It is safe to say that we have never experienced a year like 2020!
From the easing of lockdown restrictions on Wednesday 13th May until Thursday 3rd September, Moores Estate Agents achieved the highest number of let agreed properties on Rightmove in our areas – ranking 1st with 100 let agreed properties in a quarter, ahead of the 2nd agent with 87.
While staff were eager to get back to work post-lockdown, it was crucial that property viewings and life in the office could resume safely, continuing to deliver the same excellent service for our clients. As Rentals Manager and Co-Director, Angie, points out, “we worked many additional hours to put our new safety procedures into place as they had to be at the forefront of our new way of working to ensure everyone remained safe & sound.”
Our approach? Improvise, adapt, overcome. Overnight we introduced online video tours to Moores’ marketing strategy, masks and hand sanitiser became mandatory during viewings and we began qualifying viewing applicants.
At the beginning of lockdown, few people could predict how the rentals market would react to fewer in-person viewings and millions out of work. The Guardian reported in June that “Private rents in England hit record high during coronavirus lockdown“, before announcing one month later “London rents are falling fast” as the city centre rents fell 18% since February. (Long live the Boris Bounce!)
Although some clients were apprehensive, and even more hoping tenants could avoid rent arrears, Moores’ ‘new normal’ exceeded expectations. We’re currently on track to conclude a record year for lettings, and Angie “can honestly say since the first enquiry came through after lockdown we have never looked back. Every single day has seen our office inundated with enquiries from quality applicants needing to move home.”
Not only have we experienced a mini-boom from renters who waited longer than anticipated to move, our current tenants are choosing to stick with Moores too. Co-Director, Michael Moore reveals, “I get weekly reports from my co-directors and know that the majority of the tenants in our 500 or so properties have re-signed their contracts until 2021, so having 100 new lettings in a quarter is a very good result.”
Another serendipitous success since lockdown is the increase in demand for Burley properties. Angie explains, “We have seen the Burley area surge in popularity this year and two bed terraces are now the prime property choice for professional tenants. Refurbished terraces are achieving their highest rents ever and most houses listed in LS4 rent within the working week with numerous applicants wanting to apply.”
Effects of the virus that shall not be named has already left many businesses behind and struggling to catch up. After lots of hard work and late nights, we can say this isn’t us! Moores is continuing to plan ahead, constantly improving how we market properties and even advertising for two new staff members.
Yet, as Michael Moore says, “Irrespective of the ‘bells and whistles’ we may use to generate enquiries, the most important aspect is accurate/realistic pricing, which Angie Wright gets spot-on nearly 100% of the time. Pitching the rent at the right level ensures our marketing generates multiple levels of interest, enabling us to select the best tenant to suit the property and the client’s circumstance.”
Given Rightmove’s statistics and our continuing growth, it’s no surprise when Angie says “it’s been the busiest time I have ever experienced in my 15 year career and has only cemented my feelings that very little can shake the strength of the North Leeds rentals market.”
Interested in letting your property or intrigued to know the value? Call our team today on 0113 274 2033 to see how we can help!