Revealed … 75% of landlords left their agent due to poor service.
The Landlord & Tenant Survey, carried out by The Property Academy every year, has recently been published. With approximately 5000 participants, it’s one of the largest independent national surveys carried out each year. The results gave some key insights for letting agents when looking at how to grow your business.
Landlords were asked what their primary concerns are, a significant 32% of landlords said that property damage and 32% also said void periods were their primary concern. Other concerns mentioned were rent arrears (16%) and the quality of agents (12%).
Landlords were then asked if they have previously left one letting agent for another and the key reason behind the move. 70% of landlords have previously left one letting agent for another with an overwhelming 75% of them citing poor service as the key reason for leaving their original agent. Other reasons included bad tenant experience (11%), increased fees (7%) and staff changeover (7%).
Finding and holding on to landlords is obviously fundamental to the success of your lettings business. The amount of landlords that left agents because of poor service was a huge surprise to us, but the good news is that it can be improved. The ability to maintain customer service levels and show that you can deliver a higher yield for your landlord than competitors are vital differentiators in what is an increasingly competitive market.
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