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Lettings Live Survey Findings


Thursday, June 18, 2015
Lettings Live Survey Results

Lettings Live Survey Results

Today’s letting agents are 
professional, responsible
and well connected!

With more and more people turning to property as a way of saving and investing, lettings agents need to be informed and professional about their duties and responsibilities.

In a changing world, there is a need to continually update and respond, but there are some agents who are clearly not ‘up to speed’. To protect the reputation of the UK lettings industry as a whole, we should all do what we can to solve this problem.

We’re Legal 4 Landlords, and at the recent Lettings Live event we spoke to letting agents and property managers about a range of issues, including trade body membership, Client Money Protection schemes and legal responsibilities.We wanted to find out how aware people were of recent changes and of the support options available to them. Take, for example, the new ‘right to rent’ checks.

Although most lettings delegates surveyed were aware of the changes – and 65 percent said that they expected their business to be affected – there was confusion over the details.
Less than half knew that the potential fine was as large as £3,000 per tenant.

Our survey confirmed that most letting agents rely on the support of organisations such as The Property Ombudsman and most have taken advantage of the various Tenancy Deposit Schemes in operation.
It is those who, for their own reasons, have chosen not to join such bodies that are more of a concern. The credibility, networking opportunities, training and industry insights that these organisations provide can make the difference between success and failure in the lettings market.

We were pleased to see that three-quarters of those we surveyed had ARLA accreditation and a large proportion had significant numbers in their team with an ARLA recognised qualification.
The market is highly competitive and complex, and as it matures needs to become increasingly
professional.

Most delegates have embraced the digital age and only 2 percent of those we talked to were still finding print media the most effective in their business. 90 percent of respondents used social media to attract tenants and/or landlords, and 62 percent of those surveyed said that online marketing, websites and social media were more effective than the traditional face-to-face approach.

Almost 90 percent received significant amounts of business via online portals, confirming the importance of new technologies to the rental sector.

We’d like to thank all those who took the time to answer our questions. With over 100 respondents, we gathered a good cross section of opinion. While there is clearly still some work to be done, we’re encouraged by the professionalism we ha

ve seen and recognise a willingness to move with the times and engage with change. 

As long as this continues the industry should thrive.

If you would like to know more about Legal 4 Landlords or the findings of our survey, please call 0845 567 4001 or visit our website at legal4landlords.com


This was written by Mike Clarke. Posted on at 9:30 am. Filed under Landlord News. Tagged , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink. Follow comments here with the RSS feed. Both comments and trackbacks are currently closed.