In the sixth instalment of our State of the Property Nation report we turn our attention to what renters need from their letting agents. If impressed by the service they receive during the lettings process, this segment of the market could generate more revenue for agents in the longer term.
The research shows that 60% of respondents feel the biggest needs of renters are fairness at the end of the tenancy period and transparency on fees and the process. And 59% cited the level of professionalism of the letting agent in their dealings with tenants as the most important factor.
Across these three needs, the report highlights a big disparity between tenants’ expectations of a letting agent and how many feel they actually excel in these areas, with around 40% of tenants saying they don’t receive this level of service.
Clearly there’s a big opportunity for letting agents to impress renters more and then use this improved agent-renter relationship to drive organic business from today’s renters as tomorrow’s sellers or buyers.
Investing time and effort into developing better relationships with renters is definitely a wise move. While there are currently less buyers in the market overall, many of today’s renters are evolving into buyers as they reach new life milestones such as marriage, having a family or getting a higher paid salary.
Typically aged around 32, these new buyers tend not to relocate to new areas; they prefer to buy locally. After they’ve bought their first home they might want to buy something bigger two or three years later.
Their last letting agent is typically the last property professional they’ve interacted with, so their impression of the service is still at the forefront of their minds.
This is where agents who’ve offered fairness, transparency and professionalism are more likely to be consulted by new buyers or offered instructions for the sale of a home. Research shows that 39% of renters would buy from their letting agent, but this is much less likely if they had a bad experience.
Agents wishing to stand out for their customer service seek out new and innovative ways to boost their profile and cultivate better renter relationships. By offering PropertyFile as part of their service, letting agents can provide renters with the ability to keep on top of everything, from important documents to maintenance issues with their properties, whenever they choose.
And by offering an outstanding service to renters today, you could be securing a seller tomorrow.