What should I do with my rental property?

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What should I do with my rental property?

22 March 2019

In 2018, the Government passed a bill which sees an end to letting agents fees for tenants from 1st June 2019. While this is great news for many renters, some landlords are worried that the fees will be passed on to them and eat into their profits. We’re here to waylay your concerns and tell you that Lets Switch may be able to help manage your property…

What does the letting fees ban mean for my rental property?

You’re probably wondering what to do with your rental home in light of the ban on tenant fees. We get it, now more than ever, the market seems like a confusing and unpredictable place. Making informed and sensible decisions can seem nearly impossible and your rental property is a big investment that you can’t afford to mess up.

On the surface, the ban will come into place on 1st June 2019 and nothing will happen. However, we’re realistic and appreciate that letting agents will want to recoup these potential losses somewhere and that they’re probably looking at you and your investment. The government expects the consumer (ie, you, the landlord) to face any increased costs as they have the ability to decide which agent they use. Where as tenants are drawn to a letting agent because they have the right property for them.

Whether you have one investment home or an extensive portfolio, we understand that you still might want to sell – but before you do, take a chance on Lets Switch. Bring your investment to one of our lettings teams and see how Wards, Pittis, Douglas Allen or Cubitt & West can protect your income and give you the safeguarding you need in this market.

What is Lets Switch?

In light of banning tenant’s fees, now might be the best time to switch your letting agent in a bid to save money on your investment. Lets Switch help landlords move from their existing letting agent to one of our own and get a better deal in the process.

Who do Lets Switch work with?

Lets Switch work with the biggest letting agents across the South East. These are:

  • Cubitt & West in Sussex, Surrey and Hampshire

  • Douglas Allen across Essex and London

  • Pittis in the Isle of Wight

  • And Wards in Kent

What’s your existing agent doing for you?

Lets Switch understands your financial pressures and wants to provide both security and stability. When you’re asking questions like, “why has my rent stayed the same for the past two years?” and “are my agents properly reviewing my rental value?” we think that’s a problem. What about when you’re feeling like your agent didn’t get you the best tenant or not getting the level of service you have been promised? That’s also a major problem.

Fortunately, Lets Switch is on your side and take all of these concerns on board, always striving to do their best by you.

Should I sell my rental property or keep it?

Ultimately, whether you sell or keep your rental property is up to you and your circumstances. Fears that the ban on tenant’s fees will have a bad knock on your investment and the profits you make are understandable but not definite. Lets Switch can minimise the negative impact on your investment with a number of benefits available to our customers.

What are the benefits of Lets Switch?

  • We’ve frozen our fees until 2021 if you switch now

  • We’ll offer you up to £250 to release you from your existing agent, whom we’ll also deal with so you don’t have to

  • New landlords get a free mortgage health check followed by an annual rental review

  • 6-monthly property inspections

Contact Lets Switch for help with your rental property

Get in touch with Lets Switch or call us on 0800 772 0150 to change your letting agent. From here we’ll look at helping you protect those profit margins on your investment and make the most of your rental property, hopefully without having to sell it.