations to upcoming tenancy matters.
• Irregular contact: If you only hear from your agent when there's bad news like late rent or maintenance emergencies, they may not be managing your property attentively.

Good communication isn’t just courteous; it’s essential. If your agent is unresponsive towards you, your tenants could face the same issue and move out, leaving you with extra costs to replace them.

HIGH TENANT TURNOVER OR VACANCY RATES

An excellent letting agent should find you reliable long-term tenants. High turnover or extended vacant periods are often due to ineffective ways of attracting, qualifying, or managing tenants.

• Insufficient screening: If your tenants frequently break their contracts or create problems, your agent’s referencing procedures may not be rigorous enough.
• High vacancy rates: Your agent should work proactively to secure new tenants quickly, and too many empty days might mean your property isn't being promoted effectively.
• Over-egging the rent: Agents who suggest unrealistically high rent can price your property out of the market, leaving you with bills to pay and no income to cover them.

One of the best tests of a managing agent is tenancy stability. So, if you're a responsible and reliable landlord but your property is performing poorly, your agent is letting you down.

SLOW OR INEFFECTIVE MANAGEMENT

Timely and well-handled maintenance is essential to protect your property’s value and condition and keep your tenants happy. So be mindful of issues like:

• Delayed repairs: Maintenance requests that take too long to address or go unresolved signal that your agent isn’t prioritising your property, or lacks an efficient process.
• Cowboy contractors: Agents should have a circle of trusted, qualified experts to fix issues properly without the need for repeat visits to correct shoddy work.
• Infrequent inspections: A good agent will conduct regular property inspections at least every six months to spot and address minor jobs before they become major repairs.

Poorly managed maintenance leads to complaints from tenants, deteriorating homes, unnecessary problems and shrinking profits, all of which can be avoided with earlier action.

LACK OF LEGAL COMPLIANCE

Although lettings legislation is ever-changing and a challenge to keep up with, it is your agent’s job to know their stuff and take the work off your hands, so you don’t end up with:

• Outdated certifications: Certificates for gas safety, energy performance, electrics, and smoke alarms must all be obtained and renewed at the correct moments to stay valid.
• Ignored safety obligations: Lettings legislation stipulates minimum living standards, and if your agent neglects them, your tenant can file a complaint that could cost you dearly.
• Missed deadlines: Whether it’s deposit protection or notice periods, a competent agent knows the legal timelines and always meets them to keep you free from fines.

Landlord regulations are strict, with penalties from hefty fines to criminal prosecution. If your agent is poorly informed or careless with compliance, it’s time for a serious discussion and possible switch.

UNCLEAR OR UNEXPECTED FEES

Transparency in fees is essential for having trust in your agent. If you’re noticing unexplained charges or hidden fees, it’s a sign that your agent may not be the right fit for you.

• Unexpected invoices: Your agent should tell you of any required maintenance or repairs that exceed any pre-authorised budget, so you can approve the works and cost first.
• Inconsistent or vague pricing: Agents should be upfront about fees for everything from tenant-finding services to renewals to management fees so you can avoid budget surprises.
• High contractor bills: Some agents add a markup on contractor fees, so if invoices seem excessive, ask for clarification or obtain outside quotes to see if you’re being overcharged.

 A reliable and transparent agent will go out of their way to show they have your best interests at heart at every opportunity. If that’s not your experience, it’s time for a review.

Is your rental property badly managed?

Changing your managing agent can truly transform your experience of owning a rental property, so why not get in touch for some no-strings guidance on making the switch?

We'd love to show you how we look after landlords in Birmingham and give them peace of mind, so call us on 03338 802 602 or email us at enquire@three2six.co.uk - we can't wait to talk to you.