Professional property management services and lettings agents can be immensely valuable for landlords looking to maximise the value of their investments without the administrative burden of dealing with tenants, maintenance, and regulatory compliance. The following is a snippet of the data collected from respondents of our Big British Property Survey and collated in Reapit’s newly released interactive 2021 State of Lettings Report.
Some landlords prefer to maintain control of their properties, others would rather let a lettings or property management agency do the legwork, the results from our Big British Property Survey revealed that almost 60% prefer to manage their portfolio themselves. Interesting the further North you go, the more likely it is that landlords will manage their own portfolio.
What would convince landlords to move to a property management agency?
When landlords were asked what it would take to convince them to move to an agency (if they did not already use one), the leading responses revolved around having a more agreeable pricing structure (i.e., if fees and charges were reduced), or for more support when dealing with new regulations, thus taking advantage of the expertise that regulated agents have studied and qualified for.
How did landlords find their lettings or property management agency?
For landlords utilising property management services, finding a good lettings or property management agency is much easier than finding a needle in a haystack, but the process of making that connect is certainly variable, particularly when that question is asked to landlords in different age brackets. Most of the time landlords find their agency through research (24.64%) or through a family/friend referral (23.19%).
What lettings agent services are most valuable to landlords?
There are many reasons for landlords to value a professional service. We asked respondents of our survey to select from a range of options all of the professional services they value. Rent collection (68.12%), tenant screening (68.12%), and arranging repairs (63.77%) are the three services most valued by landlords from their respective agencies or property manager.
How do landlords rate the overall quality of service they receive from their agency?
In our survey we asked landlord to rate the quality of service on a scale of 1 to 5, the results show that respondents overall found their service to be good, with the average score overall settling at 3.75.
What could lettings agents do to improve their service?
Landlords responding to our survey cited several common areas in which they felt services could be improved. Find out what these were, along with more insights collected on tenants, landlords, and individuals living with parents in Reapit’s interactive 2021 State of Lettings Report.