Letting Agents vying to win new business have new challenges to navigate on the horizon with upcoming legislative and economic changes coming into play.
New changes are expected to cause a shift in the market and could see some landlords make the decision to leave the market entirely, creating even more competition between agents for business.
However, some landlords may sweep up new properties to increase the size of their portfolio, opening up valuable opportunities for agents delivering a great customer experience.
Pending legislative changes include the Renters’ Rights Bill, which has had its first reading in Parliament and is predicted to become law by next spring.
SECTION 21
The bill contains the abolition of Section 21 ‘no fault’ evictions, amongst other measures such as the removal of fixed-term tenancies and a new mandatory Ombudsman for all landlords.
Economically, landlords are also grappling with mortgage rates that, whilst slowly decreasing, are still high, alongside changes in taxation, including the cut to capital gains tax which came into effect in April this year.
Whilst some landlords might be considering leaving the market as a result of these challenges, data from Paragon Bank found that 37% of landlords plan to increase the size of their portfolio this year*, despite market conditions.
DIGITISED EXPERIENCE
iamproperty, is advising letting agents to focus on a digitised customer experience to help manage market fluctuations and maximise opportunities.
Ben Ridgway, Co-Founder of iamproperty, believes that Letting Agents need slick, automated operations to help them win more business in an increasingly competitive market.
Ridgway (main picture, right, alongside fellow Co-Founder Jamie Cooke), says: “Changes can bring challenges as well as opportunities.
“The types of landlords who can withstand these sorts of pressures often have larger portfolios and they will be looking for an estate agent partner that can help them manage multiple properties with ease.
“Agents offering an enhanced customer experience, including a CRM that handles appointments, emphasises responsive communications and addresses maintenance issues, will support Letting Agents to thrive as expectations change.”
PRICELESS
Beth Wilson, Director of letting agent Turner Scott says: “iamproperty CRM makes a big difference to our business and plays a key role in ensuring that everything runs smoothly, nothing is missed, and we are able to provide a reliable and professional service to our customers.
“The automations within iamproperty CRM are priceless. They make our firm stand out as far as communication and professionalism goes, as things can easily be forgotten when you are spinning lots of plates, so the automation helps us to ensure this can be avoided.
“In addition, to help with the influx in property enquiries as a result of low stock, CRM can help with setting up mass mailing and pre-qualifying leads so agents can spend time focusing on proceedable applicants.
“Another key benefit for me is that everything is in one place and the CRM is accessible from wherever we are.”
