PROFILE
Q Are deposits lodged with one of the protection systems? “We are members of the TDS. We have only just moved from the DPS to the TDS, and feel that by holding the deposits ourselves under TDS membership, it is a more streamlined, faster process when it comes to returning (or reallocating) the deposit, thus a better service to the agents’ landlords.”
Q You are members of ARLA – is this the same sort of membership as a general high street agency or is it different? “Yes, it is the same membership that is available to any lettings agent and it provides the same benefits. One criterion of joining ARLA is that the applicant has to have their client account audited annually. If an agent uses EPM to manage their portfolio, and is happy for EPM’s client account to be used instead of their own, one major benefit is that they no longer need their client account audited, therefore saving thousands of pounds each year. They can apply to ARLA and we would send our accountants annual report instead.”
Q So clients needn’t worry about the security of ‘remote’ management? “No. Our client account is audited annually and the bank balance to management software is reconciled daily. This means that on any day of the year we can account for every single penny in and who it belongs to. ARLA also requires us to have Client Money Protection insurance, which we have, as well as a very robust Professional Indemnity Insurance policy! We find this is very reassuring to clients that have just started in lettings as it’s part of their pitch to new landlords that they use a professional, bespoke management company which has all of that in place on their behalf.”
Q Do agents find it is cost effective? “Yes most agents do find it cost effective, but it does depend on the size of their portfolio and the number of lets they do monthly. This is all discussed when we visit the agent and we are honest with whether we would be a cost effective option for them. We Charge a flat fee per let per month which agents can then easily work out what they would earn from that, when negotiating their commission with the
landlord. For rents of around £500, it might not be so cost effective as our fee would equate to half of their commission, but for rents above that it still means that the agent can keep hold of a good percentage of their monthly commission for no work.”
Q Do you see this split of front and back services as the main way forward for agencies? We really do. We are seeing signs in the market that this is the way agents will go, and we think it will become very popular very soon. Recent statistics are telling us that Lettings is going to be really important to an agents offering, (home ownership will be down to just 63.8 per cent and only 18 per cent of people with their own homes are aged under 50 – quite extreme stats!) and the agents have to be ready to make the most of that lettings market when it is available to them. This means using their people to generate business and grow their portfolio, rather then having to deal with the back end management of their existing portfolio.”
Do you have any views to share?
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PROPERTYdrum NOVEMBER 2011 59 12/09/2011 15:58
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