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Unstoppable rise of the PRS: 20% more letting agents in three years
New data reveals that the number of letting agents has increased by 20% over the past three years and demand for property is at a record high, with a 125% increase in email leads from prospective tenants.
In contrast, the overall rental stock has declined by 2% over the past three years, making it even tougher for agents to win instructions in such a fast-paced market.
Rightmove measured the number of letting agents as of now, and as at February 1, 2012. The statistic includes both sales and lettings firms, and lettings-only agents.
This is part of an insight being presented at today’s Lettings Live event by Rightmove’s head of lettings Sam Mitchell, who will be giving agents advice on how to win more landlords.
Mitchell will also talk through new research about what landlords are looking for when they instruct an agent, with the ability for agents to find them the right tenant winning out over low fees.
Those at the event will be getting a sneak preview at Rightmove Intel for Lettings, which will be rolled out for all Rightmove lettings customers over the coming months, and demos of the new email lead mapping tool that helps to identify where new landlords are looking to invest.
Both services are offered as part of a customer’s standard membership.
Mitchell said: “During all of the free seminars we have been carrying out for customers up and down the country a key theme that agents were keen to get advice around was how better to attract more landlords.
“With the lettings market more crowded than ever, we hope that our insight at today’s Lettings Live will help agents gain a competitive edge in their local areas.
“For anyone unable to attend we will soon be announcing some new webinars that agents can join in the coming months and rolling out Rightmove Intel for Lettings so customers can regularly keep an eye on their market share.”
