"Since around the time of the launch of the Ford Cortina, agents have offered free valuations as a way to reel in potential landlords. But we really need to ask ourselves, who do free valuations really benefit?"
- Sally Lawson - Agent Rainmaker
The obstacles landlords are facing right now are relentless – so it’s a wonder why so many lettings agents are still offering a stagnant service that offers very little, or nothing, in the way of help: free valuations.
Sally Lawson of Agent Rainmaker believes that it’s high time for a paradigm shift. Offering the same tired service is doing little to actually help landlords navigate the many challenges they’re coming up against – from troublesome tenants and rent arrears to remortgaging and selling up with tenants in situ.
Sally explains: “Since around the time of the launch of the Ford Cortina, agents have offered free valuations as a way to reel in potential landlords. But we really need to ask ourselves, who do free valuations really benefit?
“In an era of rapid innovation and change across the property market, the offer of ‘free valuations’ is as stale as yesterday’s news. Since the dawn of Google, landlords have gained access to a wealth of online tools for property valuation, management insights and much more, yet they’re not adapting their services to provide the support that they really need right now.”
According to Sally, there’s a myriad of opportunities available to savvy investors who want to maximise their returns and make a profit, from traditional buying and selling to niche opportunities like doer-uppers, rent-to-rent schemes, and serviced accommodation.
She adds: “It’s a big elephant in the room that needs to be addressed. Considering the diverse needs of landlords are not being met and they’re still being pitched the offer of ‘free valuations’, it’s no surprise that a staggering 82% of landlords opt not to use an agent for management. It’s a goldmine of untapped potential where agents just aren't considering the diverse needs of their prospects:
Those seeking to diversify their portfolios
Landlords grappling with troublesome tenants
Property owners facing rent arrears
Investors looking to sell with tenants in situ
Individuals seeking expert advice on property refurbishment
Landlords exploring refinancing options to address expiring mortgages.
“Offering the right services which help address these concerns could help to convert these landlords into loyal, fully managed clients. Yet, we’ve fallen silent on these and as a result, many are turning to less experienced alternatives – to the detriment of their investments.
“It’s time to embrace change and consider what we’re really offering, and if it’s doing any good at all for our prospective audiences. By revamping and reinventing our services, we can cater to a much broader clientele and propel our businesses to new heights.
Sally concludes: “I’m passionate about paving the way for a brighter future in real estate and hope more and more agents seize this opportunity to innovate, support, and thrive in our dynamic property landscape.”
