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  • Buy-to-Let

    Can I instruct 2 x lettings agents?

    I want to know if I can instruct 2 Letting Agents at the same time for the same property.  It is taking some time for the first agent to get a tenant and I am wondering if I could instruct another agent, In order to let the property in time.

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    Read the contract you signed. Most nowadays allow it but worth checking what you signed. Some charge a fee if you breached the agreement.
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    Saagar

    Disclaimer: I have no legal expertise nor am I a qualified advisor on any subject. A humble landlord using an open forum to exchange ideas and experiences. 

    Wise words, its all in the contract. In addition, if you dont like the terms of the contract, you can always try and negotiate it prior to signing.

    There may be exit fees for the Agent that is unsuccessful in finding a Tenant.

    Though whilst duel-agent sounds that its twice as fast to find a Tenant. Perhaps not? They are both fishing in the same pool of tenants, probably on the same Property Portals.
    Unless the existing is really bad at picking up the phone and arranging those appointments (or tenant fees are high). I'm not sure listing it more than once will be more efficient.

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    _________________________________________________________________________


    My posts are not financial advice, just a rambling guy passing time on a coffee break.
    The team at Bespoke Finance offers advice, including Limited Company Buy-to-Let , HMO Conversion and Cheap Life Insurance.

    _________________________________________________________________________

    Agents cannot charge any fees to tenants anymore Tongue
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    Hi Rachel,

    If you property is advertised on all the main portals, then its unlikely to be the fault of the agent and more likely to be something not quite right about the marketing of the property.

    See -

    My property won't let! 6 tips to get it let!

    How many viewings have you had?  What feedback did prospective tenants give?

    Have you considered dropping the rent - price being the key factor when tenants are searching?

    Have you considered offering a Zero Deposit option as this could significantly increase interest?

    You can instruct another agent, and perhaps move to one that is offering the Zero Deposit option ....

    ​Hope that helps?

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    I use 3 agents so there is competition between them as one agent might be pushing a favoured landlords properties before yours

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    Hi Rachel

    Some agents stipulate exclusivity in the contact so you'll need to check that. I agree with Vanessa though, usually, properties that aren't renting is due to the following;

    • The way it is being marketed (pictures, description & portals)
    • The asking rent is too high
    • Lack of activity by the agent

    A book you may want to consider is my recently published International Amazon #1 best-seller, The Property Pension Plan, Financial Freedom Through Buy to Let Investing;

    https://www.amazon.co.uk/Property-Pensio...way&sr=8-2

    Nova Financial Group is my business and this is exactly what we assist clients with such as;

    • Goal Setting
    • Strategy
    • Implementation (sourcing inc research and due diligence)
    • Finance
    • Management
    • Portfolio Building

    I'd like to offer you a no-obligation and free consultation with one of our qualified advisors to help you understand your options.

    To take advantage of this, simply email me directly on pm@nova.financial or call our office on 0203 8000 600. You can learn more about us here; https://www.nova.financial

    I look forward to hearing from you.

    Kind Regards,

    Paul Mahoney

    Founder & Managing Director

    Nova Financial Group

    *Commercial partner of Property Tribes

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    Nothing to stop you using more than one agency to advertise the property but you must be sure that only 1 holding deposit is taken or you may be liable because of the tenant fee ban. Penalty could be £5000 for taking a second holding deposit.
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    Recently used an agent to let a property and I asked them at the very beginning if they allow for “multi-agency” on the chance that I found someone personally.

    Also interesting is that I have never seen or signed a contract with the agent and have looked on their website for any fee’s.

    Tenant moved in this week.
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    Omega Property (Formerly SBS Ltd.)

    I am not professionally trained to give advice, generally posting for the benefit of the community or my own personal development.

    As others have said, it depends on the agreement in place.

    Have you considered advertising on the stuff for sale pages on Facebook in the local area. I had 30 people contact in less than an hour on my last property and it was let very quickly.
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    Hi,

    The last time I let my property i put it up with one agent for 3/4 weeks and then added a second agent. It was only then when I started to get a number of viewings/block viewings and soon after let my property let with the second agent... 

    Possibly the competition made a big difference and knowing that if the other agency let the property they had done a fair bit of work for nothing.

    I found that the second agent took better, brighter photos as than the first agent, and seemed to be a better system for both viewing the property and feedback. 

    I even had one application taking place from agent 2, whilst I had an email from agent 1 saying that he had a guy who was willing to pay another £50 per month...!!! 

    Didn’t cost me any extra money...
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