LANDLORDS & TENANTS SURVEY
2014
LANDLORD SURVEY RESULTS 2,948 Participants
How long have you been a landlord?
1 year
20%
2 years
9%
3-5 years
20%
5-10 years
24%
10-15 years
14%
15+ years
14%
0
10
20
30
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
How many properties do you have in your portfolio?
1
58%
2
17%
3-5
17%
6-10
5%
10-15
2%
16+
2%
0
10
20
30
40
50
60
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
How likely are you to add to your portfolio in the next 12 months?
Highly likely
10%
Possibly
22%
Unlikely
38%
Definitely not
29%
My portfolio will reduce
2%
0
10
20
30
40
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Which area of the UK is your portfolio primarily located in?
East Midlands
2%
East of England
5%
London
15%
North East
4%
North West
9%
South East
37%
South West
13%
West Midlands
6%
Yorkshire and the Humber
4%
Wales
3%
Scotland
4%
0
10
20
30
40
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
What type of landlord would you describe yourself as?
I run my portfolio as my primary business
7%
I have an investment portfolio/ property, but it is not my primary income source
51%
I didn’t buy my property with the intention of being a landlord
42%
0
10
20
30
40
50
60
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Do you use letting agencies to find tenants?
Always
75%
Mostly
16%
Sometimes
8%
Never
2%
0
20
40
60
80
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Did you purchase your property with a view to renting it out?
50%
50%
Yes No The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
How near is this property to your main place of residence?
Within 15 miles
56%
15-40 miles
11%
40+ miles
33%
0
10
20
30
40
50
60
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Where did you start your search for a letting agent?
Agency
Agents
Asked Experience
Friends Google
High Street Known Internet
Local Property Recommendation Word of Mouth
Rightmove Town
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
How many agents did you ask to give you a rent appraisal/valuation?
1
36%
2
36%
3
23%
4
5%
5+
1%
0
10
20
30
40
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
What were the main influences when choosing which lettings agencies you would invite to provide a rental valuation?
1
Agent office location
2
Letting similar properties
3
Recommended by a friend
4
Strong brand awareness
5
Previous customer
6
Membership of professional body
7
Agent sold the property to me
8
Responded to agent marketing
9
Online recommendations and reviews
10
Social media presence
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Did you read the literature provided by the agents you invited to value your rental property?
13%
87% Yes No The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Did you research the agents before inviting them to provide a rental valuation?
Yes, I visited their website
49%
Yes, I visited property portal websites
15%
Yes, I visited their office
44%
Yes, I called them
32%
No
14%
0
10
20
30
40
50
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Would you use an online agent over an agent on the high street?
Yes
7%
No
56%
Not Sure
37%
0
10
20
30
40
50
60
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Why would you consider an online agent over a high street agent?
Advertising
Agent Cheaper
Clients
Convenience Cost Ease Fees
Internet
Line Little
Easier
Experience
Live Abroad
Look Lower Market Office Space Price Tenants Properties Reputation Reviews Service Value The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Why would you choose a high street agent over an online agent?
Agent Approach Business Call Contact Deal Face to Face High Street Local Knowledge Local Presence Meet Physical Presence Property Relationship Tenants Service Speak Ability
Access
Confidence
Issues
Security
Touch
Trust
Staff
Walk
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
During the rental appraisal what influenced you most about the agent you chose?
I trusted the individual
42%
The company's service offering
43%
Their fee
16%
0
10
20
30
40
50
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Once you instructed your Letting Agent, how quickly would you expect your property to be marketed?
Within 24 hours
33%
Within 2-3 Days
41%
Within 7 Days
14%
Within 10 Days
12%
0
10
20
30
40
50
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
If you use your letting agent for TENANT FIND ONLY, what rate of commission did you agree?
30% 25% 20% 15% 10% 5% 0% 1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
14%
15%
Tenant Find The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
If you use your letting agent for TENANT FIND AND RENT COLLECTION, what rate of commission did you agree?
35% 29% 23% 18% 12% 6% 0% 1%
2%
3%
Tenant Find & Rent Collection
4%
5%
6%
7%
8%
9%
10%
11%
12% 13% 14% 15%
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
If you use your letting agent for TENANT FIND AND FULL MANAGEMENT, what rate of commission did you agree?
40% 33% 27% 20% 13% 7% 0% 1%
2%
3%
4%
Tenant Find & Full Management
5%
6%
7%
8%
9%
10%
11%
12%
13%
14%
15%
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Did you incur an additional administration/set up fee?
Yes, less than £99
17%
Yes, between £100 and £199
30%
Yes, between £200 and £299
11%
Yes, £300+
8%
No
35%
0
10
20
30
40
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Did you negotiate with the agent on their commission rate?
48%
52%
Yes No The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Did you choose the agent that gave you the highest rental valuation?
16%
84% Yes No The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Did you choose the agent who offered the cheapest fee?
22%
78% Yes No The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Which of these best describes your financial decision to appoint your letting agent?
I wanted the fee to be as cheap as possible but this was not the main reason I selected my agent
45%
Fees weren’t the issue in my choice of agent
31%
Even though my agent was more expensive than others, I selected them for other reasons
20%
I chose the agent with the cheapest fee
4%
0
10
20
30
40
50
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Have you posted the property you are letting on your social media platforms (eg Facebook)?
4%
96% Yes No The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Would you like to connect with your Letting Agent via social media (eg Facebook) to receive;
National property market updates
2%
Regional property market updates
6%
Local community information
4%
Landlord guidance and advice
7%
I would not connect with my Letting Agent through social media
90%
0
10
20
30
40
50
60
70
80
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
90
Did your letting agent offer and are you using any of the following additional services?
Agreed to use
Offered but not using
Didn’t offer
Arranged myself
Rent guarantee
32%
27%
34%
7%
Insurance
12%
28%
23%
37%
EPC
47%
16%
16%
21%
Professional photography
60%
8%
30%
3%
Floor plans
52%
7%
38%
4%
Video marketing/audio tour
11%
11%
76%
2%
Inventories
76%
9%
6%
9%
Furnishing (hire)
2%
9%
77%
12%
Furnishing (purchase)
5%
9%
70%
16%
Financial services
4%
21%
60%
15%
Renovation/maintenance
37%
16%
28%
19%
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
What is the most important to you when an agent markets your property?
Number of images
44%
Floor plans
7%
Main image
29%
Summary text
21%
0
10
20
30
40
50
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
How often should your Letting Agent keep in touch whilst trying to find you a suitable tenant?
Several times a day
1%
Once a day
10%
2-3 times a week
43%
Once a week
32%
Once every 2 weeks
4%
Once a month
2%
Only when there is something to report (even if this is weeks since the last contact)
9%
0
10
20
30
40
50
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
What is your current primary concern as a landlord?
Rent arrears
20%
Property damage
32%
Void periods
37%
Other
11%
0
10
20
30
40
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Are you aware of your agent being a member of any of the following professional bodies?
Association of Residential Lettings Agents (ARLA)
37%
Safe Agent Fully Endorsed (SAFE)
3%
The Property Ombudsman (TPO)
9%
National Approved Lettings Scheme (NALS)
8%
Royal Institute of Chartered Surveyors (RICS)
11%
I don’t know
55%
0
10
20
30
40
50
60
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Which of these best describes your preference for the tenant referencing process?
To be carried out by the letting agent in house
44%
To be carried out by a third party referencing company
22%
I do not have a preference
34%
0
10
20
30
40
50
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
If your existing tenant has paid on time, looked after the property and now wished to renew for another 12 months at the same rent but no more, and your agent had a new tenant who would pay more, would you take the new tenant if they were offering a...
5% increase in rent
4%
10% increase in rent
11%
15% increase in rent
7%
20% increase in rent
10%
No, I would stick with the existing tenant
68%
0
10
20
30
40
50
60
70
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
How would you rate the letting service you receive from your agent?
Excellent
Good
Satisfactory
Not Great
Poor
Speed & Efficiency
35%
40%
17%
5%
3%
Helpfulness
40%
36%
16%
4%
3%
Availability
35%
41%
17%
4%
2%
Personal Service
38%
35%
18%
6%
4%
Knowledge
37%
38%
18%
4%
2%
Communication
31%
37%
21%
7%
5%
Problem Solving
28%
35%
23%
9%
6%
Politeness & Manners
48%
35%
14%
2%
1%
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Is your property managed by a letting agent?
30%
70% Yes No The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
How would you rate the service received from the Property Management department?
Excellent
Good
Satisfactory
Not Great
Poor
Speed & Efficiency
34%
38%
18%
6%
4%
Helpfulness
37%
36%
17%
5%
4%
Availability
33%
40%
19%
4%
3%
Personal Service
36%
35%
19%
6%
4%
Knowledge
36%
36%
20%
5%
3%
Communication
32%
35%
20%
8%
6%
Problem Solving
30%
35%
20%
9%
6%
Politeness & Manners
44%
35%
16%
2%
2%
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Does your letting agent keep you informed with market news and relevant industry updates once a tenant has moved in?
Yes No
42% 58%
The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Would you like to receive market news and industry updates from your agent even when your property is not on the market?
38% 62%
Yes No The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
Based on your experience to date, would you recommend your letting agent?
15%
85% Yes No The Property Academy Landlord Survey 2014 • www.propertyacademy.co.uk
LANDLORDS & TENANTS SURVEY
2014