22nd November 2021
What Has The Pandemic Taught Us and How Has The Market Changed?
Grow by outsourcing to rental property management companies – it’s the future of lettings. Outsourcing to rental property management companies may be your best chance to grow and survive the legacy left by covid-19. Why? It’s all about reducing your cost base without diluting your service or slowing down your rate of growth. Growing a letting a portfolio is usually an organic process, that aligns with the other aspects of your property agency. Sadly, agency owners can’t wait to let life happen, they need to grab the business and grow right now. As distasteful as it may be to think about, the number of property agencies going under (as many as 10 per week), is leaving a gap in the marketplace for landlords and they are looking for new agents. How can you grab that business without over stretching your resources or slowing your down? Outsourcing to rental property management companies is a relatively new concept in the lettings industry, but right now it might be your best chance of coming out of this period stronger. How long does it take to transition? How can I protect my brand? What will my landlords think? Is it safe? These are just some of the question’s agency owners have. And yes, not all rental property management companies were created equal. But there are some excellent options available to agency owners allowing them to switch seamlessly and incredibly quickly. There are two types of rental property management companies; those who use their brand and those who allow you to brand it with your agency name and brand. The latter are often referred to white label services and presents the best option for agency owners as it allows you to...
TAKING UP SPACE - When desk space in your agency is tight, it’s time to outsource your property management. Small & Medium sized estate agencies who offer letting services face an ongoing battle balancing space between property management staff and fee earning agents. In a typical office of 6 desks, at least two of them will be occupied by property management/admin staff. Dead space in terms of income. It’s true that the letting business is great business for any agency, but the cost of running it (and the headache that comes with it) drastically reduces income. The ideal situation would be to have every single desk in an agency occupied by a fee earner. That’s obvious, but how can you achieve that, and still have a lucrative lettings business? Outsourcing. I’m not talking about taking your support off-shore, I’m talking about having an expert team of property management staff, superb tenant and landlord support, all done in your name, without the cost and hassle, with an increase in profits of up to 40%! Outsourcing in the professional services industry is a well established and supported way of doing business. But it’s relatively new to Property Management. Lettings is historically a very competitive environment with agents vying for properties to add to their portfolio. The problem isn’t necessarily when you first start out, but once you reach a certain level of properties the costs (and headaches) start to increase exponentially. For start-up agencies (or smaller established agencies) the cost of supporting lettings can be prohibitive as it means shelling out for so many things that you didn’t need before. Costs for things like; Client Money Protection Scheme Professional Training ...
This is the message from the Ministry of Housing, Communities and Local Government as Agents go back to work. So, what should you know as a self-managing Landlord, or to make sure you are being protected by your agent? In a new document issued by the Ministry of Housing, agents and landlords are being told to do the following. "Endeavour to avoid ending tenancies where the tenant wants to, and is able, to stay.” My interpretation of this is, when the ‘non-eviction’ rules finish at the end of June, the Courts will still look unfavourably on any eviction process that is due in full, or part, to the impact of the Corona Virus. “Private landlords and letting agents should not conduct viewings in properties where tenants are symptomatic or self-isolating, or where it has been determined that they are clinically extremely vulnerable and shielding.” So, viewings can proceed only in line with social distancing rules and if the tenants are clear of COVID-19. “Visits to a property must be made in accordance with government guidelines on working from other peoples’ homes and social distancing.” If possible, any necessary repairs should be conducted in the period between a property being vacated and a new tenant moving in. If this is not possible, and visits to an occupied property are necessary, it should be done by appointment, with measures in place to ensure physical contact is minimised. That could mean residents staying in another room during the visit. Letting agents may also want to consider obtaining landlord and tenant consent for inventory clerk appointments to occur during vacant periods (before a tenant moves in, or...
What Has The Pandemic Taught Us and How Has The Market Changed?
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