Phil Spencer coaches letting agents on retaining landlords

TV property guru Phil Spencer has offered a series of tips to letting agents on how to retain landlord clients, especially as some may be tempted to self-manage to save on fees.

Writing in Letting Agent Today, Spencer says: “You and I both know that not using an agent is a false economy, but I wonder if this is the time for agents with lettings divisions to go on the offensive - in a positive way - both to retain existing landlord clients and win new ones? … I think there are several arguments that letting agents can put forward.”

He says these include the ability of agents to keep up with what he calls “a blizzard of regulation” in the shape of local landlord licensing, national rules and enforcement issues.

And of the Renters Reform Bill’s multiple changes proposed for the sector - including a mandatory landlord register, Ombudsman membership, plus detailed changes to eviction and housing standard requirements - Spencer says: “Let’s be realistic. How many typical landlords with just one or two properties and who entered buy to let as an investment rather than a full time job, will really get across all of these changes?”

The TV property excpert then lists what he describes as the “everyday help” given by agents to landlords. 

He writes: “There’s finding and vetting tenants; there’s the check-in process at which specific documentation needs to be handed over and, often, detailed inventories undertaken, in addition to a deposit being taken and secured in line with legal requirements; next up comes rent collection; and possibly there’s full management covering all the health and safety checks, EPC inspections and management; and finally there’s check out - the final inventory reconciliation, return of deposits or part-deposits, and handling any outstanding issues or disputes.

“It’s worth reminding your landlord clients that these are just the everyday responsibilities you take care of along the path of any and every tenancy. In addition to all this, you handle the unexpected - the leaks, break-ins, emotional calls from stressed tenants, and so on and so forth.” 

You can read the full article here.

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