RESIDENTIALlettings
partner and this merger provides the very best in tailored referencing and insurance solutions available in the market today. “Between us we have years of experience
in the property insurance market and an excellent track record in delivering great customer service.” Just a few years ago the percentage of
people renting their home in the UK was 10 per cent, now most estimates are around 17 per cent, with projections of around 22 per cent within another few years. So the market doesn’t just need more service providers, it needs more stable providers. At LetRisks, the security comes from
their own establishment and the backing of investment from the Lumley Group which has over 100 years of experience in the insurance market. Lumley has an almost legendary reputation with an extremely successful track record in the Lloyd’s and general insurance markets, having owned companies in both sectors.
SM “How did the first outing for the new company – at the ARLA Conference on 6th March – go? MR “We received a really warm reception, we had a great day! Since the launch of LetRisks to agents we have received enquiries from letting agents who are interested in our insurance and referencing products. This is particularly relevant in light of recent concerns expressed in relation to other referencing and insurance providers”. “The insurance and referencing market is
in a state of flux as we see one of the largest suppliers of referencing and insurance products to the letting agent market under pressure. We have had a number of large and smaller agents wanting to talk to us as they re-evaluate their business model and future referencing and insurance partner.”
SM “So what are your star USPs? MR “We believe passionately that agents should be given choice – offering tailored flexible and compliant partnership arrangements to suit their individual needs. It is this principle of partnership that is important in LetRisks relationship with its agents. “We believe that agents will see us as a
robust and trustworthy choice – giving them business models that suit their operations. We are not in the business of dictating to agents how they should work with us. It should be a genuine partnership arrangement which is mutually beneficial”.
REFERENCING STANDARDS AND GROWTH
SM “Michael, you have said to me before that you consider the referencing market to be overcrowded, with a large number f small and large providers which provide very different standards of service. How do agents know who to choose? MP (Michael Portman): “We offer a full tenant referencing service that provides agents with a comprehensive online service, supported by our agent telephony team, to provide simple decision making supported by detailed analysis and reports.”
SM “What percentage of landlords that reference a tenant (through you)
subsequently take out rent protection insurance? MP “An increasing number. All reputable agents reference tenants – it is vital if they are going to protect the rental income and the landlord’s property. Asking for a background check to be carried out could help uncover whether or not the tenant’s finances, employment and/or resources are healthy enough to afford the rent over the term of the tenancy.”
SM “What is your reaction to a potential tenant receiving a ‘bad’ reference? Is it all over for them or do you look further to understand more that might progress a tenancy application?” MP “In the cases where tenants have been declined, we support the agents with one- to-one contact with our staff, who will look at each case where appropriate, particularly where there are ‘grey’ areas, to see if it needs to be referred internally for further investigation. We also have a fraud indicator which helps us to avoid fraudsters.”
RENT GUARANTEE INSURANCE SERVICES
LetRisks provides insurance and referencing services to a host of estate and lettings agents across the UK, from small independents to top ten agency groups. They have an exceptional retention rate and value the loyalty of the agents with whom they work. LetRisks provides the following
products and services to landlords, tenants and letting agents:
Comprehensive tenant referencing Legal expenses and Rent Protection Landlord’s buildings and contents insurance Tenant’s contents insurance Portfolio insurance solutions for landlords and agents Insurance for blocks of flats and commercial property
LetRisks is an independent intermediary and is authorised and regulated by the Financial Services Authority.
www.letrisks.com.
SM “And what about rent guarantee insurance? Are agents finding that landlords really understand the benefits now?” MP “We have seen growth in the demand for rent guarantee insurance over the last 12 months, as increasing rents in 2011 have pushed up the number of tenants in severe arrears by 18 per cent annually to the highest level since the third quarter of 2008. “Indeed, the number of tenants in severe
financial difficulty has climbed in the last quarter of 2011, with nearly 11,400 more tenants over two months in arrears than a year ago.”
COST, QUALITY AND NEED
SM “What about rates, you have to be competitive to survive but how do you justify your prices when compared to cheaper competitors?” MP “We supply a range of comprehensive products and services to suit the needs of agents and their landlord and tenant communities, backed by the highest levels of customer service. “Agents need to check the quality of the insurance products they are promoting to ensure it suits their and their customer’s needs. Cheaper products will potentially
PROPERTYdrum APRIL 2012 57
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68