Why multiple letting agency does not work
People have always wanted to get maximum exposure for their property when trying to find a tenant. To do so, they would instruct two, if not more agents to try and let out their property. This meant that they had more advertisements in more shop windows and subsequently, more people who potentially wanted to live in the property would see that it is available. In the by-gone days before the internet, this was indeed the case.
Nowadays, there is a completely different story...
As long as the letting agent that you use advertises your property on ALL the leading property portals, (be certain that Rightmove, Zoopla and Primelocation are amongst them), then you only need to use one letting agent because all of the prospective tenants are now looking online for their next rental property, not in shop windows. Anyone looking in your area would find the property they wish to apply for on the portals and then contact the letting agent directly to arrange an accompanied viewing.
People that are seriously searching for a property to rent would not waste their valuable time strolling past letting agents shop windows when the best properties move so quickly in lettings that if they did not use the internet, they would miss out every time. Recent studies show that a large majority of people, 96% to be more precise, find their new property online!
With the internet taking over as the main form of property advertising, there are actual disadvantages with using more than one letting agent, not just reasons why it is no longer a benefit.
Prospective tenants will perform a property search for the area they desire to live, at which point, on all of the portals they will be presented with a list of properties which all fall within their matching criteria. As they scroll down the long list of properties, they will see duplicates of your property where each agent has uploaded their marketing, some with more flattering photos than others and some with better descriptions than others, usually falling either side of one another on the list! This not only gives your property a particularly inconsistent marketing strategy, but also gives prospective tenants a scent of desperation which is the last thing you want your marketing to say for you. When someone is a ‘good tenant’, they know they are in demand and will disregard properties very quickly if something does not seem quite right so to make time to view the properties which do not give this feeling.
Just make sure the agent you use advertises your property on all of the leading property portals. Avoid any letting agencies that don’t. Only letting agents that do will get you full market exposure and therefore let out your property as quickly as possible, for the maximum rent possible.
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