Being a new property management company in the area with quite a lot of established letting agents in place is tricky. Landlords can be very elusive and if there happy with their service they are correctly reluctant to move to a different agent, but what about everyone else?
Here at Vanilla, we are heartened by the most recent Reposit Landlord Perspectives 2017 survey results. The survey shows that despite rising costs associated with being a landlord due to tax crackdowns and extra stamp duty, the number one reason for leaving an agent, with a staggering 63% of those polled, was bad customer service, followed by 26% for bad property care.
This validates that we are on the right track by putting trust, good customer service and fee transparency at the core of our company ethos. This also correlates to the big deciding factors of landlords choosing an agent.
24.6% were swayed by good reviews and word of mouth, 26.2% knowledge of local market and 9.8% with good customer service.
With 70% of landlords choosing to have a fully managed agreement with their agent only 48% of landlords said that they would not leave their agents.
Half polled would change if they received bad customer service or if their agent failed to deliver on the agreement. Therefore, agents must do more to retain landlord loyalty.
Rising fees were cited lower down as a reason to leave which points towards “trust” being more important than cost.
The landlords have spoken… they want better service. Lack of fee transparency is also an issue with 67.2% of landlords stating that they had experienced unexpected costs, most noticeably for repairs, renewal fees and fee increases and 30% would be willing to leave an agent due to this.
You can take a look at the full survey here: https://getreposit.uk/insights/landlord-survey/YpiKZGu42UxKm5NKAhQJj9Sa/Landlord%20Perspectives%20Survey%202017.pdf?utm_source=email_marketing&utm_medium=email&utm_campaign=Landlord%20Survey%20Autoresponder