Q: More agents mean more people will see your property and a higher chance of securing a good tenant quickly. Right?
A: No, the reality is far from the above.
It is proven that properties listed by multiple agents take longer to rent, often achieve lower rents and are prone to troublesome tenancies. Instructing one agent is certainly a case where, ‘Less is more’ – Exclusivity creates good faith, a bond, a relationship and it generates better all-round results for the landlord because your interests and the agents’ are completely harmonised.
By engaging two or three agents to market your property there will be two or three different standards of marketing profile and the presentation of your property will only be as good as the worst advert. Which, in most cases will still be seen by the same tenants anyway
Will all the various staff members involved, in all the different agencies be focused on what is important to you and on delivering a quality product for you? Or are they incentivised to just get the property let to the first tenant they can find in order to get the commission, in the race to let your property and feel triumphant over a competitor?
We have found from experience that from a tenant’s perspective, seeing more than one advert gives them the impression that the landlord is desperate and they will use this as a negotiation tool to get the price down and negotiate more favourable terms. Perhaps with the insertion of avoidable break clauses or needlessly delayed move-in dates etc. They may even play the agents off against each other to see who can agree on the best terms for them! (It may sound odd but we’ve seen it happen several times in the past).
Q: Will you be in control?
A: No. You will have no control over the process and no way of knowing the facts.
How will you get effective feedback and ongoing advice vital to making progress, if there isn’t one
agent controlling and analysing the information that is passed to you? With no effective strategy in place, you will be hoping for a result, whilst receiving conflicting information from separate parties. Confusing for anyone we are sure you will agree.
So, what should you do?
Our advice: As we’ve already said, letting your property is a long-term financial and emotional commitment, you should think carefully and give this the consideration it deserves. As a landlord, you are committed, financially and emotionally, throughout the entire process, which will likely be years. So, it’s best to give it that extra thought and get it right.
Of all the agents that you have come into contact with during this process, which agent do you feel would offer you the Best Service both initially and over the lifetime of the tenancy? Have you researched this agent, checked their reviews online, checked their accreditations? Has the agent educated you? Have they demonstrated value to you?
Knights are economically unique in this regard; the lines of communication are short and tight; we have the decades of experience required to navigate these tricky situations and safeguard our clients’ interests above all else.