Whether it has been forced by the coronavirus pandemic or is simply a case of consumers demanding more, evolution is on the way for many industries. The rental market is included in that group, with letting agencies all across the UK reevaluating their current set-ups.
You could argue that the lettings industry has been a slow adopter to change in the past, seeing the odd tweak here and there rather than sweeping evolution. However, changing renter demographics and more options on the market present an opportunity for letting agents to modernise their approach.
But what does a modern letting agency look like? In this article, we’re exploring how letting agents can produce their A-game and move to the next level of being a kick-ass letting agency.
Thought leaders and market experts
It goes without saying that a letting agency needs to understand every facet of the neighbourhood it represents, essentially becoming part of the community. We live in a world where information is accessible in seconds, so you need to show that you understand the ins and outs of your local patch with thoughtful insights.
Thought leadership in the local rental market plays a key role for modern letting agents, who demonstrate their expertise regularly. Expert opinions that get attention will see an increase in landlords listing their properties and renters using an agent that they believe understands them.
Being a letting agent means you’re in the business of people, and human service will always play a fundamental role. But there’s no doubt that a modern letting agency embraces technology as a way to enhance the people service that you provide.
Technology can bridge the renter-agent gap, offering a way for faster communication and more transparency. Landlords also benefits, with tech providing the ability to generate a complete overview of their investment – from access to how it’s performing while on the market to better understanding the in-life tenancy.
Tech isn’t here to replace the human aspect of lettings; its goal is to further enhance it by enabling letting agents and property managers to excel in their roles.
Works with expert partners
Everyone needs a little help from their friends, and it’s no different in the lettings industry. As the market becomes more fragmented, using the latest tools and working with other experts is a great way to bring everything back together.
But who do you work with? There are plenty of partners, from open banking solutions to renter-first platforms like us here at Movebubble. With access to 700-000-plus verified renters, we can tap into a pool of people looking for their next home and offer deeper insight than you would come to find on other platforms.
Then there’s Home Walkthroughs and Instant Booking, which let renters secure a new home without even leaving their sofa. A modern agent has access to the best platforms that speed up every part of the renting process, from finding renters to giving the keys to their new home.
Consumers expect added value from the brands they spend money with, and it’s no different with landlords and letting agents. Of course, their primary aim is to instruct an agent that lets their home to a high-calibre renter. But they’ll also expect value add from the agencies they work with.
A modern agency recognises this and goes that little bit further to ensure their landlords are getting value for money. From insightful content related to the lettings market to thorough feedback and advice, letting agents need to find ways to continuously add value to their already-stellar services.
A modern letting agency is multi-functional, adapting to current circumstances by championing flexibility with home-working. Since the pandemic, a growing number of agencies have incorporated remote working, and the trend is likely to continue post-Covid.
Finding the balance between working from home and going into the office will be key for agencies to become more efficient while also providing dynamic services to their clients. A 21st-century letting agency strikes the right balance between WFH and office set-ups.
The modern-day agency
Lots will change in the coming months but letting agencies are well placed to evolve their set-ups as they change with the times. Renter demand is on the rise, which means letting agencies that provide a modern service will be the best place to handle that demand and offer a five-star service.