Being a landlord comes with its own set of challenges, especially when it comes to finding the right letting agent. Letting agents are responsible for managing your property and ensuring that you receive a consistent rental income. However, not all letting agents are created equal, and some may underperform, leading to a decrease in profits for landlords. In this guide, we will explore the signs of an underperforming letting agent and provide solutions to help you make an informed decision. Let’s dive in.

Free Landlord Resources

Signs of an Underperforming Letting Agent

• Poor Communication: One of the most important aspects of a successful landlord-letting agent relationship is communication. If your letting agent fails to communicate effectively, it can lead to misunderstandings, delays in rent collection, and even legal issues. If you find that your letting agent is unresponsive or takes a long time to reply to your queries, it may be a sign of underperformance.
• Low Occupancy Rates: A letting agent’s primary responsibility is to find tenants for your property. If you find that your property is unoccupied for an extended period, it could be a sign that your letting agent is underperforming. Low occupancy rates can lead to a loss of rental income and may indicate that your letting agent is not marketing your property effectively.
• Poor Maintenance Standards: Another essential responsibility of a letting agent is to ensure that your property is well-maintained. If your property is not being maintained to a satisfactory standard, it could lead to tenant dissatisfaction and may result in a higher turnover rate.
• Inaccurate Financial Reporting: As a landlord, it is crucial to receive accurate and timely financial reporting from your letting agent. If you find that your letting agent is not providing you with accurate financial information, this can lead to financial losses and can make it difficult for landlords to manage their finances effectively.
• Low rents: Make sure you are checking what rent you should be getting in your area. An underperforming agent may well be under achieving the rents you should be getting . Using a tool like our rent valuation calculator can help you work this out.

What to Do if Your Letting Agent is Underperforming

• Communicate with Your Letting Agent: If you suspect that your letting agent is underperforming, the first step is to communicate your concerns with them. Explain your expectations and discuss any areas where you feel they could improve. Open and honest communication can often help resolve issues and improve the landlord-letting agent relationship.
• Review Your Contract: Review your contract with your letting agent to understand your rights and obligations. If your letting agent is in breach of their contract, you may have grounds to terminate the agreement.
• Seek Legal Advice: If you are unable to resolve issues with your letting agent, it may be necessary to seek legal advice. A solicitor who specialises in property law can provide guidance on your rights and can help you take legal action if necessary.
• Switch to another agent: If you’re unhappy with your current agent – talk to us!

FAQs

1. How do I know if my letting agent is underperforming?

Signs of an underperforming letting agent include lack of communication, poor tenant screening, inadequate maintenance, slow rent collection, and ineffective advertising.

2. Can I terminate my contract with my letting agent?

Yes, you can terminate your contract with your letting agent if they are not performing up to your expectations. Check your contract for termination clauses, and be sure to provide notice in writing.

3. How can I find a better letting agent?

Look for letting agents with a proven track record of success, positive reviews from other landlords, and a thorough understanding of the local rental market.

Conclusion

Your letting agent plays a critical role in the success of your rental property investment. If you’re experiencing difficulty in filling vacancies, collecting rent, or managing maintenance and repairs, then it’s time to assess your letting agent’s performance. By identifying the signs of an underperforming agent and taking action to address the issues, you can improve your letting experience and ensure that you’re getting the most out of your buy-to-let investment. 

Free Landlord Resources