LUVTHECITY INTERVIEW - 16.04.10

From this April onwards, Letting Agents will have their own awards ceremony. We ask Ben Harris what’s so special about Letting Agents...

For every one good agent, there are often two or three bad ones. What’s the worst story you’ve heard about a dodgy letting agent?
I’d disagree with that statement - as far as I'm concerned there are only one or two bad agents for every nine or ten good ones. The problem is there are far too many below-average estate agents when it comes to customer service, and this poor level of service, combined with a handful of rogue agents, seriously impacts on the reputation of the rest of the industry.
I think most recent rogue agent stories have been about individuals keeping landlord monies for their own debts or personal reasons. Recently I heard of one agent using monies owed to his landlords to feed his gambling habit

Most people think it’s easy to start a lettings agency? What would you say are the biggest mistakes people make?
The biggest mistake made is just that - to think that it’s easy. Many agents underestimate the amount of legislation and administration work involved on the property management side and how difficult it is to win new landlord business. You also need a pretty big portfolio before it becomes profitable and many don’t factor in sufficient time or funds to get to that stage

What would be the one thing you’d most like to change in the estate agency business?
I’d like to see it better regulated with parity across sales and lettings and for there to be entry-level qualifications needed for anyone wanting to work in the industry. It’s far too easy for individuals to work in the profession or even to set up their own agency which is what can lead to rogue agents

“Many agents underestimate
the amount of legislation
and administration work involved”

How are London agents different to small town agents?
In every town or city there are a whole range of agent types and that includes London. Some of the sleepiest agents I’ve come across have been inside the M25 and there are some really switched-on agents operating out of relatively small towns and villages around the country. The major difference in prime central London with some of the top-end agents is the size of fees involved, which can sometimes make them feel invincible – Is that a good thing or a bad thing? You decide

Do you think agencies are better when they combine sales and lettings, or when they concentrate on one sector?
There is much to be said about having a very clear focus on one sector and doing it really well, but that’s not to say that combined sales and lettings agents don’t work. Many of our previous winners manage to combine the two successfully into one business but do so by having two distinct teams with different skill sets. Personally I prefer the combined approach because the two business areas can also feed each other and bring wider benefits to the business

“Legislation involved in lettings
and property management
requires a more structured
and disciplined individual”

This year you’ve launched a separate award for letting agents - do you think they’re very different animals?
They are very different skills and so they do require a different person/animal. When I worked in agency I didn’t suit lettings because I was more interested in doing a deal and moving on to the next one.
Estate agents tend to be a bit more ‘fly by the seat of their pants’ and tend to focus on building rapport with the homeowner whereas Letting agents are effectively selling business-2-business and so a different approach is often needed. Back in the office, the legislation involved in lettings and property management requires a more structured and disciplined individual, whereas good sales negotiators are typically poor at administration

You’ve extended the awards ceremony to an all day event with seminars; do you think this is the way forward, rather than just a big booze-up?
This is the formula we’ve used since launching the awards because we want the day to be more than a celebration of the past year and to include ideas on how the winners can return triumphantly again next year having improved yet again. There is of course a chance at the end of the day to kick back, have a drink and enjoy the awards ceremony!

Which of your past winners have gone on to greater things?
Whilst we wouldn’t want to take full credit, Sean Newman of Newmans Property Services has said that “winning the award in 2005 was directly responsible for generating £250,000 worth of new business” and since 2005 they have grown their business and reputation significantly whilst continuing to win awards

We ask everyone this house-price question... double-dip or no double-dip?
No double-dip!

And one final question.... Estate Agent attire - tie or no tie?
No tie (providing a sharp suit is involved!)

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Estate Agency of The Year Awards
The Estate Agency of the Year Awards, in association with The Sunday Times, have launching the first awards dedicated to Lettings and Property Management
To enter your agency Click here




Housingdabble
Ben Harris is Sales Director of Estate Agency Events and all-round Property Blogger at Housingdabble
Read his Twitter updates here