ZPG reveals interesting results for letting agents in Cambridge
1st February 2018
The launch of ZPG’s eighth State of the Property Nation report makes interesting reading for letting agents in Cambridge as it confirms that the three key requirements of landlords from their letting agents in 2017 were as follows: high-quality tenants, transparency and speed to let.
Of those three, more than half the landlords surveyed highlighted the quality of their tenants as the most important factor. Rather surprisingly, perhaps, less than a third were concerned by how many tenants an agent was currently looking after. It’s clear, therefore, that most landlords were keenly focused on quality over quantity, for the simple reason that quality tenants cause fewer problems.
Elsewhere in the report, ZPG reveal that confidence in the economy declined by 4% from 2016 to 2017. Interestingly, though, the majority of respondents felt more confidence about their personal finances than about the overall state of the economy. Letting agents, however, were feeling much less positive about the economy, the property market and the economy in 2017 than in 2016. The uncertainty surrounding Brexit and the relatively unstable political situation in the UK no doubt contributed to this, although a shortage of suitable stock remained the key issue for landlord confidence.
On the other side of the fence, 64% of renters believed that rents would increase in the next 12-18 months, while the 58% of letting agents who concurred felt that any rises would be triggered by demand outstripping supply. Around 50% of consumers believed that house prices would rise over the next year, while 27% of letting agents felt that property prices would decrease.
The gap between what landlords valued and what they perceived letting agents as delivering makes interesting reading. While 51% of landlords were seeking quality tenants, only 19% felt that agents were delivering them. Half of landlords valued transparency on fees and the process, yet the perception was that only 18% were delivering, and 48% wanted properties let quickly but only 24% were delivering in that area. And the gaps were even wider in relation to tenants’ expectations. 60% of tenants valued fairness at the end of the tenancy, but the perception was that only 14% of letting agents were delivering in that area. Similarly, 60% of tenants valued transparency about the fees and process, with only 13% of agents delivering, and 59% valued professionalism and fair treatment throughout the tenancy, but only 18% of agents were meeting that standard.
As Andrew Ward, owner and founder of Award Property Management, leading letting agents in Cambridge, observes, it’s vital that letting agents listen to feedback and learn from it. “At Award Property Management we treat our landlords and tenants with the respect and professionalism with which we ourselves would wish to be treated. We’re rigorous in applying our systems, whether that be finding the best-quality tenants for our loyal landlords, undertaking thorough vetting, compiling detailed inventories or sharing information through our comprehensive welcome pack. Our aim is always to ensure that our landlords and our tenants remain happy and committed as we believe that that’s the best way to build relationships and secure the best outcome for both parties.”
Award Property Management Ltd are letting agents in Cambridge. If you’re a landlord looking to work with a reliable, honest and hardworking letting agent or if you’re a tenant looking for help with finding a rented property, please visit www.awardpropertyltd.co.uk or call Andrew Ward on 01954 718660 for an initial chat.