All over the country agents are adapting their working practices to maintain their businesses. Simon Tillyer of online referencing company, Vouch, sent EYE some examples.
“Yes the volume of new rentals has dropped significantly since the lock down and Vouch has seen a 74% reduction in new applications,” says Tillyer
“But business doesn’t need to grind to a halt. We still have hundreds of new applications starting everyday.
“From the 1000+ agents we work with we have found a range of different reactions to the crisis.
“Many have simply shut up shop and gone to managing the existing portfolio; this makes total sense for the guys who need to protect cash flow to make it out on the other side – which is coming!
“Other agents are using the time to be really productive, going back through databases of old landlords or spending the time maximising any secondary income opportunities from existing tenants and landlords.
“The biggest win for active agents has come from facilitating new lets via video viewings. An example of this in our own agency, Shefflets.
“In Sheffield there is really high demand from key workers, especially NHS staff who need to move to continue working.
Lynsey Gaskell from Shefflets explained further:
“Over the last two weeks, 5 new lets have come solely from video viewings, with more in the pipeline.
“Taking a rental property isn’t like buying a house, people are happy to commit without seeing the property in person.
“Video viewing will be available for all properties going forward, it just makes sense.”
In another example, Chloe Rhodes from Haus sales & lettings in Leeds explained how they have enlisted the help of existing tenants to create video walk-throughs :
“We released a marketing campaign called ‘From our home to your home’ and asked tenants living in properties that are on the rental market to email us a video walk through which we can then email out to potential tenants.
“Our existing tenants have done an amazing job and we are so happy with the response.
“Viewings numbers have not really dropped as we are doing all viewings by emailing a video link and this has resulted in lets.
“Within four days in just one office we did 17 virtual viewings and secured 4 lets agreed on properties with tenants due to move in on 1st July.”
The moves to online and virtual viewings has been relatively easy for Michael Mortimer at Hive Estates in Newcastle:
“We have always been a digital agency that has used proptech and this has enabled us to continue running our business remotely.
“We have team Zoom calls every morning, we use video tours to show clients properties virtually, we use Vouch to start any applications and we are now allowed to do virtual right to rent checks too.
“We are letting and selling properties from our own homes.
“It’s a great feeling, knowing you can still operate your business from anywhere in the world.
“The agents that embrace tech won’t let coronavirus stop them trading and this is how we’ve managed to keep going”
EYE would like to hear about your experiences with virtual viewings. Send your stories to news@propertyindustryeye.com
“Taking a rental property isn’t like buying a house, people are happy to commit without seeing the property in person”.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! where does one start with that comment?
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“!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! where does one start with that comment?”
By agreeing with it, Woodentop? At least in part.
“Taking a rental property isn’t like buying a house…”
Rentals is very different from sales – I agree wholeheartedly. The occupant has no skin whatsoever in the property – in the main it is a roof over their head.
But as to
“…people are happy to commit without seeing the property in person”
maybe that’s the case…
…in Sheffield…
…sometimes.
But I very much doubt that of every 100 prospective tenants, more than a dozen would happily rent ‘unseen’. No doubt a higher proportion of students would; then ‘professionals’ – but families and retirees would in my opinion (and previous experience) be far less likely to sign on the dotted line without a physical viewing.
In fairness, the majority of holidaymakers quite happily ‘rent’ a hotel room for a week or fortnight without actually seeing it – and what little they are shown on the travel agents’ site is never less than nothing whatsoever like what they get when they turn the key on arrival.
What will be interesting is what percentage of these ‘blind’ tenancies extend at the end of the initial period compared to those that carried out ‘normal’ viewings. Or what percentage terminate early (either with or without LL agreement).
Proof is in the pudding, and all that…
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