For years now, decades even, letting agents have remained firmly positioned as the 'poor relation' against their estate agent counterparts, however, with the British Housing Market reportedly only one generation away from becoming a nation of renters, the tables may well be changing!
Even with the recent 5% new build deposit government initiative aimed to kick start the somewhat stagnant sales market, the current economic climate is thought to be proving detrimental to confidence levels. Subsequently the appeal to become home owners, at least in the shorter term, is declining. Whilst this may not be music to the ears of the traditional estate agent, those willing to evolve and embrace the lettings industry have a very real opportunity to 'future proof' their business.
Developing a lettings business, or choosing to expand current activities, can be a daunting task, particularly with experienced well-known competitors seemingly monopolising the high street. The key differences however, between new lettings businesses which fail, against those that succeed, is that those that are successful take time to really understand the industry and utilise the support that is available to them to ensure that they provide an exceptional service to landlords and tenants alike.
Established estate agents have a wealth of transferable skills applicable to creating a successful lettings proposition, e.g. generating new business, advertising, undertaking successful viewings and negotiation. Referencing, drafting/executing legal documentation, collecting rents and dealing with a never ending list of property management issues should not however be underestimated. Rather than plunging head first into deep water, agents growing or starting their own lettings business would be well advised to seek the support and guidance of a trusted and experienced outsourced property management company, who can either share, or simply take away all of the less appealing and time consuming ‘back office’ functions.
In addition, the best outsourced property management companies will do all that they can to offer each client dedicated tailored support which empowers businesses to feel comfortable operating within the lettings arena. Through this support, the ability to add a lettings proposition or accelerate growth becomes far less complex, and ultimately helps to secure a ‘future proof’ business which can stand steadfast within an ever changing housing market.
Whether you’re looking for an expert to manage every element of your new or growing lettings service, or just need a hand when business is busy, APRM has the ideal solution. For a without obligation discussion, or for further information, please visit us at www.arpm.co.uk or email info@arpm.co.uk
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