Although demand continues to outstrip supply in the UK housing market, it’s still important that letting agents work hard to attract future tenants, and deliver great service so that existing ones stick around and give positive reviews and recommendations. Below, we’ve put together some simple but effective ways you can make life easier for your tenants…
Perhaps one of the easiest ways that you can make a positive difference in your tenants’ lives is to treat them like human beings. Research shows that tenants increasingly feel underappreciated and, anecdotally, feel less important than those who own their own homes. Getting to know your tenants, allowing them to deal with a named member of staff or a dedicated account manager, and introducing them to their landlords can give them more confidence in their home and lives, allowing them to settle in and stay loyal to your agency.
As the past year has taught us, nobody’s job or livelihood is safe from the effects of a global pandemic or economic crisis. And as both house prices and average rents continue to rise, it’s important that landlords and letting agents consider their tenants’ financial situation and remember that, as well as rent, there are lots of housing-related costs that need to be taken into consideration. As well as paying a hefty deposit and covering their monthly rent, tenants need to cover the cost of moving, as well as furnishing and decorating. Where possible, offer them some flexibility - this will foster stability and loyalty, encouraging longer-term tenancies.
Although more of us are working from home than ever before, location still matters. When tenants can choose from a number of local areas, close to amenities and their friends and family, it can make a real difference to their overall health and wellbeing, and indeed their experience in dealing with a letting agency. As an agency, it’s wise to take on properties in different parts of the local area at different price points and briefs. Sure, some may be more profitable than others, but offering a variety will ensure tenants stick around, even if they move from one part of the town to another, knowing you’ve got what they’re looking for.
It doesn’t matter whether you’re finding tenants for bedsits in the city centre or five-bedroom executive properties on the edge of town: quality is important. Of course, people have different expectations when renting, but as a letting agent, you should set yourself minimum standards and ensure that your staff would feel comfortable living in any of the properties you’re advertising. The last thing you want to happen is for your agency to be given a bad name, or that tenants complain over the quality of their properties. Only add well-maintained properties to your books and work with landlords to help them bring new properties up to your desired standards - it’ll not only benefit tenants but increase their annual yields, too.
Do you have any advice for letting agents? Let us know and check back soon for more, and don’t forget to see how Billing Better could unlock new opportunities for your lettings agency.
