Starting up this business in today’s climate, might be a tad mad, as the tighter margins for landlords choosing to remain in the private rental sector (PRS), opting for self-management might seem like an attractive and cost-effective solution to counter dwindling profits. But this is not always the best option, and this is where Lets Go Let are positive we can help.
With a host of regulatory changes to keep track of, landlords are increasingly required to take a more professional approach to renting a property. They will need to ensure that they have a sound understanding of how legislation can affect their business and impact upon both them and their tenants. For good letting agents, this situation presents an opportunity. We are finding that we are spending more time on the phone with our ‘let only’ customers as they try to stay abreast with changes, and are not sure of the correct procedures to follow.
Most of our landlords, in the main, only own one or two properties and many of them are ‘accidental landlords’ with full time jobs and little time to spend on managing their rental property. Add to that the fact that tenants stay longer in properties that are fully managed by a letting agent, minimising any void periods, and that tenants often prefer to deal with letting agents, rather than landlords, and it is not hard to see the value that a good letting agent can add to the buy to let experience.
But in a PRS characterised by a decreasing supply of landlords, how can we attract new landlords and retain existing landlords?
When it comes to retaining existing landlords and attracting new landlords, it is important to have your USP that you can convey quickly when time is short and the stakes are high.
We definitely have our USP, and you can read all about it on our ‘why we are different page’
so, moving forward for LGL, watch this space as we take on 2 new houses over the next week, with a few more in the pipeline.
We are hoping to have a property in Winterbourne listed by close of play on Friday this week, with a further property in Warmley by the end of next week. So. we are slowly growing, and receiving new enquiries from potential landlords, which is fantastic as we constantly have a waiting list of tenants who would love to be placed by us.