To be a successful letting agent, you must first decide on the type of landlord you want to attract. I like to categorise landlords into three groups: Newbie, Accidental and Pro.
The Accidentals have inherited a property they rent out, or had to move house without selling their home, so rented it out instead. They can be emotionally connected to the property, sometimes making them unreasonable in their demands on the tenant, and over-sensitive to any problems that occur. They are more emotionally driven, which is something to consider when you're deciding who to work with.
The Pros are portfolio landlords, who are renting out numerous homes at once. Well-informed (so they think), sometimes slightly arrogant, and very reluctant to change their management agent without a massive discount in fees as a sweetener.
That leaves the Newbie. This is the guy that’s watched Homes Under the Hammer and decides to go pro. Just the small problems of the lack of funds, no financing agreement and little time (he works full time) are holding him back. Despite these challenges, he’s super ambitious and determined to make it work, and best of all, he needs you. He’ll listen to what you say, take your advice, and won’t usually haggle on fees. If you can take him from zero to three properties in the first year or so, he’ll stay loyal forever; eventually becoming the Pro we talked about earlier, and (hopefully) impossible for anyone else to poach.
It's important to understand what kind of landlord you are working with. This knowledge helps you anticipate their needs, and create a long-lasting relationship.
This guest blog is by Sam Ashdown. For more awesome tips, download our free eBook '10 Tips To Find Landlords in 2017.'