Independent letting firm’s acquisition strategy paying off after tenancy fees ban

City rental specialist Let Leeds has completed the takeover of local rival Parklands Estate Agents, increasing the size of the business and adding further managed tenancies to its portfolio.

Let Leeds has embarked on a growth strategy with the goal of joining forces with other independents to reduce overheads and safeguard staff retention in the wake of the fees ban.

Parklands is the fourth in a series of acquisitions. The directors of Parklands were looking for a change of direction and Let Leeds provided the opportunity to take the business forward.

Parklands director Mike Hodge said: “Let Leeds is a perfect fit for us.

“They are customer-focused and experienced, so we knew they were the right people to take care of the clients and portfolio which we worked so hard to build.”

Let Leeds managing director Luke Gidney said that the acquisition strategy is paying off.

He said: “In the three months following the ban, we have not only offset the loss of tenant fees, but have increased turnover by 38% compared to the same quarter last year.

“We’ve managed this through a combination of acquisition and new alternative income streams, proving there is still plenty of opportunity for independent agents.

“Part of it is understanding what today’s renters are looking for and adapting accordingly.”

Let Leeds is stepping up its all-inclusive offering, called ‘Let Inc’, which combines the rent with utilities, broadband, Sky TV and contents insurance into one simple monthly payment for tenants.

Gidney said: “It’s proving incredibly popular, with a third of all new move-ins this year taking up our all-inclusive packages.”

He said Let Leeds is exploring further avenues to grow its portfolio and would like to hear from other independent agents in Leeds regarding a potential merger.

Gidney said: “Many business owners I speak with are concerned about a reduction in new landlords entering the market, pressure on income, and increased regulation.

“As the industry continues to consolidate at a frantic pace, joining forces with other independents presents new opportunities.”

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