LANDLORDS & TENANTS SURVEY
2016
LANDLORD SURVEY RESULTS 2,873 Participants
How old are you?
20 or younger
0%
21-29
4%
30-39
15%
40-49
23%
50-59
28%
60-69
22%
70+
8%
0
5
10
15
20
25
30
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
How long have you been a landlord?
1 year
27%
2 years
9%
3-5 years
16%
5-10 years
21%
10-15 years
12%
15+ years
15%
0
5
10
15
20
25
30
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
What is your primary concern as a landlord?
That the tenant pays on time
24%
That the tenant does not damage the property
28%
That the property will continue to let without void periods
26%
Quality of agent
10%
Keeping up to date with legislation and adhering to the law
4%
No concerns
3%
Other
5%
0
10
20
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
30
How many properties do you own?
1
46%
2
25%
3-5
20%
6-10
5%
10-15
2%
16+
2%
0
10
20
30
40
50
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
In which area of the UK is your portfolio primarily located?
East Midlands
6%
East of England
10%
London
15%
North East
3%
North West
6%
South East
30%
South West
15%
West Midlands
9%
Yorkshire & the Humber
3%
Wales
3%
0
5
10
15
20
25
30
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
In the next 1-2 years, do you see your lettings portfolio:
Increasing
24%
Decreasing
7%
Staying the same
69%
0
10
20
30
40
50
60
70
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
Why will your lettings portfolio increase in the next 1-2 years?
It will be my pension
33%
It is the safest place to invest
32%
To build an investment business
35%
31
32
33
34
35
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
Why will your lettings portfolio decrease in the next 1-2 years?
I want to release equity
35%
Change of personal circumstances
50%
Increase in landlord legislation
15%
0
10
20
30
40
50
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
Has the stamp duty increase of 3% on any additional property/properties affected your decision to increase your portfolio?
30%
70% Yes No The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
When did you last instruct a letting agent to let your property/one of your properties?
In the last three months
33%
Three to six months ago
19%
Six to twelve months ago
23%
Over a year ago
25%
0
10
20
30
40
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
Did you purchase your property with a view to renting it out?
42% 58%
Yes No The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
Have you ever been a tenant?
43% 57%
Yes No The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
How many agents did you ask to give you a rent appraisal/valuation?
1
43%
2
31%
3
21%
4
3%
5+
2%
0
10
20
30
40
50
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
How did you research agents before inviting them to provide a rental valuation? (Select all that apply)
I visited their website
37%
I visited property portal websites
14%
I visited their office
41%
I called them
36%
I read agent reviews
12%
I visited their social media account/s
2%
I contacted my personal network (friends and family) for their feedback and experiences
25%
No research
10%
0
10
20
30
40
50
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
Did you read the printed literature provided by the agents you invited to value your rental property?
19%
81% Yes No The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
Would you use an online letting agent who does not have a local office?
Yes
15%
No
59%
Not sure
26%
0
10
20
30
40
50
60
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
What would be the primary reason for using an online agent without a local office? (Tick one)
Cheaper fees
63%
Easier to deal with
12%
Recommended
16%
More innovative
9%
0
10
20
30
40
50
60
70
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
What would be the primary reason for using an agent with a local office over an online agent? (Tick one)
Value the local presence
19%
Ability to meet face to face
38%
Their local knowledge is important
31%
It's more convenient for tenantsÂ
12%
0
10
20
30
40
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
How many agents did you instruct to market your rental property?
1
82%
2
13%
3
4%
4+
1%
0
10
20
30
40
50
60
70
80
90
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
Did you read reviews on your letting agent?
51%
49%
Yes No The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
Did you visit the office of your letting agent?
Yes, prior to let
53%
Yes, during process
26%
No
21%
0
10
20
30
40
50
60
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
Did you visit the letting agent's website?
22%
78% Yes No The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
During the rental appraisal what was the primary reason as to why you chose this agent? (Tick one)
I trusted the individual
41%
The company's service offering
44%
Their fee
15%
0
10
20
30
40
50
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
Did you negotiate with the agent on their commission rate?
50%
50%
Yes No The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
What rate of commission did you agree?
40% 33% 27% 20% 13% 7% 0% N/A
2
4
6
8
10
12
14
16
18
20
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
Did you incur a one-off set up fee?
Yes - less than £199
25%
Yes - between £200 and £399
32%
Yes - between £400 and £599
7%
Yes - £600+
3%
No
34%
0
10
20
30
40
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
Did you choose the agent based solely on them giving you a high rental valuation?
4%
96% Yes No The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
Did you choose the agent based solely on them offering the cheapest fee?
9%
91% Yes No The Property Academy Landlord Survey 2016 • 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 I was willing to pay a fair fee for the service received
81%
I did not want to choose the cheapest agent
16%
3%
I chose the agent with the cheapest fee
0
15
30
45
60
75
90
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
What is the most important to you when an agent markets your property?
Number of images
10%
Quality of images
55%
Floor plans
4%
Main image
8%
DescriptionÂ
23%
0
10
20
30
40
50
60
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
Have you posted the property you are letting on your social media platforms (e.g. Facebook, Twitter etc.)?
6%
94% Yes No The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
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 2016 • www.propertyacademy.co.uk
Did the agent make you feel as though they understood your situation and requirements?
7%
93% Yes No The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
How many members of the team did you deal with?
1
21%
2-3
72%
4+
7%
0
10
20
30
40
50
60
70
80
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
If you dealt with more than one member of the team, did you receive a consistent level of service?
22%
78% Yes No The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
Would this inconsistency of service make you change agent as a result?
23%
77% Yes No The Property Academy Landlord Survey 2016 • 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
6%
1
2%
2
2%
3
2%
4
2%
5
7%
6
4%
7
11%
8
20%
9
13%
10
31%
0
5
10
15
20
25
30
35
40
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
How would you rate the letting service you receive from your agent?
Excellent
Good
Satisfactory
Not Great
Poor
Speed & Efficiency
39%
38%
12%
6%
5%
Helpfulness
43%
36%
12%
6%
3%
Availability
37%
39%
16%
5%
3%
Personal Service
41%
35%
14%
6%
4%
Knowledge
42%
37%
14%
4%
3%
Communication
35%
34%
16%
8%
7%
Honesty
41%
35%
15%
5%
4%
Problem Solving
32%
35%
18%
8%
7%
Politeness & Manners
53%
34%
10%
1%
2%
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
Have you previously left one letting agent for another?
33% 67%
Yes No The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
What was the key reason for leaving the original agent?
Poor service
59%
Bad tenant experience
11%
Increased fees
5%
Couldn't find me a suitable tenant
20%
Staff changeover
5%
0
10
20
30
40
50
60
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
How often should your 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
44%
Once a week
32%
Once every 2 weeks
3%
Once a month
1%
Only when there is something to report (even if this is weeks since the last contact)
11%
0
10
20
30
40
50
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
Does your agent keep you informed with market news and relevant industry updates once a tenant has moved in?
43% 57%
Yes No The Property Academy Landlord Survey 2016 • 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?
44% 56%
Yes No The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
What level of service do you receive from your agent? (Most recent property if more than one)
Let only/tenant find only
24%
Rent collection/part management
13%
Full management
63%
0
10
20
30
40
50
60
70
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
What is the primary reason why full management is important to you?
I don't have the hassle of fixing problems and arranging contractors
61%
I don't have to liaise with the tenant directly
17%
I am kept informed of legislation changes
4%
Other
18%
0
10
20
30
40
50
60
70
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
How would you rate the service you receive from the Property Management department?
Excellent
Good
Satisfactory
Not Great
Poor
Speed & Efficiency
32%
37%
17%
8%
6%
Helpfulness
36%
36%
16%
7%
5%
Availability
32%
39%
18%
6%
5%
Personal Service
35%
34%
17%
8%
6%
Knowledge
34%
37%
18%
7%
4%
Communication
31%
34%
18%
10%
7%
Honesty
37%
36%
18%
5%
4%
Problem Solving
31%
35%
18%
9%
7%
Politeness & Manners
46%
35%
15%
2%
2%
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
Did your 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
25%
33%
35%
7%
Insurance
12%
29%
27%
32%
EPC
39%
19%
20%
22%
Professional photography
54%
10%
33%
3%
Floor plans
49%
9%
39%
3%
Video marketing/audio tour
8%
13%
78%
1%
Inventories
76%
10%
7%
7%
Furnishing (hire)
1%
10%
78%
11%
Furnishing (purchase)
3%
10%
73%
14%
Financial services
6%
21%
60%
13%
Renovation/maintenance
25%
17%
40%
18%
The Property Academy Landlord Survey 2016 • 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
12%
15% increase in rent
7%
20% increase in rent
11%
No, I would stick with the existing tenant
65%
0
10
20
30
40
50
60
70
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
Are you aware of the legislative changes which came into effect over the last 12 months?Â
31% 69% Yes No The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
There is a lot of discussion around abolishing tenant fees charged by letting agents when proceeding to let a rental property. Which of the following statements do you agree with?
Abolishing tenant fees will mean an increase in agent fees charged to the landlord
27%
Abolishing tenant fees will encourage less committed tenants to waste agents' and landlords' time
29%
Abolishing tenant fees will be a good thing
7%
9%
I don't think it will affect me
I don't know
28%
0
5
10
15
20
25
30
The Property Academy Landlord Survey 2016 • www.propertyacademy.co.uk
LANDLORDS & TENANTS SURVEY
2016