2015 Landlord Survey Results

Page 1

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


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