Making Valuations Count.
October 22, 2014
“There is only one boss. The customer. And he can fire everybody in the company from the chairman on down, simply by spending his money somewhere else.”
Sam Walton, Founder of Wal-Mart
Property management should be a source of recurring revenue for your business, a stabiliser against market turbulence that affects the transactional sides of your business and a source of leads for transactions.
But do you really know what your property management clients really want?
In a survey of 2,951 landlords carried out by The Property Academy* the two greatest areas of concern to landlords were void periods and property damage.
Chart: What Is Your Current Primary Concern As A Landlord*
The ranking of concerns were consistent across intentional and accidental landlords albeit that accidental landlords are more concerned about property damage than intentional landlords.
Our recent Rental Repairs Survey indicates that landlords have good reason to be concerned about property damage with (on average) each managed rental property requiring 2.8 repairs per year.
The Fixflo Rental Repairs Survey also highlights that landlords are willing to walk away if their repairs expectations are not met with 56% of surveyed property managers knowing a landlord who switched letting agency due to a repair related issue.
The Silver Lining
Winning new instructions can be tricky as it’s hard to show how your service compares to that of your competitors without giving a landlord the chance to experience it.
Your marketing materials are the key to bridging that gap.
The Property Academy Survey* indicates that 87% of landlords read the literature provided by a letting agency when they valued their property.
As a landlord I have experienced a wide range in the quality and quantity of information provided by letting agents valuing my properties for rent.
The one constant, however, is that the marketing materials I received focused on the agency’s experience and credentials with very limited space being devoted to addressing my key concerns.
Critically reviewing and enhancing your marketing materials to address landlord concerns is your opportunity to win more instructions.
Void Periods
While your property management team may deliver a great service to tenants do you have anything you can point to in order to back up your claims.
Jungle Property in Glastonbury surveys each tenant every three months with one simple question: “On a scale of 1 – 10 how happy are you with your property and tenancy”.
This gives them the statistics they need to show landlords why they are the best choice for any prospective landlord in their area.
Property Damage
Small issues can become more severe (and costly) very quickly. Instead of saying that you have a responsive property management team can you show a landlord the processes and systems you have in place for tenants to report repairs quickly and easily?
Emergencies
The nightmare scenario for any landlord is that something major happens to their property. Use your marketing materials to highlight the information you give to every tenant to protect themselves and the landlord’s property if an emergency arises.
Commenting on the opportunity for letting agents, Nicky Stevenson of The Property Academy noted:
‘One of the key findings from our Landlord and Tenant Survey 2014 that we presented at Property Management LIVE was the differences in primary concern for the investor landlord and the non intentional landlord. It was also noted that communication and problem solving were the poorest rated aspects of customer service received by landlords and tenants from their managing agent. Knowing your landlords key concerns and how you can improve on your service is important to keeping your clients happy. For further insights and the full Landlord and Tenant Survey results, please visitwww.propertyacademy.co.uk/surveys“
*Data and chart included with the kind permission of The Property Academy
You May Also Enjoy
Fast track to London: The Essex villages offering country living and commuter convenience
For London buyers looking to exchange city life for more space, greenery and a stronger sense of community, Essex offers an appealing combination of countryside living and convenient connections into the capital. The rise of hybrid working has changed what buyers expect from a commuter location, and rather than simply searching for the shortest possible…
Read More 
‘Spider season’ hits UK bedrooms
‘Spider season’ hits UK bedrooms – expert shares FIVE expert tips on keeping eight-legged visitors at bay As autumn sets in, millions of UK households are bracing themselves for ‘spider season’, the surge of male spiders entering homes in September and October in search for a mate. One of the most common places that spiders…
Read More 
Good-view homes command 81% premium
The latest research from UK Property Development (UKPD) reveals that new-build homes that boast a good view command an average price premium of 81.4% compared to overall new-build prices, with the premium in London approaching 110%. UKPD has analysed the estimated average asking price of new-build homes in England marketed as offering a ‘good view’,…
Read More 
Want to Be in Your New Home by Christmas?
Moving house can be a complex and stressful process, with delays at various stages potentially putting completion dates at risk. Government data shows that the average home purchase takes around 120 days to complete, while around one in three property sales fall through, costing sellers an estimated £400 million each year. With Christmas now just…
Read More 
Help Buyers to get Britain Building
Tim Foreman, Managing Director of Land and New Homes, LRG, comments: It is clear that Labour cannot meet its housing ambitions just through planning reform. It is imperative that Andy Burnham uses time at the upcoming Labour Party Conference to back a targeted successor to Help to Buy – one that restores demand without repeating…
Read More 
Landlords say managing rentals has become harder
Three-quarters of portfolio landlords say managing rentals has become harder The latest research from residential property management specialist, Rushbrook, has found that almost three-quarters of portfolio landlords say managing their rental portfolio has become harder in recent years, with the changing legislative landscape now prompting many to reconsider whether they need professional help with…
Read More