Is it the end of ‘Let Only’? How to survive in the lettings business

The fact that the lettings industry and the landlords have been hit hard in the past few years is no longer news, it is now a sad reality. With more and more regulations coming our way, the agents must face the truth and think of innovative ways to cover their costs and somehow make a profit on top of it all.

And if anyone claims that today’s lettings industry is a walk in a park is very, very wrong. Letting a property is much more than picking up a phone and then opening the door for the person who is looking to rent it. Letting a property has become very time consuming, and it is not only the viewings that take up the time, someone has to do all the due diligence, all the checks, arrange numerous safety certificate as well. So, where are the agents going to find the funds to cover their own costs? Well, I see the curtains drawing on the old good “Let Only” service.

It is time for the agents to stop complaining about how hard it is to “sell” Property Management service and embrace the change and quite frankly make yourself a buck or two. Forward thinking estate agents are doing it already and have been doing it for years! You simply have got to package it nicely – tenant find service, pre-tenancy administration, all the compliance and checks, season it all with around the clock maintenance, professional inventory services, rent collection, regular property inspections and a knowledgeable tenancy management, and you have got yourself an irresistible package for your landlords! Now you just have to educate your landlords and explain to them exactly why it is an insane decision to try and cross the ocean in a boat.  

I know you will try to tell me that landlords are cheap, that everyone in the estate agency industry is trying to undercut each other on fees, I know, I know, it is tough out there, but someone has got to do it. Forget trying to gain business by being the cheapest agent out there, the truth is that there will always be someone cheaper! Be the one providing value, the one who educates and guides! I mean, I have been in this business for 15 years and I would never advise a non-professional landlord to embark on the journey of letting their property on their own. And I mean it, I am not just saying it, I genuinely mean it. There are too many agents out there who seek professional help themselves, and this is seasoned, successful estate agents, so what chance does a landlord have in making sense of all these ever-changing compliance regulations? None! Zero!

So, do yourself a favour and ditch the “Let Only” service and embrace the “Full Management”!

P.S. And if you need help with your property management, you know where to find me.