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Increasing numbers of letting agents consider giving up as worries weigh on the sector

https://propertyindustryeye.com/increasing-numbers-of-letting-agents-consider-giving-up-as-worries-weigh-on-the-sector/

Increasing numbers of letting agents are concerned about the future of the industry while more employees are worried about the future of the firms they work for.

Lettings platform Goodlord’s latest state of the industry report has found that one-third of agents are worried about making ends meet.

The research finds that agents are concerned about the fallout from the tenant fees ban, plus upcoming electrical safety standards and the implications of new mandatory qualifications being proposed.

There is also major concern about suppliers’ prices, with 31% expressing concern over price hikes this year.

Agents are also worried about falling rental volumes as landlords exit the market.

A new poll conducted last month – of 200 agents – has found that 40% are “pessimistic” or “very pessimistic” about the future of the industry, up from 23% when a similar survey was conducted six months ago.

Employees show declining confidence in the strength of the firms they work for, with 56% optimistic about the future of their employer. This is down from 60% previously.

More agency bosses say they would “definitely consider” selling their agency than six months ago, increasing from 5% to 13%, while a further 26% said they would “probably” consider selling, up from 10%.

Only 16% of survey respondents say they would “definitely” consider buying another agency if the opportunity presented itself, down from 29% who said the same six months ago.

Tom Mundy, chief operating officer at Goodlord, said: “With revenues for 85% of agents hit by the Tenant Fees Act, it’s no surprise that many are expressing concerns for the future.”

https://info.goodlord.co/goodlord-state-of-the-industry-report-winter-2020

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44 minutes ago, Mikhail Liebenstein said:

Should read, "Lettings Agents concerned about having to do what they are paid for." 

The same applies to surveyors. 

+1

Ithink I noticed before that you've got it in for surveyors.  In my experience you're dead right.

Can't look under things, lift carpets, report is a pile of caveats with a sliver of info buried in it that you could work out for yourself.

But did you ever get the feeling that they try not to put you off buying the place? I suspect an old boy network here, don't want your mates to lose commission on a sale.

Seems to me you're just paying their professional indemnity insurance but I guess that's just the modern world.

Since when was letting out properties an "industry"?  When we packed in most real industries I suppose.

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......a vast number would have gone out of business if had it not been  for the upsurge in BTL, along with the assured shorthold tenancy legislation, forcing many to rent very often without security and repetitive ongoing fees.....perhaps will have to diversify again.;)

https://en.wikipedia.org/wiki/Assured_shorthold_tenancy

Edited by winkie
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The lettings side of estate agency swelled when prices pushed many younger buyers out of the market and into rental accommodation. If landlords are selling up, shouldn't the selling side be picking up again? Swings and roundabouts...

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5 minutes ago, rantnrave said:

The lettings side of estate agency swelled when prices pushed many younger buyers out of the market and into rental accommodation. If landlords are selling up, shouldn't the selling side be picking up again? Swings and roundabouts...

The rental accommodation came about because of IO leveraged BTL and the landlord and lenders protection that ran alongside it....;)

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22 minutes ago, Bluestone59 said:

+1

Ithink I noticed before that you've got it in for surveyors.  In my experience you're dead right.

Can't look under things, lift carpets, report is a pile of caveats with a sliver of info buried in it that you could work out for yourself.

But did you ever get the feeling that they try not to put you off buying the place? I suspect an old boy network here, don't want your mates to lose commission on a sale.

Seems to me you're just paying their professional indemnity insurance but I guess that's just the modern world.

Since when was letting out properties an "industry"?  When we packed in most real industries I suppose.

I have a friend who was an estate agent, and has since changed roles. I assure you there are loads of backhanders between agents and surveyors, it is a corrupt old boys network.

What really bugs me with surveyors is then bum around pretending to be like architects or structural engineers. They don't have a clue and the paper they produce is worthless. I still think all those associated with Grenfell need jailing. If a bridge engineer did the same, they'd definitely end up in jail.

 

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1 hour ago, winkie said:

......a vast number would have gone out of business if had it not been  for the upsurge in BTL, along with the assured shorthold tenancy legislation, forcing many to rent very often without security and repetitive ongoing fees.....perhaps will have to diversify again.;)

https://en.wikipedia.org/wiki/Assured_shorthold_tenancy

A vast majority would NOT have gone into business if it was not for BTL.

Seriously, these one man band - normally one woman band - letting agencies have sprung up like weeds 

 

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4 minutes ago, spyguy said:

A vast majority would NOT have gone into business if it was not for BTL.

Seriously, these one man band - normally one woman band - letting agencies have sprung up like weeds 

 

Anyone can be a letting agent.....lots of agents everywhere in all walks of life putting two and two together, collecting a fee.;)

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March them out into the fields Pol Pot-style and get them to build some houses, at least that way they will have something tangible to show for a working lifetime.

Seriously, all these perfectly healthy 20somethings driving about taking a set of keys to a house at a given time, what kind of contribution to humanity is that?

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'new mandatory qualifications being proposed'

This would be truly excellent and long over due....as long as/if the training wasn't likely to be corrupt as well.

A training provider that does not get students past the exam don't stay popular or in business for long. Who would be the overseer of this scheme. All Education is a business now and that brings all sorts of pressures. Teaching for the better of students themselves I feel has slipped under pressure to ensure good results for the establishment.

Graduates with very unrealistic salary expectations, where did they get the idea from....the one that sold them the education at £15k a year for 3~4 years.

Opps turned off topic

 

 

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Unprofessional house buying system

A person informed me he witnessed (knew someone in the loop) the system where estate agents fending off offers from owner buyers to get the seller to accept a lower developers/landlords offer and also getting a bribe for doings so.

The agents, surveyors and mortage brokers are all working to get as much of your money as possible (which is business) but by any means.

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Not unusual.....got to have your wits about you, else could regret it after it is to late to do anything about it...best to cut out the agent imo.......it is a shame that a few spoil it for the rest.....know who you are doing business with.?

Edited by winkie
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4 hours ago, Versys said:

Unprofessional house buying system

A person informed me he witnessed (knew someone in the loop) the system where estate agents fending off offers from owner buyers to get the seller to accept a lower developers/landlords offer and also getting a bribe for doings so.

The agents, surveyors and mortage brokers are all working to get as much of your money as possible (which is business) but by any means.

That is 100% in alignment with what I have been told. 

On that basis most estate agents and surveyors should be in jail. 

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21 hours ago, Dorkins said:

March them out into the fields Pol Pot-style and get them to build some houses, at least that way they will have something tangible to show for a working lifetime.

Seriously, all these perfectly healthy 20somethings driving about taking a set of keys to a house at a given time, what kind of contribution to humanity is that?

If they weren't doing that they'd be trying to flog lousy phone contracts or vaping paraphenalia.

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On 11/02/2020 at 17:15, Versys said:

'new mandatory qualifications being proposed'

This would be truly excellent and long over due....as long as/if the training wasn't likely to be corrupt as well.

A training provider that does not get students past the exam don't stay popular or in business for long. Who would be the overseer of this scheme. All Education is a business now and that brings all sorts of pressures. Teaching for the better of students themselves I feel has slipped under pressure to ensure good results for the establishment.

Graduates with very unrealistic salary expectations, where did they get the idea from....the one that sold them the education at £15k a year for 3~4 years.

Opps turned off topic

 

 

You can't teach an estate agent not to lie. It's what they do naturally. 

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