Over the years I've heard many a landlord mutter the immortal phrase, "Oh, I don't have to bother with my property management because my agent takes care of all that for me!" This is always somewhat tainted with an air of abdication over delegation.
With Letting Agency fraud hitting the headlines once again, even more landlords are seeing their rents and deposits being embezzled and lost forever. Compounded with Letting Agents mismanaging landlords' lettings and property needs, it's time to take a more discerning look at who you are about to entrust with your property portfolio.?
At the recent Landlord and Letting Show ? Olympia London, I came across an interesting Property Ombudsman Report regards the nature of complains against letting agents. It listed, amongst the top 5 biggest landlord complaints; Maladministration, Management Failure, and Duty of Care.
Over the coming months I'm going to be sharing my conclusions around the question "Are you managing your managing agent?" My goal is to advise you, and give a real insight into, the kind of things you need to carefully consider to ensure you're delegating your responsibility for your property portfolio management, rather that abdicating responsibility. In other words; "Are they doing the things you were expecting them to do, or maybe not?"
5 Key Steps on How to Manage Your Managing Agent
Here's what Landlords need to carefully consider when choosing and using a
This month I'm going to tackle Step 1 of a 5 Step process regards "Managing Your Managing Agent."
Step new style chocolate uggs australia boot sale 1:?????? Is Your Agent Marketing Your Property Correctly?
Finding the ideal tenant for your property is the main thrust of any good Lettings Agent, so here are the issues you need to be monitoring, as part of your new delegation mind-set:
1.1.????? What's Your On-line Click Through Rate?
What's a click through rate, you're probably asking? Well, when your Agent uploads your property details to an on-line property portal, like www.rightmove.co.uk, then it sets-up software that will measure the number of times a visitor actually clicks on your full property details. Therefore, your click-through ratio is a key indicator of a property's advertising effectiveness, relative to the number of impressions (displays) it gets. i.e. this measures how compelling your property advert is compared to your competition. So, what do you think is the number one most obvious reason why a visitor would click on your property details? Answer; the photos! Your agent must ensure they have a good array of good quality property photos on there, perhaps sometimes even two photos for each room in your property. Why? Because we're always much more attracted to photos than anything else. And yet is astonishes me how many will have descriptions on the webpage, but no photos on display, or only one or two at that. Within a few days of having your property new style chocolate uggs australia boot sale instructed by your agent, go and check on rightmove.co.uk, and see for yourself, are your photos on-line, and plenty of them. At least 12 photos per property. One caveat is, what do visitors also think if there's only an external photo of your property. It must be rough inside as there are no internal photos!
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