What are landlords looking for in a letting agency?

The coronavirus pandemic has impacted the rental market in a major way, with landlords, tenants and agents having to contend with Covid restrictions against a backdrop of numerous regulatory changes.

Now more than ever, landlords will be required to take a more professional approach to their investment. They will need to have a sound understanding of how legislation can affect their business and impact both them and their tenants.

This presents an ideal opportunity for letting agents looking to expand their business. But what are landlords looking for in a letting agency and how can you use this to your advantage?

Communication is key

Regular communication is the most important element of the landlord/tenant/agent relationship – and even more so in light of Covid.

Landlords and letting agents must ensure that they conduct themselves in a professional manner in line with the expectations and legal obligations that apply to them.

According to the Property Redress Scheme, many landlords complain that letting agents are very attentive when agreeing the initial let, but less so when there are issues further down the line.

Therefore, as the letting agent, it’s key to communicate to your landlord early on if there are issues. For example, if they have landlord insurance, ensure you help them to make a claim if necessary.

Provide the full package

With increased demand leading to a competitive climate, it’s essential that your management service stands out to new and existing landlords.

Think about what your services offer that your competitors do not. As a general idea, you should consider promoting the following services to prospective landlords:

• Offer regular inspections with detailed reports on the condition of the property
• Providing a dedicated account manager
• Having an accounts system that is up to scratch
• Detailed referencing, keeping up to date with the tenant’s potentially changing circumstances
• A thorough checkout service, dealing with the inventory and any deposit disputes when the tenant vacates

Are you up to speed?

As mentioned before, the private rented sector is constantly shifting, and some landlords may have a difficult time keeping up to speed.

You want landlords to see you as their go-to letting agent for critical information, so you will need to become an expert – both on landlord issues and your local area.

Once you are subscribed to the top news sites, produce well-written articles which will help landlords to fulfil their role, from gas safety and pets in rental homes, to the upcoming measures they will need to be aware of.

It’s also a good idea to write content about your local area, talking about its history, promoting local businesses and charities and listing up-and-coming events.

Don’t forget to include content for your website and social media – which has become increasingly important for engaging with your followers.

Impress landlords with innovation

In recent times, as the market has expanded with more letting agents than ever before, it has become increasingly crucial to ensure your brand stands out from the others on the high street.

Letting agencies which embrace the latest innovations can provide a better service to their clients while also differentiating themselves with instruction-winners.

Using the best technology solutions, such as virtual viewings and rental payment automation, can help agents to rise above competitors and provide a slicker service.

Meanwhile, one example of true innovation is the Advanced Rent Option (ARO), which allows you to provide landlords with a year's rent upfront.

The ARO gives agents an edge and is the reason many landlords are now choosing one agency over another.

A phenomenal tool for prospecting, marketing and acquisition, the ARO enables agents to provide financial freedom to landlords at a time when they are coming under increasing pressure.

ARO membership is by application-only and is limited to just 1% of the industry - you can find out more here.

Flexibility and adaptability

Although landlords are enjoying increased demand from tenants, they may still have concerns or questions about their investment.

You can offer them peace of mind by making your opening hours clear. As we’re in unprecedented times, landlords will want to work with someone that’s easy to get hold of. Therefore, showcasing your flexibility will allow them to reach you at a time that is convenient for them.

It’s also important to offer a Covid-secure service in line with the latest government guidelines, such as virtual viewings, to guarantee the safety of both landlords and their tenants.

Additionally, embracing the latest technology to incorporate property management software – such as automating online rental payments – can help to streamline the lettings process. We outline this in more detail here.

For more information on how to grow your business and generate leads effectively, please get in touch with us on team@valpal.co.uk or give us a call on 020 8663 4930.