The inside track on the local lettings market

David Cooper has worked in the residential property sector for over 30 years and is currently heading up the lettings team at Alan Goldin. He says the benefits of using a well-established agent with good local knowledge and connections, combined with effective technology and sophisticated marketing, cannot be overestimated.

“I have worked in the Temple Fortune area since 2008 covering Hampstead Garden Suburb, Golders Green and Finchley. Alan Goldin Estates is a busy office covering sales, lettings and management. Many properties will involve more than one department so it’s important that we all work closely together. Sales can be a useful source of rental properties, while at the same time I could be passing ex-rental stock to sales.

“Until recently a significant amount of my time was taken up conducting lettings market appraisals, but now I get dozens of enquiries every time we market a property for sale. Applicants are chasing every available suitable property and I am careful to go over the property details when they contact us. They don’t always check the floor plan and sometimes have forgotten whether it is furnished or unfurnished and the availability date. Whilst most of our work is local, our sister company Home Minders provides us with a good number of rental properties further afield from Highgate and Muswell Hill to Hampstead and Belsize Park.

“Marketing is vital if an agency wants to stay competitive and we have a weekly staff meeting to review our marketing strategy and to look for new and effective ways of getting our message out there.

“The main issue facing lettings agents is that rental stock is in short supply and this has been exacerbated by landlords selling properties in increasing numbers. Landlords are facing more regulation, higher mortgage costs, higher service charges, increased maintenance costs and more punitive tax obligations. Tenants are facing higher rents, service charges and energy bills in a time of high inflation generally. So, it is a challenging time for all and with the introduction of further legislation over the next few years the market is going to change markedly.”