2014 Landlord Survey Executive Summary

Page 1

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


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