In April 2021, when speaking with Estate Agent Today, an agent from part of the UK with one of the strongest sellers markets, claimed that the current stock shortage was ‘one of the worst’ he had ever seen.

Now, as we start to look to next year with the situation not showing any signs of improving, agents are having to consider how to survive.

Read this: Rents rise across London as stock shortage continues

The rental property stock shortage: What’s going on?

In the unlikely event that you haven’t been made aware of it, there is a shortage of rental stock on the market.

Why? Well, following a tumultuous 18+ months, there is no doubt that public and corporate behaviour is changing as a whole. As a result, in our sector, we are seeing landlords choosing to sell up in pursuit of more stable investments, and people staying in their current rentals before committing to house buying.

 More tenants, less housing.

On top of this, it was predicted that the PRS would also be shrinking by around 20% due to abolition of Section 21.

For letting agents (64% of whom when questioned noted their concern), this is particularly worrying as they struggle to support those looking for rentals, and battle to be chosen by the landlords who are still available.

What can be done in the face of this present adversity?

In the wake of this seemingly continuing crisis, simply it is no longer enough to rely on the pace of busy regions such as London or East Sussex (we see you Brighton!) to fill your books.

Like agents elsewhere in the UK, those who take the lion’s share of competitive local stock availability are going to be the ones who stand out on delivery and reputation.

Now, there are two ways to look at this – crisis or opportunity. And it is our belief that it is the latter.

For serious agents who want to stick around, there is a new and unique opening to elevate and compete creatively; with consumer buying decisions being based on service and brand, we are naturally encouraged to work with excellence and pride in what we offer.

And this is an exciting time of year to start looking at these things for 2022.

What can you do?

To ensure your longevity in this sector, take this opportunity to look at how you present and deliver.

  • What does your website say about you?
  • Are you collecting and presenting great reviews?
  • Who’s working for you?
  • Are you suppliers backing you up or letting you down?

Put simply, elevate. Strive for excellence, awards, and other recognition to ensure that the stock available naturally becomes yours.

Let us Assist you

Assist is the only multi-award winning inventory service provider, naming recognition from the likes of the ESTAS and The Negotiator. We are also the highest rated inventory service provider on Google.

Why? Because we deliver our service with pride and our product (your inventory reports) are robust enough to do their job.

We want to support the agents we work with in delivering their service with excellence as they continue to work on their reputations.

If you are reviewing your service providers for 2022, take a look at our property inventory services and more on our website today. You can even ask us for a new agent discount if you want to try us out.

Psst… are you an agent on a mission? Check out this important message from Assist HQ: Special Branch