For many letting agents the frustration is when an estate agent branch starts a lettings arm as an addition to their business during the hard times in the sales market. This has been occurring more regularly over the last few years due to the slump in the house sales sector and a high percentage of estate agents now have a lettings arm. Is this fair on the sector? Letting property is a market of its own and is completely different to the sales market, and just because an estate agent can sell property does it mean they can rent them out as well? Is this fair? Probably not, it is more important to decide on which of the companies can demonstrate they have the capability to provide good customer service and are ethical and reputable.
If you go in to any town in the country you are likely to find dedicated letting agents and they specialise in providing services just for renting property in the area. Also within the town will be the estate agents or a combination of both, and ultimately it is down to the landlord or tenant as to which they choose. It is important first to ask the question to how people decide on whom they use for their lettings and renting needs, below are some of the factors.
Brand Awareness For some the brand name will be the deciding factor, have they heard of the company and do they have a good reputation. The choice made will be regardless of whether they are an independent or an estate agent with lettings as well or a multi branch office, for this person it is all about the name and the reputation. If this is the case then it is important to build up a solid reputation for the agent, provide excellent customer service and differentiate from the other agents by having unique selling points for the consumer.
Specialisation and Personalisation Providing a specialist niche service demonstrates the commitment to that sector, a lettings only business will work hard to keep your custom as they rely solely on this area to keep their business afloat. Can they offer a more personalised experience for you and will they build up a better working relationship, this is hard to say and would change from office to office and branch to branch but could be likely? Commitment can be shown in a number of ways, has the business got industry recognised accreditations from ARLA and NALS for example? This would show they are continually reviewed and assessed, the processes are followed and best practice is applied to all areas of the rental business.
Advertising and Marketing
For every month a landlords property is empty they will be loosing money and as such it is important a letting agent demonstrates a commitment to obtaining tenants for the property quickly. There are various methods the letting agents can use to do this and advertising has become very competitive both on and offline. The majority of letting agents will have an online strategy that will include advertising on property portals such as
Rentright. Like the letting agents Rentright is an independent specialist advertising method and the rental part is not a bolt on like other main portals in the market. 100% dedication to the letting and rental property market will produce highly targeted traffic, more targeted leads and a better conversion rate and as such tenants can be found quicker.
There is no reason why estate agents shouldn’t have a lettings arm and it is down to the individual to decide on who they feel will provide the better service. It is important to asses whether the agent can demonstrate they have the capability to provide the service you are looking for whether you are a tenant or a landlord and to make sure they follow the best practices of the industry. Making the right choice can be the difference between having a hassle free and profitable experience for landlords and a trouble free tenancy for tenants.