Hello World! Welcome Friends! The property rental market is still dominated by private landlords whose property portfolios might only include a single or a small number of properties. With the potential drop in returns and the increased cost of rental, such as the expense of complying with local authority requirements, means that many of these landlords are looking to reduce other costs.
Letting agencies are coming under increased pressure to provide a more cost-effective and efficient service. Add to this the fact that there are likely to be more letting agencies competing against each other and potentially fewer rental properties, and it becomes clear that letting agents are operating in an increasingly competitive market.
Any letting agency needs to offer an excellent level of service at a competitive price. Letting agency fees are under downward pressure from the market conditions and the increasingly competitive environment. Those that change successfully will survive while others will not. Therefore, letting agents are looking for innovative solutions to allow them to offer the same or a better level of service to landlords whilst still reducing costs.
Advertising Property Goes Online
One of the first innovations that letting agents embraced was the move to advertising property online. This has led to the rise of property listing portals that show the property to let from a number of different letting agents. These searchable platforms make it easier for tenants to find apartments for rent that suit them. This gave a competitive advantage to letting agencies that first embraced online advertising, but soon nearly all letting agents were advertising their properties through these portals and the advantage it offered was negated.
Online advertising has now become a standard expense for many agencies, offset to an extent by reductions in other advertising costs, for example, advertising in local newspapers. This has also benefitted the landlord vastly, as they can find everything in one place, not only searching for tenants but also looking for mortgages and other reputable companies, as well as other required property services.
Newspaper circulation has reduced and, therefore, advertising costs in this regard have vastly reduced. If we consider flats and homes for let, we find that the vast majority appear on at least one of the big property portals while fewer and fewer are advertised in the local papers. This means that potential tenants now search for places to let online first instead of visiting local letting agencies. They are not, at least initially, concerned by what agency is offering the letting service.
Lower Your Costs By Advertising Online
Of course, online marketing is also a great way for you to reduce the costs that are associated with marketing your property for rent. After all, it does not cost anything to use the likes of social media to get the word out about the property that you have available for rent. Therefore, it is not hard to see why people are going down this route to rent out their properties in today’s competitive market.
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