RESIDENTIALlettings
In
du
st
ry
In
te
rv
iew
Managing
risk, sharing
profit
Sheila Manchester
meets Philip Cook and
asks, “What have you done
to make a difference to
the lettings industry?”
W
e never forget you have a choice,” used to be
one of British Airways’ slogans; one which
may have backfired on them – as people
could see that that they did, indeed, have
a choice – to go elsewhere. Left: Philip Cook
Remembering that clients have a choice is probably a Right: MD, Michael Portman
mantra best kept to in-house training; but it is one of the
most important tenets of a successful business, particularly
in areas of high competition such as insurance.
There are several dozen providers of insurance for
landlords so the letting agent has to ensure that he provides a good 1999 he saw, on a wider scale, that landlords were facing all sorts
insurance policy, while being aware that many insurers sell directly of financial issues, largely stemming from poor advice and poor
to landlords. Just like British Airways’ air travel market, there are management of tenancies by their agents.
plenty of alternative providers. “While the Housing Act 1988, encouraged landlords to invest
Philip Cook, founder of Ashton Wingate and a past Chairman in property and people to choose renting as an option, it also
of ARLA, says, “When I was Chairman of Ashton Wingate, I knew encouraged significant numbers of letting agents who could only
that we needed to offer the landlords something special which be described as rogues. How were landlords supposed to tell the
would, hopefully, benefit us as well. I introduced a very special good from the bad?
form of insurance for agents to offer their clients; a unique rental “ARLA was founded to improve the professionalism of agents
guarantee and legal expenses indemnity scheme, branded with in the way they looked after their clients and it has positively
their own trading name.” informed the public perception of the Private Rented Sector,
which has grown in size and grown up at the same time.
INSURANCE RESISTANCE “We knew that one of the keys to security in letting was to
Landlords may be resistant to having insurance, believing it to provide sufficient insurance for landlords so that if the tenant failed
be a waste of money, too expensive, or that it’s just a way for the to pay the rent, or wouldn’t move out at the end of a tenancy, the
agent to make more money. landlord’s investment would be properly protected.”
Philip Cook has heard all the reasons for landlords not taking
insurances and handled a good number of claims over a long PROGRESS SLOWLY MADE
career in lettings. His original, family-run lettings business, Ashton Specialist insurance policies were written, specialist providers grew
Wingate, merged with Frances Burkinshaw several years ago and in number, but still, not all landlords were persuaded. With the
has since become part of Countrywide Residential Lettings. recession of the early 1990s, people were forced into rented
Philip realised the importance of arranging cover for landlords’ accommodation, tenant numbers grew – and so, inevitably, did
rent and legal costs for those mercifully rare occasions when their level of default and the consequent damage to the landlords.
problems arose. As Chairman of ARLA from May 1997 to May Housing legislation grew at the same time with an increasing
46 FEBRUARY 2010 PROPERTYdrum
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