The UK’s landlords are being short changed as the service they receive from UK letting agents is simply not good enough when you bear in mind the extortionate charges they are paying each month. The lettings market in the UK desperately needs an injection of new blood who will shake up the status quo. The vast majority of UK letting agents charge fees in excess of 12% for part management of a property. When you equate that fee with the level of service they provide to landlords, you can very easily arrive at the conclusion that the service they provide is disproportionate to the fees that they charge.
The industry needs to take a long hard look at itself as to many UK landlords, the UK lettings industry operates a cartel of sorts. All it needs is a few brave souls to step forward and break the mould. A couple of letting agents who offer a vastly competitive fee structure combined with an aggressive, efficient, no frills approach will take the market by storm.
Let’s face it, the UK lettings industry should be regulated. As soon as it is you will find that the ‘champagne charlies’ of the property management world will finally get their just desserts as there will be no place in the modern world for letting agents with an extortionate charging structure and allied to a mediocre service proposition.
It is also worth noting that any UK letting agent that does not embrace the power of the internet will also be left behind as many UK agents still work on the old ‘bricks and mortar’ premise rather than the new ‘clicks and bricks’ proposition.
Ultimately, UK letting agents will need to be efficient, slick, professional and direct. There is a huge market awaiting those agents who will embrace this new culture and also, perhaps the most important point of all, completely smash the old charging structure and operate a new, no frills service at fees that are half of what they currently charge.
Paula Heather Harrison is one of the partners of the UK’s fastest growing letting agents, They operate a no frills, internet driven property management service covering the whole of the UK.