Converting Let Only’s to Fully Managed
Did you know that 50% of all the landlords our there choose to SELF MANAGE?
I don’t know about you, I’m pretty clued up on legislation, but I have no idea how landlords that have full time jobs doing something else, manage to stay ahead of all the 170+ pieces of law that they have to abide by, or else risk fines, prosecution or event jail…
Also even more concerning, right now, I have heard a few stories from agents, where landlords have got “done” for errors or omissions in things they have not adhered too, and then blamed the agents and taken action against the agents for… what for it… not telling them!
Now I don’t know how long you spend on landlord valuations, but could you really tell them everything they need to know in one hour?
So the question is, should you allow landlords to rent properties on a let only basis?
Is it safe for them? Your tenant who has come to you to find a house… or you?
So why do we continue to allow landlords to have a service they are clearly not qualified to have…
Because they asked for it, because we are so used to giving them what they want, not what they need.
This has to change…
Right now, in this current climate, if a landlord is not fully immersed in the business of running his property portfolio and not spending time educating himself on all that he needs to know, then he should not be allowed to have a Let Only, service, he simple cannot abide by the law.
Now I know I’m probably going to get shot down in flames here, but I am saying this on the back of speaking to literally 10’s of thousands of landlords at seminars, events, online, social media about the renting of managed property, and put simply, they really in general are not up to speed with even some of the basics.
Now I’m not saying this is true of every landlords of course, but the ones that just own one or two properties, obviously do something else by day, and will not be putting resources into setting up a CRM system to track maintenance and rent receipts; keeping abreast of the latest ‘How to RENT guide’; checking the smoke alarms and obtaining proof of testing of smoke alarms on the day of move ins; checking immigration status and setting up follow up checks; not acting discriminatory by pre selecting tenants according to country of origin… that’s before we look at the safety standards, deposit adjudication, the HHSRS and much more…
It’s simply too much.
So I have to ask YOU as an agent this question… Is it MORALLY correct for you to set your customers up to fail?
I believe we need to turn the tide, and unless they can prove that they have the ability to manage their properties effectively, it is morally wrong for us to allow them to have let only.
What’s your thoughts?
Click the image below and come along to one of our Lister Training Days and find out more about converting Let Only to Fully Managed and much more.