Posted by: housingdabble | June 9, 2011

Location, Location, Location

If you asked 1,500 Landlords what had the biggest influence on their choice of Letting Agent, what would you expect the answer to be?

Range of services?

Personal recommendation?

Professional body membership?

Market share?

You may be surprised to hear that in our recent survey of over 1,500 landlords, they told us that the biggest influence on their choice of letting agent is Office Location.

At a time when there is an increasing opinion that Estate and Letting agents don’t need a physical high street location,  a whopping 83.3% of respondents to our latest survey said that office location most influenced which agents they invited to provide a rental appraisal.  They wanted to select from agents with a local office.

Despite our initial surprise, it does seem to make sense. Many landlords are don’t live particularly near to the properties they let, in fact only 44% of landlords told us they live within 15 mile of the property, and so if follows that they want to know the agent they trust to care for their property is on hand locally to care for any viewings an respond to tenant issues. Couple that with numerous cases over the last few years of agents going AWOL with client deposits and it begins to make sense that they want to know where you are and who you are.

The local office gives the landlord the chance to drop into the office and meet the team they are likely to be dealing with during the let and/or the ongoing management. 70% of landlords told us that they had visited their letting agents office before they appointed them which again emphasizes the level of comfort that a physical, local office provides to a landlord.

When you compare that figure to just 48% of home sellers who visit their estate agents office before appointing them (2010 Property Academy Home Moving Trends Survey) who are often disposing of their most valuable asset, it emphasizes just how important this is to landlords.

If you’d like to read more results from our 2011 Landlord survey then you can register to receive the executive summary here.

 

 

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