Letting agents should take measures to protect themselves from the impact of a lack of rental stock.

A shortage of supply is the number one concern for agents over the next 12 months according to a survey across the lettings industry by HomeLet and Dataloft.

Some 61 per cent of agents cite this in their top three concerns for the year ahead – and 37 per cent say it’s the single biggest worry. The problem is exacerbated by 18 per cent of landlords saying they expect to reduce their portfolio or quit in the year ahead. 

“While the problems coming down the line affect everyone, it’s important that letting agents are listened to and supported so they can continue to provide the highest levels of expertise and services for their landlords and tenants” says HomeLet sales director Mike Dawson.

He suggests that by adding new services to their offerings, agents could maximise profitability through diversification.

“Finding practical ways to increase revenue and longer-term sustainability, without taking on any more clients, can make an agency a lot more robust, improve their service and diversify income streams,” he says. 

“This can be achieved by putting some simple solutions in place, such as creating layers of additional services alongside the essentials. These not only include products that customers want the option to take up from a trusted source, but other important aspects of the management service that can and should be charged for because they take time and carry liability.”

HomeLet has joined forces with agent mentor Kate Gregory and former ARLA president Sally Lawson to share insight and expertise for agents in a free training webinar tomorrow. 

Agents can find out more and register for the free webinar here.