Well, yes, because you can’t sell properties immediately, and you need to find tenants. But other than that? Really that different?
• Why is management so often kept by the agent that signed up the tenant? Are they necessarily the best managers?
• Why, in many cases, do they insist on charging all their fees upfront, taking them all from rent before I as a landlord, get anything?
• Shouldn’t I be able to switch managers, just like I can with my bank accounts?
• Shouldn’t I be able to see my portfolio or my client account with them at any time, just like I can with my equity investments, ISAs and pensions?
• Why do they need so many branches (banks don’t seem to these days, why not they too)? And who’s paying for them all? The tenant, the landlord…? (Hint: yes).
The reality is that the lettings and property management “industry” is stuck in the 80s, if not Dickensian times. The industry has seen little investment in recent decades, when practically all else has – lots of it.
So few of the tech benefits everywhere else have come to lettings and property management. They have on the transactional side of finding a buyer or tenant (listing sites such as Rightmove, online agencies), but in the vital full service thereafter of signing the tenants up and then providing a decent management service for both tenant and landlord. No! Not even for institutional investors.
It’s backward, archaic, over-priced and under served. By a collection of incumbents who’ve had no reason to rock their boat (whether profit, or even just to pay for their unnecessary branch portfolio and inefficient practices).
That has to change. Wholesale, across the board. And we’re doing that.
If you want to join the future, we’d love to hear from you. We’re bringing lettings and property management into the 21st Century – and at a sensible price.
PS: by the way: yes, you can – as a landlord, you can and indeed have the right to terminate and switch the management of your property to another provider, such as Herddle – mid way through a tenancy or any time. And the agent has to pro-rata refund those fees that he’s taken up front.
Take a look. If your property or properties are fully managed, your contract with the manager should contain a termination option, with a notice period typically of one to three months.
(And whilst you’re at it, take a look at the small print in the contract – you may find you’re being charged one or two “extras” you weren’t aware of.)