After we published the report yesterday on the success that Chestertons has been having with virtual viewings during lockdown, we had a note from Anthony Szabo who is Area Director of Lettings for Felicity J Lord in London.
He was not seeking to get anything published but he wanted to tell us that his firm has been having a similar experience.
We asked him for some more information that could be shared with EYE readers.
Szabo told us:
FJL Lettings remain operational, albeit with a reduced staff level as, like all agents currently, the vast majority of our colleagues are furloughed.
Over recent weeks we have found that a ‘new normal’ has materialized where virtual tours and agreements based on them have been the norm.
To put this in context, pre-crisis, we would have had virtual tours available on perhaps 25% of our available registers.
Now, it is closer to 90%.
This has been achieved as the vast majority of our stock is vacant at the point of marketing, and both tenants and landlords have been fantastic in their support, by happily providing us with footage that we can then edit accordingly.
This has even been the case with tenanted properties where outgoing tenants have provided videos and photos in order to provide incoming tenants with everything they need, in some cases including a brief overview of how they have enjoyed their time in the property.
This would have been pretty much unheard of pre-crisis.
Clearly, as you would expect, there has been a reduction in enquiries from both landlords and tenants since lockdown commenced 5 weeks ago.
Many agents have elected to pretty much shut up shop, however we elected to ensure that we were sufficiently prepared to deal with whatever level of business was to remain in the market place.
To say that we have been pleasantly surprised would be an understatement.
We are dealing with, on average, 1,000 enquiries a day across our 11 branch network, excluding those that would be going through to our property management team, which would likely be the same again … at least.
What we are finding is that the commitment from both Landlord and Tenants is serious.
People want to rent and let and are willing to assist, accommodate, understand, and work with us, to facilitate this.
In short, there is still significant demand in the lettings market and we are busy.
What cannot also be escaped is what we refer to as our ‘pre’, and ‘post’ COVID market.
Pre and post COVID prices are markedly different with, in many cases, motivated landlords and tenants agreeing figures that would have been seen as non-starters only 5 weeks ago.
In March we were able to deliver move-ins at 80% of our expected level.
When the crisis hit withdrawals peaked but, after week 3, we saw our withdrawal rate reduce and hold at pre-covid levels.
A new normal appeared to have been reached.
Facilitating move-ins has proved challenging and has taken place only where alternate dates or arrangements could not be made.
Safe distance key handovers have been the ‘new normal’ with Landlords and Tenants being respectful and understanding as what this may require in order to adhere to government guidelines and for the protection and safety of all concerned.
As we approach the end of April, it is likely that our move-in rate will be at somewhere around 70% of pre-covid expectations and this could not be achieved without support from my fantastic team, committed Landlords, Tenants and supportive contactors.
Video tours are now the norm and are available on approximately 85% of our available registers.
Zoom meetings between potential new tenants, landlords and outgoing tenants have been facilitated.
Video messages from Landlords and/or tenants providing a firsthand commentary on the property and why it may suit incoming tenants are common place.
In short, there is a real feeling of camaraderie in the lettings market.
Of the reduced number of new enquires we are receiving, I would say that the vast majority, 80-90%, are urgent or serious.
No general enquiries, no arm chair applicants, just people with a serious and urgent need to move.
I can recall two instances of late where, within hours of a new instruction becoming available with our Blackheath Village office, multiple enquiries were received, two of which were key workers, and five of which needed to move within a week.
From instruction to move-in took 4 days.
Like so many, our industry will learn lessons from this crisis and adapt to change accordingly.
With this said, I have been incredibly encouraged by my team’s adaptability to change, accepting what is (temporarily we all hope) the ‘new normal’. It’s incredible really.
In addition, the gratitude and positivity that has exuded from landlords and tenants alike for us being able to facilitate, in the vast majority of cases, what are urgent moves, has been heartwarming to say the least.
Ours is a much maligned industry and I do not dare compare the jobs we do to those of key workers but who would have thought that estate agents would actually be perceived as doing some good!
Love it when agents fabricate numbers for a bit of publicity and all the other agents have a little giggle within 🙂
Happy Friday – Keep Safe!
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Do these companies hope the mainstream media pick up these stories?
No one should be moving or agreeing flaky tenancues without seeing the property first.
These stories might end up back firing on our industry.
London agents as normal. Their greed caused tenant fees to be abolished as well.
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There are lots of agents up and down the country behaving almost normally and bragging about it – it really is very distateful to those of us observing the lockdown.
P.S. love the typo – I am missing the live snooker too 🙂
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Will your staff not be concerned at these stats….70% of normal business with closed offices/shops…..looks like your furlough staff have no future. 80-90% “emergency” moves which means 10-20% illegal and in these times you manage to get previous landlord and employer references to allow 4 day enquiry to move in.
Have a Good Weekend
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It’s spicerhaart… they’re probably under no illusions about their future!
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South East London where FJ Lord operate are notorious for ‘Bait and Switch’ tactics. Flood the market with amazing cheap properties that are not real (empty, amazing videos etc), get lots of enquiries (say 1000s a day, 100s doesn’t sound exciting) and then switch them to rubbish. Most will just collect the data and spin their PR. Call or email them about any amazingly unbelievable property and there’s a 90% chance its gone or not available until 2021, but they do have one that’s rubbish you can take instead next door.
Still love the positivity and made up numbers.
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“He was not seeking to get anything published”….. of course he wasn’t!!!!
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I know its difficult to work out what day it is at the moment – but I’m pretty sure it’s not April 1st, ???..
90 inquiries a day per branch — 1000 a day across 11 branches, most staff Furloughed, but obviously still working if there dealing with that level of business (chancellor take note) – LOL …
FJL, they don’t have an applicant of the day – they have the day of the applicant…
stay safe Mr FJL, it will all be over soon and you can go back to doing your normal level of business – 10,000 applicants a day.
PS, with that level of apps, why do you have so many empty properties – poor conversion rate 🙂
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“Like all agents currently, the vast majority of our staff have been furloughed…” (Not to mention the redundancy notices P.S dished out to several hundred of his staff in mid-March.)
This “press release” (or should that be “non press, non release” as he didn’t want anything to be published) must be a real kick in the teeth for those staff let go/furloughed…
Could it be that Spicerhaart have very disingenuously furloughed staff, but asked them (off the record) to keep working…?
Either that, or Anthony has quite an active imagination, and significantly more time on his hands to come up with a bit of bullsh*t…
Surely with these fantastic levels of interest and activity (90 enquiries per day per branch, on average) you’d need every staff member you can muster?!
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Whats that i smell? Chicken, pig, cow??? Nope! Its the unmistakable smell of Bull ####!!!
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Wow Amazing.
Now you can use all that money earned to top up all your furloughed employees back to 100% of pay.
Or maybe just pop them a text and make them redundant, either or.
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UK Government: Coronavirus (COVID-19) Guidance for Landlords and Tenants
My landlord wants access to my property to conduct viewings for sale or letting, do I have to let them in?
• You and your landlord should follow the Government’s latest guidance necessary to help stop the spread of the virus which you can find here https://www.gov.uk/coronavirus
• We recommend that access to a property is only proposed for serious and urgent issues such as those set out above. 3.5 What if I have a move planned?
• Home buyers and renters should, as far as possible, delay moving to a new home while emergency measures are in place to fight coronavirus. You can find specific Government advice on moving here https://www.gov.uk/guidance/governmentadvice-on-home-moving-during-the-coronavirus-covid-19-outbreak
• If moving is unavoidable for contractual reasons and the parties are unable to reach an agreement to delay, people must follow advice on maintaining strict separation to minimise the spread of the virus.
• Anyone with symptoms, self-isolating or shielding from the virus, should follow medical advice and not move home for the time being.
Forgetting all of the above, if you do not meet your tenant during referencing (paper pushing is not referencing) and they do not visit the property prior to signing a contract = An agent is liable FAILURE to follow Due Care and Diligence.
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Whoever gave me the dislike, needs to read up on agents legal requirements. “a failing to show professional diligence” in regard to Letting Agents outlined in booklet TPOE3-3 :
The Consumer Protection from Unfair Trading Regulations 2008
and
TPO Code of Practice for Residential Letting Agents
Sections 1: Obligations, 2B: Duty of Care, 7A: Published Material and Information 9: Offers (the first sentence!!!!)
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