Kings & Co brokes their results down into 2 main categories. The first being new landlords who had never let a property before and the second being exisiting landlords who have been letting their property for some time.
For new landlords a large percentage surveyed often ended up in this position due to a change in familiy or relationship circumstance such as two people owning property, deciding to live together in one house and to use the empty house an an investment. Also other factors such as inheritance, business success or any other means of finding a large enough deposit are tempting first time landlords to use property as their investment. The common reasons given for renting out their property (whatever the driver) are that they belive any short term risk to capital growth in the current property market is outweighed by the longer term prospect. In addition to that new landlords see property rental income as a means to a rental income return even if small at first to help pay off any mortgage on the property and also give them the upside opportunity of capital growth if the property market improves. What Kings & Co found is that often first time landlords are not fully aware of the requirements and demands involved in property letting. It's also sometimes the case that a landlord has tried to let their property independantly and run into difficulty. Overall the feedback in this respect is that new landlords see a big benefit using a letting agency who can take out complication and manage their property effectively for them. Particularly those new landlords who had "dabbled" in the past reported better efficiency due to the letting agent achieving a higher rental income through market knowledge and a simpler lower cost total management over the year.
For well established and experienced landlords in Norwich the feedback was very much about the lack of consistent quality from the letting agent. Kings & Co were concerned to hear that many landlords felt mis-sold by their agents and that what was originally promised on sign-up either did not happen or dwindled away after a period of time. In these case many of the landlords surveyed did not truely value the service provided by the letting agent and were not engaged with their chosen agent. A majority of landlords surveyed wanted more communication, reports that actually happened and felt they would have a better relationship with their property agent.
Kings & Co after taking this onboard made the following on-going comittments:
For new landlords to make an introduction to letting a property easy, create a painless and rewarding environment where the new landlord feels he/she can contact for any reason however small.
For existing landlords to make a comittment to consistent and long term excellent service, not just for show and the sign up at the beginning. To make sure the landlord is well communicated with about their property and to regularly hear from Kings & Co to know that they are working on behalf of you.
Overall to offer a personal service with a deidicatedaccount manager and make the relationship more a friendship than a mechanical process
Throughout to pay careful attention to detail and excellent communication.
By listening to the lettings market and responding to the need of landlords, Kings and Co hopes to improve their property management service and also the reputation of the industry as a whole.
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Lettings and Property Management agent in Norwich. Servicing landlords for full management and tenant find. Kings & Co is family of landlords bring their experiences to help other landlords.