LANDLORDS & TENANTS SURVEY
2015
LANDLORD SURVEY RESULTS 2,313 Participants
How long have you been a landlord?
1 year
15%
2 years
11%
3-5 years
22%
5-10 years
23%
10-15 years
15%
15+ years
14%
0
10
20
30
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
How many properties do you have in your portfolio?
1
58%
2
19%
3-5
16%
6-10
4%
10-15
2%
16+
1%
0
10
20
30
40
50
60
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
How likely are you to add to your portfolio in the next 12 months?
Highly likely
12%
Possibly
21%
Unlikely
39%
Definitely not
25%
My portfolio will reduce
3%
0
10
20
30
40
The Property Academy Landlord Survey 2015 • 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
52%
I didn’t buy my property with the intention of being a landlord
41%
0
10
20
30
40
50
60
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
Did you purchase your property with a view to renting it out?
48%
52%
Yes No The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
How near is this property to your main place of residence?
Within 15 miles
49%
15-40 miles
12%
40+ miles
39%
0
10
20
30
40
50
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
How did you start your search for a letting agent?
Recommendation
26%
Searched online
14%
Contacted previous agent
10%
Received marketing materials
3%
Saw advertisement
5%
Local reputation
42%
0
10
20
30
40
50
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
How many agents did you ask to give you a rent appraisal/valuation?
1
41%
2
34%
3
21%
4
3%
5+
1%
0
10
20
30
40
50
The Property Academy Landlord Survey 2015 • 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
Quality of their marketing e.g photos
5
Previous customer
6
Strong brand awareness
7
Agent sold the property to me
8
Membership of professional body
9
Online recommendations and reviews
10
Responded to agent marketing
11
Social media presence
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
Did you read the literature provided by the agents you invited to value your rental property?
17%
83% Yes No The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
Did you research the agents before inviting them to provide a rental valuation?
Yes, I visited their website
47%
Yes, I visited property portal websites
14%
Yes, I visited their office
40%
Yes, I called them
32%
No
16%
0
10
20
30
40
50
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
Would you use an online agent over an agent on the high street?
Yes
6%
No
54%
Not Sure
40%
0
10
20
30
40
50
60
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
Why would you consider an online agent over a high street agent?
Cheaper fees
61%
Easier to deal with
29%
Recommended
10%
0
10
20
30
40
50
60
70
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
Why would you choose a high street agent over an online agent?
Recommended
10%
Value the local presence
60%
Experienced and knowledgeable
39%
Ability to meet face to face
77%
0
10
20
30
40
50
60
70
80
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
During the rental appraisal what influenced you most about the agent you chose?
I trusted the individual
43%
The company's service offering
42%
Their fee
15%
0
10
20
30
40
50
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
Once you instructed your agent, how quickly would you expect your property to be marketed?
Within 24 hours
24%
24-48 hours
43%
3-5 days
19%
Within 7 days
14%
0
10
20
30
40
50
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
If you use your letting agent for TENANT FIND ONLY, what rate of commission did you agree?
40% 33% 27% 20% 13% 7% 0% 1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
14%
15%
Tenant Find The Property Academy Landlord Survey 2015 • 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 2015 • 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 2015 • www.propertyacademy.co.uk
Did you incur an additional administration/set up fee?
Yes, less than £99
16%
Yes, between £100 and £199
27%
Yes, between £200 and £299
11%
Yes, £300+
7%
No
39%
0
10
20
30
40
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
Did you negotiate with the agent on their commission rate?
47%
53%
Yes No The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
Did you choose the agent based solely on them giving you a high rental valuation?
5%
95% Yes No The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
Did you choose the agent who offered the cheapest fee?
14%
86% Yes No The Property Academy Landlord Survey 2015 • 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
50%
Fees weren’t the issue in my choice of agent
29%
Even though my agent was more expensive than others, I selected them for other reasons
19%
I chose the agent with the cheapest fee
2%
0
10
20
30
40
50
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
Do you expect your property to be marketed using the following additional methods?
To Let board
58%
Social media
31%
National newspapers
6%
Local newspapers
63%
Agent window
87%
0
10
20
30
40
50
60
70
80
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
90
Have you posted the property you are letting on your social media platforms (eg Facebook)?
4%
96% Yes No The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
Would you like to connect with your Letting Agent via social media (eg Facebook) to receive: (select all that apply)
National property market updates
3%
Regional property market updates
5%
Local community information
4%
Landlord guidance and advice
8%
I would not connect with my Letting Agent through social media
88%
0
10
20
30
40
50
60
70
80
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
90
Did the agent make you feel important and as though they were interested in your custom?
9%
91% Yes No The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
Did the agent make you feel as though they understood your situation and requirements?
6%
94% Yes No The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
How many members of the team did you deal with?
1
16%
2-3
72%
4+
12%
0
16
32
48
64
80
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
If you dealt with more than one member of the team, did you receive a consistent level of service?
21%
79% Yes No The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
If no, would this make you change agent?
45%
55%
Yes No The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
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
27%
29%
38%
6%
Insurance
8%
27%
26%
39%
EPC
47%
15%
20%
18%
Professional photography
67%
6%
24%
3%
Floor plans
60%
7%
30%
3%
Video marketing/audio tour
10%
11%
77%
2%
Inventories
82%
7%
5%
6%
Furnishing (hire)
2%
9%
78%
11%
Furnishing (purchase)
7%
8%
70%
15%
Financial services
4%
22%
60%
14%
Renovation/maintenance
41%
17%
26%
16%
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
What is the most important to you when an agent markets your property?
Number of images
8%
Quality of images
54%
Floor plans
6%
Main image
14%
Summary text
18%
0
10
20
30
40
50
60
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
On a scale of 0-10 how likely are you to recommend your letting agent to a friend or colleague? (0 not likely, 10 very likely)
0
4%
1
1%
2
1%
3
2%
4
1%
5
7%
6
6%
7
12%
8
21%
9
15%
10
30%
0
5
10
15
20
25
30
The Property Academy Landlord Survey 2015 • 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
8%
2-3 times a week
46%
Once a week
31%
Once every 2 weeks
4%
Once a month
1%
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 2015 • www.propertyacademy.co.uk
There is a lot of discussion around abolishing tenant fees; which of the following statements do you agree with?
Abolishing tenant fees will mean an increase in landlord fees
34%
10%
Abolishing tenant fees will be a good thing
I don't think it will affect me
13%
I don't know
43%
0
10
20
30
40
50
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
What is your current primary concern as a landlord?
Rent arrears
16%
Property damage
32%
Void periods
32%
Quality of agent
12%
Other
8%
0
10
20
30
40
The Property Academy Landlord Survey 2015 • 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)
33%
Safe Agent Fully Endorsed (SAFE)
3%
The Property Ombudsman (TPO)
7%
National Approved Lettings Scheme (NALS)
8%
Royal Institute of Chartered Surveyors (RICS)
9%
I don’t know
60%
0
10
20
30
40
50
60
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
Have you previously left one letting agent for another?
30%
70% Yes No The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
What was the key reason for leaving the original agent?
Poor service
75%
Bad tenant experience
11%
increased fees
7%
Staff changeover
7%
0
10
20
30
40
50
60
70
80
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
If your existing tenant has paid on time, looked after the property and now wants 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
5%
10% increase in rent
11%
15% increase in rent
7%
20% increase in rent
11%
No, I would stick with the existing tenant
66%
0
10
20
30
40
50
60
70
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
How would you rate the letting service you receive from your agent?
Excellent
Good
Satisfactory
Not Great
Poor
Speed & Efficiency
34%
43%
16%
5%
2%
Helpfulness
40%
38%
15%
5%
2%
Availability
34%
43%
17%
4%
2%
Personal Service
36%
39%
17%
6%
2%
Knowledge
38%
40%
16%
4%
2%
Communication
31%
40%
18%
8%
3%
Honesty
39%
39%
16%
4%
2%
Problem Solving
30%
38%
21%
7%
4%
Politeness & Manners
47%
38%
12%
2%
1%
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
Is your property managed by a letting agent?
27%
73% Yes No The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
How would you rate the letting service you receive from the Property Management department?
Excellent
Good
Satisfactory
Not Great
Poor
Speed & Efficiency
31%
41%
19%
6%
3%
Helpfulness
35%
40%
17%
5%
3%
Availability
31%
42%
19%
6%
2%
Personal Service
33%
39%
18%
7%
3%
Knowledge
33%
40%
19%
5%
3%
Communication
29%
39%
19%
9%
4%
Honesty
36%
39%
19%
4%
2%
Problem Solving
30%
37%
20%
9%
4%
Politeness & Manners
42%
39%
14%
3%
2%
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
Does your agent keep you informed with market news and relevant industry updates once a tenant has moved in?
Yes No
53%
47%
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
If your agent offered market news and industry updates even when your property is not on the market, would you sign up for updates?
Yes No
52%
48%
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
Based on your experience to date, would you recommend your letting agent?
13% Yes No
87%
The Property Academy Landlord Survey 2015 • www.propertyacademy.co.uk
LANDLORDS & TENANTS SURVEY
2015