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  • Writer's pictureRebecca Nixon

Top Tips to Battle the Lettings Stock Crisis

The pandemic has certainly turned traditional letting trends inside out, but it has also allowed agents to develop their creativity in response to crisis. Where summer periods were traditionally always the busiest time for letting agents, we are still seeing the demand for rental properties at an all-time high and consequently are now facing an Autumn of chasing more properties to beef up portfolios.

However, the amount of available stock is not supporting this opportunity for growth, especially in the North of England. So why are we experiencing this disparity and why are more Landlords not investing?

In addition to the uncertainty and financial circumstances for many during the past 18 months, Landlords have experienced diminished returns and the introduction of more stringent regulations.  The combination of the Stamp Duty Holiday increasing property purchases and holiday homes, the eviction ban, regulation changes in electrical safety, energy efficiency and Mortgage Interest tax relief, has meant that the environment has not been ideal.

Despite the challenges, the increased demand creates new opportunities for Landlords, particularly where stock levels are at their lowest. Aneisha Beveridge, head of research at Hamptons, says: “The longer-term impact of fewer rental homes is driving rental growth now, with rents rising six times faster than inflation”.

For Letting Agents, demonstrating customer loyalty, great customer experience and developing long term relationships with tenants has never been more important to show prospective landlords they can trust you to manage their investments.

Of course Agents should be doing all they can to attract new Landlords; providing useful information on the local area, property valuations and persistently and consistently putting out relevant content on the platforms your prospects use.  But have you considered what else Landlords really want?

Jonathan Stein, CEO at Vaboo says

“If you want to appeal to Landlords who value their properties, then you need to be showing you value those people that will be living in them. By demonstrating exceptional customer service, you build trust that their tenants will be happier, look after the properties and ultimately stay longer – reducing those unwanted void periods.”

Here are our top tips on how you can demonstrate that you think differently:

·       Offer added value services after the point of move in.

·       Find out what your customers think about your service – and take action to respond.

·       Positively engage with tenants on a regular basis to develop long term relationships.

·       Showcase your brand as one that offers a compassionate approach to lettings – demonstrate that you care.

·       Don’t just provide a home, offer a lifestyle.

·       Create content that shows how highly you value customer experience – prove that yours is exceptional with an industry recognised NPS score.

·       Create links with your customers and your local community – establish yourself as the local expert

If you think differently and have decided that now is the time to take action, get in touch with our team and find out how with Vaboo.

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