A recent questionnaire was released by the Property Academy that involved a 22 question survey. It was completed by 1,500 landlords who currently use a letting agent for their rental portfolio. The survey concludes that trust and a quality service are of paramount importance when choosing a letting agent.
The two biggest concerns landlords had were:
- void periods (35%)
- protection from property damage (33%)
The survey also showed that landlords specifically looked for agents who offered a wide range of services and support, this was cited by 79% of respondents.
Questioned as to what most influenced them in their final choice of agent when referring to letting and full management of their property, they cited “trust of the agent” as the most important (52%). That figure compared with just 26% choosing the agent with the most competitive fee, and only 6% who chose the agent suggesting the highest rent. Pushed further on the fee question, 47% of landlords said that while they wanted to pay as little as possible the lettings fee was not the primary factor for their choice of agent. In fact according to the statistics only 3% actually chose the agent with the cheapest fee!
For 31% of respondents fees were not an issue at all, and 19% chose an agent who was more expensive but who was preferred for other reasons, such as quality of service.
The survey paints an interesting picture of the typical landlord, for whom issues of customer service and trust are of paramount importance. With that in mind, could using video inventories give you a competitive edge and allow you to win clients who expect a better quality service?