Rental Repairs Survey 2014: What You Need To Know
With over 700 respondents the Fixflo Rental Repairs Survey 2014 has highlighted some alarming trends for letting agencies.
In this article Chris Walkling examines some of the key issues that we identified.
How Fast?
Repairs have to be carried out within a “reasonable period of time”* but until recently there has been little guidance on what this means in practice.
The recently launched London Rental Standard requires urgent works to be carried out within 3 days of notification. As such it is the best insight into the Government’s view of what constitutes a reasonable timeframe for repair completion.
In light of this, it’s encouraging that on average 51% of property managers complete repairs within three days of notification.
More worryingly, at the other end of the spectrum just over a quarter of respondents took 6 days or longer on average to complete repairs.
How Much?
The number of repairs per property will, clearly, vary according to the type and age of stock you manage.
That said, according to the responses received, on average you can expect 2.8 repairs per property per year with each repair taking on average 90 minutes of staff time to manage.
For a portfolio of 100 managed properties this equates to the equivalent of 12 weeks of staff time per year.
How Many?
Over HALF of property managers know a landlord who has switched letting agency due to a repair related issue.
What that means is that the clients who pay the highest fees are voting with their feet on a critical issue for them.
Do you know how missed and delayed repairs affect your future cashflow?
What does this mean for you?
“The pessimist sees the problems in every opportunity. Whereas the optimist sees the opportunity in every problem” – Winston Churchill
Depending on how your business fares against the national averages the survey can give you marketing ammunition against your rivals or a reason to take stock and review your practices.
One thing is clear, the speed and quality of repairs you carry out cannot be overlooked if you want to create or maintain a robust sustainable business.
About Rental Repairs Survey 2014
More information:
- Discover your true cost of managing repairs
- Rental Repairs Survey 2014 – Results
- Rental Repairs Survey 2014 – Press Release
About Fixflo
Fixflo is the award-winning repair management system used by hundreds of letting agencies across the UK.
Fixflo clients were surveyed at the same time as the Rental Repairs Survey was conducted.
They reported that having a Fixflo system saved them, on average, over one third of the time it took to manage repairs.
A couple of comments from clients were:
“Since we took on Fixflo, we have found that every issue, no matter how small, gets actioned. We know in a matter of seconds exactly what has happened, what is happening, and what needs to happen in each of our managed properties”
“The Fixflo system is another very valuable method of communication for our thousands of guests to report any accommodation issues in their leased properties. It not only acts as a thoroughly comprehensive tool for collecting data and reporting issues but it provides essential information and solutions for our guests on common property problems in 41 languages. It is of no surprise to me that Fixflo are winning awards.”
If you would like to find out how we can help you get in touch.
* O’Brien v Robinson [1973] UKHL 1, [1973] AC 912); Competition and Markets Authority – Consumer protection law guidance for lettings professionals (2014)
You May Also Enjoy
London rents outperform property values
Rental property availability falls
Average advertised rents surpass £1,400 for the first time
Barclays unlocks wider mortgage access for company directors
Homebuyer demand fall in Q3
