In which we are invited to share a wee dram with Big T

It must have been around 1972 that I bought my first new car.

In those days it was still necessary to drive quite sedately for the first 500 or so miles, when the oils and filters would have to be changed, then a second 500 miles slightly less gently but certainly not boy-racer.

This formula was known as ‘running-in’ and it was suggested that it was necessary with British made cars because tolerances in engine manufacture were so desperately poor that there would often be shards of metal scraped off the cylinders, not to mention lumps scythed from the big ends floating in the oil, after just a few miles!

If you bought a performance car (especially from British Leyland) and, if you lived only a mile or two from work, running-in could take months and enormous self-control to hold back the speed. As is obvious from the briefest sight of me, self-control of any sort is way down my agenda.

This is why I collected my new car on New Year’s Day 1972 and promptly drove it to the Highlands of Scotland. Wanting something to do the following day (Scotland has a SECOND Bank Holiday on 2nd January it transpired), I thought I’d try skiing, an activity never tasted before and certainly never again.

This hateful experience left me with the need to do something else to fill in the time before the thunderer was ready for the return journey.

My Google Box thingy tells me there are about 115 whisky distilleries currently operating in Scotland today, so probably 25% more than in the seventies.

What are the chances, therefore, that the one I happened to pass, and decided to visit, produced a magnificent blend with a name hitherto only used about me – Big T! Should you wish to sample a case, I’m taking orders – with a generous 20% mark up by the way. A chap’s got to fund the cirrhosis op somehow.

Should you be wondering if there is a property connection lurking in the above mentioned diatribe, well – not really.

Except that I find it harder and harder to think of anything to write of as the weeks go on, and it’s only after copious amounts of Big T that Big T comes up with anything at all.

It also tends to blot out, for a while at least, constantly being assaulted  by Hoopla asking me if I’d been wowed today, and Mightmove’s equally fatuous enquiry as to whether they had made my happy.

What did make me happy last week was an unusual present brought in for one of my sons following a completion.

In a pathetic attempt to ingratiate himself when fighting for the instruction, he added to the inevitable over-valuation the comment “what a fabulous shirt that is, Sir,” looking at a particularly hideous Hawaiian job. Client retorts with “If you can sell Acacia Towers for that – you can have it off my back!”

Son did soon after and client was good as his word (unusual in itself). It would have been slightly less embarrassing, however, if client had packaged it, rather than taking it off in reception with the, by now anticipated: “With a fee like that you certainly have got the shirt off my back!”

A few drams of Big T have also served to dull the pain caused by those t…..s at First Utility who have STILL not sorted out that electricity and gas closing account – must be a year now!

It also takes at least a bottle to cope with the latest verbal fisticuffs twixt Hoopla and still OnTheParquet over claimed hits and palpable hits. Dear Lord, can one cope with this for another year? Let’s get Ian Springutt and Albert Hall into the ring at that Estate Agency boxing night and sort it out once and for all – I’d happily MC/ referee/ cold sponge/ spit-pail/ towel-flap or whatever!

What a crowd would turn up – unique visitors all, both portals are sure to tell us.

Finally for this week, dear friends, yet another sale looking rocky due to mortgage problems necessitating a last-minute change of lender (well, so the proposed purchaser ‘says’!), but his further explanation did appear to hold a grain of truth: “We’re changing the lenders because they’re just too slow and doing everything by letter.” Yes, you’ve guessed it – Post Office Mortgages.

Have a great weekend my dear fellow agents –

Big (slightly pissed) T,

not so much run-in as run-out now

Trevor whisky

Big T and THAT whisky

Trevor shirt

A very remarkable shirt, don’t you think?

Julian O’Dell: Appraise where appraise is due

Managing within an estate agency environment is tough, and frequently made tougher still by high staff turnover and poor performance, therefore any efforts you can undertake to minimise such problems represent time well spent.

One area of managerial responsibility that can lead to successful staff retention and effectiveness is maintaining an appropriate performance review system, although this is all too often an element of work which falls victim to the volume of the manager’s other duties.

Your workload is reduced in the long run by investing time in appraising staff regularly. Benefits include the opportunity to extract information, assess progress and results, clear the air, discuss strengths and weaknesses and formulate plans to carry out coaching and training, clarify roles and responsibilities, boost employee confidence and deal with minor issues before they become major ones.

Staff work best when they know what their responsibilities are, how well they are expected to fulfil them, and how well they have done so. The aim of appraisals is to make sure that this information is shared between managers and individual members of their teams.

The appraisal interview itself is a key component part of effective performance management. The starting point is to agree objectives which must be clear, measurable and realistic to the employee’s role and experience. These objectives might relate to a wide range of performance criteria including levels of business achieved or behavioural elements such as timekeeping, self-organisation and relationships with team members.

With quality objectives documented, and a future date booked for the appraisal itself, there is then an ongoing monitoring period leading up to the formal appraisal meeting. This time runs from one appraisal to the next and might typically be a maximum of three or six months.

Meanwhile, the manager should observe employee behaviour and results, noting examples of work carried out particularly well or badly. These should be discussed with the individual as they occur rather than stored up – the appraisal interview is not a time for surprises. However, the recorded examples serve as the content of a “stock taking” exercise at the appraisal itself.

As the date of the appraisal interview approaches, the manager should take time to plan for it.

The venue should provide a professional but comfortable environment – the local pub is probably not ideal (although alarmingly I know one proprietor who uses it for that purpose). There should be no interruptions via telephones or other staff members and seating arrangements should be considered – face to face across a desk is rather too formal.

With evidence collected and venue prepared, the appraisal interview can proceed. A range of key points must be borne in mind to ensure effectiveness.

Firstly, the appraisee must be put at ease. Tension or mistrust creates problems, so attempts to help the staff member relax must be made. An agenda for the interview gives structure and the meeting must be largely forward rather than backward looking.

A steady pace and keeping it focused on the individual should be the aim – many appraisals I have witnessed have been spoilt by allowing the appraisee to blame others for their weaknesses. A bespoke appraisal form used by some businesses helps provide control.

Where possible, staff should be encouraged to be self-critical rather than have their positive and negative performance areas raised by the manager.

Careful questioning on the part of the appraiser such as “How do you feel things are going?” or “What caused you to fall short of reaching that particular objective?” can tease out points that need to be addressed without forcing them upon the appraisee. He or she is thereby far more likely to “own” the issues covered.

You should be supportive rather than authoritarian in your approach and stick to facts rather than feelings, to behaviour rather than personality. Future action points must be documented along with a new set of specific agreed objectives which will be central to the forthcoming review period.

The pitfalls to avoid include the manager talking too much and hogging the conversation, destructive rather than constructive criticism (“These results just aren’t good enough” rather than “What can we do to help you improve your figures?”), lack of evidence, woolly objectives and expecting too much in the way of change from the appraisee.

With all the above points borne in mind and with a strong desire to reap the rewards of an effective performance review process, a manager can look forward to leading a more focused, motivated and ultimately more productive team.

Julian O’ Dell

TM training & development

 

Landlords’ Barometer – #5

Welcome to “Landlords’ Barometer #5” – trending topics for landlords and agents. This week’s column has been inspired by issues that arose at the NALS Conference yesterday that are also trending on Property Tribes, the U.K.’s leading landlord community.

1. Private rented sector – industry regulation up-date

Thanks to social media, landlords are becoming increasingly aware of the issues affecting our industry and having an opinion on it. This week, EYE reported that Newham Council had fined several agents for not having joined a redress scheme. The deadline was 1st October 2014. Regulation is only effective IF it is enforced, so it’s good to see Newham Council taking a lead with this and sending out a clear message and also landlords supporting this stance.

Landlords want to work with reputable agents and I believe that they will be increasingly aware of such professional associations as ARLA, NALS, RICS, SAFEagent etc. Use your professional association memberships to differentiate yourself from the competition and win instructions … and educate landlords into the bargain!

At the NALS Conference in London yesterday, Policy Advisor Ruth Heyes, urged all agents to use the Government tools that had been provided to create consumer awareness, such as the “How to Rent Guide”. She also pledged Government support for SAFEagent and recognised the value of such professional bodies as NALS for supporting agents to operate to professional standards.

It is clear that issues about legislation in the PRS are coming to a head across the country!

One of our landlords wrote a report for us of the Leeds City Council Landlords PRS Conference

Interestingly, the only topics delegates wanted to discuss and air their points of view and grievances on were: Universal Credit, Direct Housing Benefit payments, “NO” to 3 year tenancies, and concerns about rogue landlords.

2. The value of networking?

As the NALS Conference demonstrated yesterday, and Property Tribes does on a daily basis, when people get together and discuss things, clarity is the outcome and positive change can be a result of that process.

If you have any doubt about the value of networking, then read our discussion about it.

Have you considered putting on a monthly event for landlords to bring them together and help them keep up to date with trends and compliance? These type of events are very appealing to first time landlords searching for information, so this is a great opportunity to speak to them face to face and deliver value to show that you can assist them in their property ambitions.

3. Immigration Act / “Right to Rent”

Earlier this week I attended a seminar in London hosted by Anthony Gold Solicitors which was dealing with the Immigration Act 2014.

The guidelines are still only in “draft” form, even though it comes into effect in trial mode in specific areas of the country on 1st December.

I was left with the feeling that things had not been thought through very well by HM Government.

For instance, you cannot check someone’s papers if they are abroad. You have to wait until they arrive in the UK. If you offer them a tenancy agreement, and then find their documents are not in order, you will have to decline to rent to them. They can then sue you for “breach of contract”. Doh!

Landlords are none too happy that they are being assigned another task – this time as “Border Guard”!

Agents and landlords must carry out a “Right to rent” check on EVERY tenant, not just those they think might not be British. The check must only be used for this purpose, and not be used as any other part of the decision making process. This is an extra stage of tenant referencing that will now be added to the vettings procedure.

It is not a crime to fail to check. Enforcement is by a fine by the Home Office (not local authorities) and the fine increases for repeated offences.

Yesterday, at the NALS Conference in London, the Home Office came under fire! Emotions ran very high as delegates challenged the speakers and it was very powerful to see lettings agents fighting their corner and asking questions that the Home Office did not seem to have the answer to!

See more on EYE here

NALS offer an on-line course to help you get up to speed with “Right to Rent”.

I am of the opinion that the Immigration Act 2014 is a bombshell that is quietly ticking away. I don’t think anyone fully realises the problems it is going to cause! I believe that certain social-economic groups of our society who are British and/or are legitimately able to reside in this country will not be able to meet the document requirements to satisfy “Right to Rent”. What happens to them?!


Thank you for reading the Landlords’ Barometer and I will close with another of my favourite quotes:

“The more you learn, the more you earn” ~ Steve Bolton at the NALS Conference 2014.

Landlords’ Barometer – #3

It’s been a very busy time on Property Tribes, the UK’s leading landlord and investor community.

On a typical day we achieve around 2,500 unique visitors and around 17,000 to 20,000 page views.

This shows that landlords are hungry for information and solutions to problems!

Here are this week’s trending topics:
1. Confident?

A first-time landlord is having the “wobbles” on the eve of the completion of his first BTL property,

Know your customer:

i. Small landlords often work in isolation because they do not regards themselves as a landlord.

They are a vet, or a lawyer, or a manager, or some other profession!

Providing support for wannabe landlords can help you achieve sales and lettings instructions.

A monthly free event in your offices to answer landlord questions or answering questions on a forum will help bring in new business to your agency.

2. MPs and peers to consider eviction legislation

The All Party Parliamentary Group for the Private Rented Sector has launched a short inquiry into Sarah Teather MP’s Bill to tackle the problem of retaliatory evictions in private rented housing.

Retaliatory evictions are commonly understood to have taken place where a tenant asked their landlord to carry out repairs to their properties and the landlord responds by serving notice on them to leave the home. Tenants and landlord organisations dispute the extent to which such evictions take place.

Sarah Teather MP’s Tenancies (Reform) Bill seeks to protect tenants against such evictions and to amend the law on notices seeking possession relating to assured shorthold tenancies.

3. Consent to Let advice

A landlord is concerned that he had let his property out without informing the lender of his residential mortgage.

Know your customer:

i. “Accidental” landlords who are letting out the family home because of a change in circumstances need a lot of extra support.

The family home is a place full of emotion and memories and it can be very hard to have to let it out to tenants. As an agent, you can offer a great deal in this regard, helping the client let the home safely and compliantly, and offering re-assurance to them that their home will be well maintained and looked after.

TDS have produced a helpful Handbook on this topic

Bonus:

Property Tribes achieves its massive eyeballs with no marketing budget, no SEO, no PPC, no SEO.

We achieve this solely through social interaction. The No. 1 benefit of this is that clients find you, rather than you finding them.

Many people fail to understand the “method” of the social web.

This is how I describe it.

The old business method was to sell the sweet and give away the wrapper.

The new business method dictated by the web is to give away the sweet and sell the wrapper.

In other words, offer free advice and input, and then your business has the solution to the problem. (The wrapper). Interaction on the social web allows you to demonstrate your domain expertise, become a trusted source of information, and build a google “footprint” that will come to dominate your area.

It’s very common for businesses to fear the social web, because they cannot control it.

The web rewards authenticity, transparency, standing in a position of responsibility, and showing that your business listens more than it speaks.

At the NALS Conference on November 13, I will be speaking on the topic of “Managing your on-line reputation”.

I will be sharing my controversial views on this topic and explaining how attention is now a commodity and a bad review can be the best thing that ever happened for your business.

Tickets and further information are available here

In the meantime, I created a post on Property Tribes about the 4 ESSENTIAL social media platforms that I believe all property professionals should be using, and how to get the maximum return out of them for the minimum investment of your time.

Thank you for reading the Landlords’ Barometer and I will leave you with another of my favourite quotes:

“Entrepreneurship is living a few years of your life like most people won’t so you can spend the rest of your life like most people can’t.”
– Warren G. Tracy’s student

Winning instructions: what could be more important?

With instructions hard to come by for some agents, winning quality stock, whilst being mindful of maintaining healthy fee levels, is a key area to focus on.

My journeys this year around the UK have revealed pressure on fees as weaker agents cut commissions in a panic measure to get instructions on their books.

However, a number of my estate agency firm clients have grown their market share while simultaneously maintaining, and in some cases increasing, their fee levels.

Transaction numbers are less than the pre-downturn totals. So, with a smaller amount to go at, how can an agent ensure that they grab a big enough slice of the action?

Much of our recent training and consultancy assignments have centred on agents’ instruction processes, breaking them down into the key component stages and then assessing the quality to which each of those stages is carried out.

In simple terms, the key stages are:

  • Generating valuation appointments
  • Booking the valuation appointment
  • Preparation for the appointment
  • The appointments itself
  • Follow up and Closing

These stages vary massively in terms of how well they are undertaken, but it is a useful exercise to benchmark them against other agents around the country that we work with. To keep things simple, we rank the key stages as “Poor”, “Fair”, “Good” or “Exceptional”.

The whole premise of our current estate agency training is that “good is no longer good enough” – most agents are probably at least “good” at what they do. However, it can be argued strongly that the agents who will really thrive and make good profits in 2015 and beyond will be those who are “exceptional” at all that they do.

Once it has been established the standard to which each stage is being handled, the training needs are instantly revealed and can be addressed by way of coaching or a group training session where applicable. Initial attention is obviously paid to the weaker parts of the process.

For example, one agent we worked with was getting plenty of enquiries and appointments but had a conversion rate to actual instructions of less than 35%. This revealed an issue with the valuers’ ability on the appointments themselves, particularly in terms of closing and overcoming resistance. Thus a training session subsequently addressed those weaknesses in that firm’s process.

On the other hand, a different company had a high conversion rate but were simply not getting called out to enough properties, so our main job was to look at the marketing and in particular the staff’s ability to gain valuation appointments from the opportunities that presented themselves.

In the latter case, it was alarming how the staff in the agent’s offices were sorely lacking in the skill of promoting their company’s USPs and differences to convince a local applicant with a property to sell to consider having that agent out to value their own. The staff did not fully understand the benefits in detail of their own firm’s services and even less so what their competitors offered.

As a result of identifying this issue, the staff were trained to “benefit sell” to an “exceptional” standard and to mystery shop their competitors to know completely what they were selling against. Almost immediately, the number of valuation appointments went up and those opportunities were converted into instructions by the valuers, ensuring that stock levels for the next few months were at an encouraging level.

There is a raft of further ideas that can be introduced to an agent’s culture to increase the number of instructions – feel free to email me, follow me on twitter or pick up the phone!

Julian O’Dell

TM training & development

julianodell@live.co.uk

Twitter ID: @agencytrainer

Telephone: 01480 405583

Landlords’ Barometer – #2

Welcome to “Landlords’ Barometer #2” – an insight into trending topics on Property Tribes, the UK’s leading landlord and investor community.

This week’s report has something of a digital flavour. I am writing it from our motorhome, parked in a campsite in North Piddle in deepest, darkest Worcestershire!

I and my husband Nick are currently crossing the UK filming video testimonials for clients of Jupix and Alto software.

One of the common themes we are hearing throughout the testimonials tour is how much agents enjoy and value working with cloud-based software, because it means you can log in to your business from anywhere in the world. A bit like I can run my property portfolio and Property Tribes from our motorhome on the move.

Here are this week’s trending topics:

1. Creating a personal Property Business Plan with Steve Bolton of Platinum Property Partners

Steve Bolton is a successful HMO landlord and founder of PPP, a property franchise business. Who better to advise us on how to create not just a business plan, but a life plan?

We filmed a Skype interview with Steve about how to formulate a business plan.

Steve has a “holy grail” of how to create a successful and profitable business, including the belief that “you should be able to run the business from anywhere in the world”. Of course, digital tools, the web and utilising cloud-based software assist you in doing in exactly this.

Know your customer:

i. Understanding the objectives and goals of landlords can help you tailor your service to suit them, such as offering a free consultation to help them find properties that will help them achieve their property goals.

ii. Why not use Steve’s business plan advice to create your own because EVERY business should have a plan and a roadmap.

Steve Bolton will be speaking on this very topic at the NALS Conference in London on November 13 and helping delegates create their own personal business plan.
http://nalsconference.co.uk/

2. Interview with Jax Kneppers, founder of digital inventory app, Imfuna

Nick and I have always encouraged property professionals to adopt digital tools and products to increase efficiency, de-fragment information, create transparency, and streamline processes.

At the Property Investor Show, we caught up with the founder of Imfuna, the digital inventory app, Jax Kneppers, to hear of the latest developments of the Imfuna platform.

These include:

> Side by side comparison report.

> Creation of an adjudication report.

> Being able to annotate on photographs to point out such items as carpet stains, wall scuffs, damage etc.

Know your customer:

i. Digital tools allow you to better serve your customer and improve efficiency, therefore increasing your bottom line.

ii. Being able to offer your customer transparency and efficiency through digital tools should give you a market advantage and a marketing differentiator.

3. Landlord Repair Obligations with Giles Peaker, Solicitor

In this interview and discussion, Giles Peaker explains about landlord obligations and Section 11.

Know your customer:

i. Novice landlords often start out unsure of whether to self-manage or use a lettings agent.

Many of them simply think that they find a tenant, sit back, and collect the rent each month. If only it was that easy!

Lettings agents can take away the hassle from busy landlords with a fully managed service that includes repairing and maintaining the property. This in turn ensures that the property retains its value.

Bonus:

To finish off my “digital” theme, I would like to draw attention to a long-running thread on Property Tribes, Are you going digital in your property business?

It discusses the importance of adopting digital tools and the many business advantages of doing so.

The business success stories of the future will have digital tools at the heart of their business to better serve the customer, create transparency and efficiency, de-fragment information, and, through seamless integration, improve your business output.

Thank you for reading the Landlords’ Barometer and I will leave you with a quote about the importance of adopting digital technology:

“To me, this is not an information age. It’s an age of networked intelligence, it’s an age of vast promise.” – Don Tapscott

Tough at the top!

The job of a branch manager can be challenging, says industry training expert Julian O’Dell. In his first column for Property Industry Eye, he explains why.

The life of an estate agency branch manager is never dull, but it is frequently challenging. This is because there is normally an expectation that the manager must be responsible not only for the staff’s performance but also for contributing to the branch figures by personally producing an acceptable number of sales and/or instructions.

In reality, many managers in our industry are doing two jobs while being paid for one.

There is a high degree of difficulty in stepping up to management, simply due to the lack of support and guidance as to how to fulfil the new role. It was without doubt the trickiest transition in my career.

Thrown in at the deep end as a manager in 1987, somehow, more by luck than judgement, I ultimately swam rather than sank. Several months into the role and still on an almost vertical learning curve, I was sent on a management training course. It was as if somebody had switched the lights on. I just wished at the time that I had attended the course before accepting the position rather than afterwards.

On my travels around the country, I meet a large number of estate agency managers, who are hard-working and well-intentioned, but have not been provided with sufficient support to help them to supervise successfully. Some have even paid out of their own pocket to attend one of our management courses because their employers had refused to do so.

Many estate agency managers have been promoted at short notice to fill the role of team leader as a result of an unforeseen gap being created by the departure of the previous manager.

A sense of panic amongst proprietors when needing to find a new manager often leads to a quick decision based on who has been around a while and has a reasonable track record. Once those questions have been answered, it is a case of giving him or her a go. I once met a manager who only found out he had been given that role when a supply of new business cards arrived for him! The other serious challenge for a new manager – aside from becoming responsible and accountable for the results of a team of people rather than just their own – is that many are promoted from within the group they have to lead, demanding a rapid readjustment in key working relationships.

As a result of the above issues, a significant number of new estate agency branch managers do not make the grade. Their superiors lose faith and patience, often putting them under inappropriate pressure, and as a result, the managers themselves lose confidence and leave, often reappearing doing what they feel they are good at – selling and listing properties in a competitor’s office. That is often an easier way out of their difficult managerial role, rather than admitting defeat to their existing firm. That firm in turn, by promoting without support, loses a good staff member to the opposition.

The replacement for the departed manager is reactively chosen and the whole flawed cycle begins again.

Management books do not always provide answers. However, a principle that strikes a chord with estate agency managers is John Adair’s concept of “action-centred leadership”.

Adair identified three key areas that the leader needs to focus on – namely responsibilities towards the tasks, the team and the individuals within the team.

The effective leader is pivotal to the three key areas, devoting the correct amount of time and energy to each.

“Task” duties include ensuring all the appropriate jobs get done, and hitting targets by planning, monitoring and checking.

The “team” responsibilities will include motivation, communication and team building.

The “individual” duties will incorporate coaching, development and agreeing objectives.

Getting the balance right between these three areas will ensure effectiveness in each, leading to good results, a performing team and focused, productive individuals. There will be times when priority has to be given by the leader to one of the key areas over the others.

For example, when taking over an office producing poor sales figures, concentration on the “task” area will be important to drive improved results. Equally, when the staff are not gelling as a group, the manager will need to devote more time to improving the team ethic to ensure they are performing collectively, utilising strengths and understanding weaknesses. Finally, a new starter or poor performer forces a manager to concentrate on those individuals for a period to bring them to the desired level of effectiveness.

All managers should ask themselves daily: “Am I getting the balance right?”

They should also always remember that leadership is an activity, not a status.

Julian O’Dell
TM training & development
01480 405583

Views: 319

Landlords’ Barometer – #1

Welcome to the first ever “Landlords’ Barometer” – an insight into what is trending for landlords and how you can use this to benefit your business.

Property Tribes is the UK’s leading and most influential landlord and property investor community.We have over 11,000 threads and 113,000 posts … and increasing daily! The site attracts around 2,000 unique visitors per day, and we achieve between 17,000 and 20,000 page views per day.

Property Tribes can be likened to a pond filled with your ideal type of fish (clients) as it has a large audience of the 1.5 million landlords in the U.K. who are increasingly using it as a resource to find answers to problems, source products and services, and accelerate their success through learning and networking.

Knowing what is on your customer’s mind can help you improve your customer experience, provide marketing and social content inspiration, and guide you as how to best serve your customer.

Here are this week’s highlights:

1. “Being a landlord is more stressful than ever, new survey claims”

Some 25% of landlords have found being a landlord more stressful than they had expected and 67% said they were more stressed than 12 months ago.

The survey showed that 53% of landlords use up to 20% of their annual leave sorting out issues with their properties. Also 46% of landlords spent up to 20 hours a year on phone calls, negotiating with agents and tenants as well as sorting maintenance issues. Other contributing factors included late rent payments (58%), funding property maintenance and repairs (40%) and tax worries (38%).

Know your customer:

i. This information and the ensuing discussion can help you understand landlords’ concerns and use this information to improve your customer experience, as well as using it to frame marketing and social content around.

ii. Join the discussion and share how your product and service (without being too sales-y) can help landlords have a less stressful landlord life.

2. Next steps to running property as a business

This thread discusses the frustration of not being able to build a portfolio more quickly and the on-going discussion has inspirational hints and tips for any business.

Know your customer:

i. Understanding the concerns and worries of landlords can help you improve your customer experience and provide solutions to problems such as providing a portfolio review, advising landlords when a rent increase may be appropriate etc.

ii. You may learn something from this discussion that could help and inspire your own business activities!

3. Regulation of the private rented sector – Industry Up-date

This thread is a round-up of all private rented sector regulation that is happening now or in the pipeline.

Know your customer:

i. Understanding landlords’ reactions to this will help you craft your customer experience and advise your landlords prospects on the impact of regulation and how you can take away some of the strain.

ii. Use the information to up-date yourself and remain complaint.

Bonus:

4. Mandatory redress kicked in on October 1, 2014

A round up of everything you need to know about mandatory redress for lettings agents, including landlord perspectives, penalties for non-compliance, and industry reactions.

Thank you for reading the Landlords’ Barometer and I will leave you with the thought that, thanks to the amount of information available for free on the social web, ignorance is now a choice.

Views: 196