Letting agents the competition heats up

As always the property market and specifically the buy to let market are hot topics of conversation at LetSafe. Despite the economy being in it's current state of ill health there are winners out there. Certainly in the current climate landlords and letting agents seem to be winners. On the downside since the housing market (as far as people buying properties as homes rather than buy to let investment is concerned) has slowed down considerably estate agents have found it difficult to maintain a healthy business.

We have noticed an ever increasing number of estate agents creating letting arms within their organisations or converting completely to letting agents. This has caused a supply and demand stricture when it comes to available homes for letting stock as more and more letting agents find their ability to attract landlords on to their books and thus increase their portfolio of properties they have available to prospective tenants for rent. This dynamic has created an environment where the increase in competition from letting agents and converters to letting agent status for the finite amount of house has never been more fierce.

A greater number of property management and letting companies are being creative when it comes to luring landlords to their umbrella with offers of free rent guarantee, cheap landlord insurance and a variety of schemes and plans designed to offer the client landlord as much profit on their rent per calendar month as possible. Naturally this is good news for the landlord, however for letting agents who are attempting to increase their portfolio of properties it becomes a difficult proposition as their profits decrease.

Luckily for some letting agents they have the support of organisations such as ourselves at LetSafe who offer a wide variety of services aimed at providing them with many options to create an attractive proposition for landlords. While rent guarantee or rent insurance as it is also known is sure to be at the fore front of most landlords minds there are also many other services that should not go un-noticed. Services such as our landlord emergency repair cover is a very competitive way to lure landlords into the fold in seasonal times most often associated with very expensive disasters such as broken boilers. With a portfolio of products designed to be modular (you can take them individually) LetSafe offer letting agents many ways to create a proposal to prospective and existing landlords that will be sure to attract new business and create an environment where existing client landlords are retained, thus leading to expansion rather than the spectre of increased churn.

LetSafe will be constantly looking to roll out new services to market and with an extensive range of property management insurance, letting agent services and insurance for landlords we are best placed to make sure that letting agents maintain profits and have access to a range of products and services so they can be creative with the way they create new opportunities for themselves.