“The checklist for a landlord can seem endless, with so many areas to consider. There’s property maintenance to uphold, knowing your rights as a landlord, and what you are required by law to provide for tenants. It can feel like a never-ending task to stay on top of changes in the industry, so we’re not surprised to learn from our 2020 survey that so many are finding being a landlord stressful.” (Emily Morley, of Just Landlords)
What you can do?
Being an agent in a competitive market is not easy. More often than not, lettings and estate agents occupy the same roads, areas and high streets. This makes getting a landlord through the door, rather than a competitor’s, half the battle.
Winning and keeping your landlords is the key to organic growth and increased market share. So understanding what landlords want, what they need to know, how to support them and how to make their lives easier is crucial to building successful long-term relationships. Here we look at how you can help.
Technology – Make life easier
Nowadays, most transactions can or do occur online. Taking advantage of technology to simplify, speed up and accurately manage transactions is key.
The pandemic has shown us that technology can be used to replace traditional face to face interactions.
Taking advantage of the systems on offer to speed up data capture, verify information and automate administrative tasks is the way forward. With younger landlords entering the market – landlords that have grown-up in the digital age – paperless transactions and technological prowess will not only be preferred, but will be a necessary part of an agent’s tool-kit.
Stay informed and share knowledge
Helping landlords understand the ever changing legislation and assisting them in navigating the complications is a huge attraction.
Keeping up to date on the latest news and changes in the industry will help you stand out and position yourself as professional and informative. This will give landlords peace of mind knowing you have their backs.
Staying informed of what’s happening in your local area and any changes that may occur also helps to reassure landlords that you are the best choice to manage their assets. Understanding updates like any new build developments, changes in roadways or other local infrastructure helps build a wider picture of your knowledge of the impact landlords might expect in the near future.
Offer protection against risks
All landlords should understand the risks of owning and renting property. Knowing they are working with an agent who can offer protection to mitigate those risks is a huge benefit.
The most basic is Landlords Buildings and Contents insurance. This covers property itself and ensures it is protected against the risks associated with owning a property that is used as rented accommodation.
Property Damage Protection insurance enables you as the letting agent to cover up to an additional damage to the property caused by tenants.
Our policy, for example, covers:
- £10,000 of cover
- Cover for accidental AND malicious damage by tenants
- Theft of landlords’ property/contents by tenants
- Claims can be made at any time during the tenancy or post vacation
- No excess to pay
Many landlords will opt to work with agents who can offer Rent and Legal Protection cover to avoid situations where they are responsible for mortgage payments with no rental income from their tenant in situ. It is also a fantastic way to encourage landlords to take advantage of a rent collection or managed service, which by default offers them the benefits of your management service and increased income for your business.
Choosing the right tenants
One of the biggest fears for landlords is not having the right kind of tenants in place. This is why so many landlords, even those who manage the let themselves, opt for tenant referencing to verify the viability of a tenant before granting a tenancy.
It is important to build landlord confidence in the checks you are able to conduct for them. For example, continued monitoring of a tenant’s financial position throughout the tenancy allows you to flag up any detrimental information which becomes apparent on their credit file. This allows landlords to pre-empt any potential missed rental payments.
Fear of uncertainty and the unknown are arguably the biggest reasons landlords continue to feel the pressure. By keeping them informed, supported and protected you are not only helping to support your existing landlords, but are building a reputation for being a proactive and supportive partner for their property business.
If you’d like to find out more about our landlords’ insurance products, referencing or how you can integrate these into the pre-tenancy process, why not Book a Demo or speak with our team? Just call 0345 241 0768.
You can also download our Thrive 2021 guide where we guide you through the six core areas that threaten the survival and growth of your business and give you tips and ideas on you how you can overcome them to truly thrive in 2021.
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