What do tenants want when it comes to Property Reporting?
When planning ‘who does what’ in your team, what drives your decision?
Is it based solely on costs? How much do you take tenant preference into account?
As competition to attract the best tenants increases and more companies claim to be tenant-centric; how does this credo manifest itself in practical day-to-day decision making? If putting the tenant first is in your DNA, then you need to read the results of a simple survey Letcheck have been conducting for the last 12 months.
When considering the options of who should conduct your property inspections, the decision makers are, very often, not the people who have ever carried out inventory work. They are inclined to have an overly simplified idea of what is involved and the time it takes to generate a report, a legally binding document that gives you the protection you believe you are being afforded.
To illustrate the point on oversimplification, 2 years ago we took on a lettings manager with over 10 years’ experience who, whilst on a career sabbatical, decided to work with us. She completed all the training but lasted just 1 day on the road before waving the white flag, confessing it completely opened her eyes to the level of detail required, she is now back letting properties and is a loyal client as a result.
There are other assumptions that need to be unearthed, such as the idea that you will save costs by employing a resource internally- this is a fair argument in the low season when you need to justify your fixed costs 12 months a year, however is this the key value adding task you want your team to be doing in high season, when your focus is more likely to be on ensuring minimal void periods and managing the new batch of tenants so they feel taken care of?
Due consideration also needs to be given to the lifecycle cost of a tenancy. As much focus on upfront costs needs to be given to the costs when a tenant vacates. Ensuring whomever conducts your check-out inspection is adhering to up-to-date industry standards, will protect you from time consuming disputes. The plea of ‘don’t shoot the messenger’ is a powerful way to protect your company from negative feedback.
And what, lest we forget, do tenants want? So we have been asking them for over 12 months and the results are below:
So, if your company strategy guides your decisions, and your strategy values the importance of listening to tenants, this is something to consider.
Letcheck carry out property reporting that includes a comprehensive walk through so your tenants feel completely comfortable in their new home with the added assurance in our independent role at the beginning and end of the tenancy.