Push property management for growth

While sales divisions are tying themselves in knots, wondering whether to stick with their ‘traditional High Street agent’ stance or to launch a hybrid/part on-line offering, the lettings industry is clinging on to a small sliver of hope that the Government will back track on its pledge to scrap tenant fees, or may see sense and cap them instead.

It’s clear that a ‘do nothing’ approach to the future isn’t going to work. An interesting article doing the industry rounds looked at different ways letting agents and property manager could survive in the current climate. Given a mention was rational outsourcing. Of course, delegation is our business and we have been helping new, small and growing letting agents strengthen their business for many years already.

While outsourcing hasn’t been a concept to tempt every agent in the past, the way the private rental industry is evolving will see outsourcing play a pivotal part in survival. Managing a portfolio of buy-to-lets can be lucrative but it is also bound in compliance and time consuming. Agents want all the perks of having a big managed portfolio without any of the graft and that’s where outsourcing steps in.

Let’s look at the figures to bring property management into focus. The latest analysis from Countrywide shows that rents are rising but the number of landlords is falling. The data points to current, experienced landlords growing their portfolios instead of new landlords dipping their toes into buy-to-let. In fact, the number of landlords who own 10 or more investment properties has risen by 33% in the last decade. That’s means more property maintenance, more emergency call outs, more mid-term inspections and more check outs for a single landlord to manage. There lies the opportunity – professional, value-for-money property management for time-pressed landlords.

There’s also a gap in the market for professional ‘super short-term’ letting management thanks to the Airbnb generation. Rather become regulated out of business, mini holiday lets are here to stay and there’s already a move to bring professional standards to key handling, check in/out and associated services. Resourced properly, any High Street letting agent or property management division can also deliver a stunning short lets management service. Why leave this gap to be filled by start up businesses that may have the initiative but none of the brand clout or industry experience?

Outsourcing is about gaining a property management department without having to expand, recruit, train or do any of the hard work yourself. What’s not to like? Get in touch and give your business the chance to grow and evolve.

By Simon Duce

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website.

You May Also Enjoy

Estate Agent Talk

Top Tps For Buying Your First Property

Buying your first property is an exciting milestone, but it can also be overwhelming. With the right knowledge and preparation, you can navigate the process smoothly and make informed decisions. Here are some top tips for first-time property buyers in the UK, designed to be simple and easy to understand. Top Tps For Buying Your…
Read More
Estate Agent Talk

How much less can you expect if you sell your house for cash in 2024

When selling a house in the UK, opting for a cash sale often means accepting a lower price compared to a traditional open market sale via an estate agent. This reduction is down to a few factors including convenience and the speed of the transaction, which can be highly attractive to sellers looking to cash…
Read More
Rightmove logo
Estate Agent Talk

Rightmove’s weekly mortgage tracker

Headlines   The average 5-year fixed mortgage rate is now 4.97%, down from 5.91 % a year ago The average 2-year fixed mortgage rate is now 5.35%, down from 6.42% a year ago The average 85% LTV 5-year fixed mortgage rate is now 4.97%, down from 5.90% a year ago The average 60% LTV 5-year…
Read More
Estate Agent Talk

Preparing Your Essex Home for Sale: A Step-by-Step Guide

Selling your home can be a complex process, but you don’t have to navigate it alone. Experienced estate agents in Loughton and across Essex play a crucial role in helping you prepare, market, and sell your property. Their expertise and local knowledge can streamline the selling process and maximise your chances of a successful sale.…
Read More
Estate Agent Talk

Optimising Your Property Investment With Financial Expertise

Property investment can be rewarding, especially when approached with the right financial expertise. A well-planned property investment strategy, supported by professional advice, can significantly enhance your returns and minimise risks. Ready to learn more? Keep reading as we share tips on optimising your property investment with financial expertise. Leveraging Mortgage Brokers For Success Mortgage brokers…
Read More
Breaking News

Breaking Property News – 09/07/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Fine & Country increases international marketing and growth focus   Premium estate agency, Fine & Country is increasing its focus on international growth by launching new marketing initiatives to support its existing international network as well as expanding into new markets. This underscores Fine & Country’s commitment…
Read More