An industry trainer and former president of ARLA Propertymark has slammed some letting agents for offering “dated and stagnant services” to landlords.
Sally Lawson says as a result of this, lettings agents might just be the next Dodos walking off a cliff.
“Where do we really think this figure is heading? The very definition of insanity is doing the same thing over and over and expecting different results. And this categorically has to change – it’s time for letting agents who are guilty of doing the same thing to get their heads out of the sand and adapt” says Lawson.
She continues: “With the evolution of the online world, landlords now have access to so many of the tools and services that agents would have traditionally supported them with all those years ago, which is why many today believe they can manage their properties with little to no professional help.
“Does that mean that letting agents are completely redundant to landlords? From the £12m our members have achieved in additional contracted revenue so far this year, the answer is absolutely not. They’re out there, but we must give these ‘new style’ of landlords exactly what they want and need.”
Lawson – who now leads the Agent Rainmaker training and mentoring service – says agents need to identify the pain-points created by new rules and regulations, and change their services to landlords accordingly.
She goes on: “For example, are we communicating to landlords the costs to their business (and reputation) of getting things wrong from a compliance and legal perspective, with the risk of fines and even prosecution? Are we highlighting to them the dangers of relying on often inaccurate online information and DIY solutions?
“Are we focusing our attention on all types of landlords – from those who prefer hands-on involvement to those who want full management, or are we pigeon-holing ourselves into one niche market? And are we employing strategies that successfully attract and convert let-only landlords into fully managed ones?
“As agents operating in 2024, we need to be asking ourselves all of these questions (and more) and to be offering services that are both relevant and in demand from the market. It’s highly likely that those self-managing landlords are falling short in many areas – whether that be managing viewings, filtering through and finding qualifying tenants, or writing contracts and managing repairs – and we need to be working together to ensure we’re all operating current and safe businesses, now and for the future.”
