The three qualities landlords want from letting agents - revealed

A new survey of 4,000 landlords has identified the three qualities they look for in a letting agent.

Whereas trust and liveability are key qualities vendors look for when selecting a sales agent, landlords want these three - knowledge, listening and responding to questions. 

The survey - by theProperty Academy - shows that the agent’s website, social media presence and customer reviews have far less influence over investors’ decisions. These three were selected by seven per cent or fewer landlords, compared to 60 per cent or more for the most influential attributes.

Very few landlords - just eight per cent - had switched agent in the past 12 months, and 70 per cent approached only one agent for a valuation. 

However, the likelihood of changing agent doubles for landlords whose mortgage payments had risen by over 20 per cent since September 2022.

The Property Academy report suggests that agents need to ensure their business is front of mind for a new investor preparing to rent as there may not be a second chance with that client for many years.

The report recommends: “Investors will be hungry for information – be generous with time and knowledge and share on all available channels. Build relationships with the organisers of events aimed at property investors, or better still, hold your own event. Be a platform for others with relevant knowledge. Host them in your offices or feature them on your channels. Collect customer reviews and display them prominently; they do count.”

Elsewhere in the survey it was revealed that 20 per cent of landlords plan to reducing their buy to let holdings: this 2023 result contrasts with that of a year ago, when just 13 per cent of landlords were going to reduce BTL holdings.

The burden of legislation is the most common reason for selling up – cited by 22 per cent, with a further 17 per cent saying buy to let was now ‘too much hassle’ - the latter typically indicating a problem with the tenant. For another one in five, retirement or equity release prompted the sale. 

The survey found that those landlords selecting which property to sell were driven primarily by lease and dates, especially if they wanted to sell with vacant possession.  

At the other end of the buy to let investor scale, two thirds of landlords had no intention of changing their investment portfolio in the next one to two years, and the bigger the portfolio, the more likely the landlord is actually likely to be planning expansion – supporting the view that the sector is shifting away from small amateur landlords to a more professionalised sector.

Equally, 22 per cent of those planning to invest more were planning for their pension. Only five per cent cited attractive yields, even though rising rents have driven yields upwards in many parts of the country. 

More details of the survey - results of which are being sold by the Property Academy - can be found here.