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Five ways to keep your landlords onside - PayProp

Monday 21 October 2019

Britain’s private rented sector is going through a crisis of confidence. Between changes to mortgage tax relief and the looming removal of Section 21 evictions, landlords are thinking hard about their futures in the industry.

 According to the Residential Landlords Association, almost half of those surveyed are planning to reduce their portfolios or even leave the sector entirely. 

Facing reduced revenues and potentially a shrinking private rented sector, it has never been more important for lettings professionals to do what they can to retain landlords. Read on to discover some practical ways to do exactly that.

Be available

When landlords complain about letting agents, one of the most frequently cited issues is a lack of communication. Having signed up with your agency to get access to your input and expertise, they won’t appreciate struggling to get in touch with you. Provide your clients with multiple avenues of communication and consider laying on an out-of-hours service – emergencies can strike at any time, and many landlords have day jobs.

Be transparent

As margins continue to be squeezed, landlords are increasingly worried about the performance of their portfolios. By updating them regularly on how their properties are doing, you make it easier for landlords to track their financial position. With dramatic stories of rogue letting agents regularly making the news, providing this kind of transparency can also help to reassure your clients that you have their best interests at heart.

Be quick to alert landlords to arrears

Landlords fear few things more than rent arrears. With eviction set to become more difficult in the near future with the loss of Section 21, this will only become a more pressing concern. Keeping landlords up to date on the arrears position of each of their tenants will allow them to proactively decide on the future of their tenancies, thanks to indispensable advice from a trusted advisor – you!

Be an expert

As a Propertymark member, you are the local expert on all things property-related – members are required to maintain high standards of expertise, professionalism and legal compliance. However, keeping that expertise up to date takes time, even with automated services like Kamma (formerly GetRentr). Automating away some of your financial admin gives you more time to stay up to date and keep developing the expertise that you are known for.

Use landlord-friendly technology

A lot of the work that goes into providing an excellent landlord service can be made easier with the right technology. The PayProp Owner app empowers landlords to monitor their portfolios in real time, with push notifications for incoming payments and a live overview of the arrears position of every property. It also provides agency-branded statements complete with contact details as well as a dedicated contact page, supplying an instant way to call or e-mail you directly from the app when landlords have queries.

By automating much of your day-to-day financial admin, you free up more time to deliver personalised, expert service – which is already one of the biggest benefits of retaining your services. When landlords fear for the future of the private rented sector, providing premium client service makes you a vital source of confidence. It could even justify premium fees.

The PayProp Owner app is included with PayProp and available to all landlords of PayProp users, on invitation.