Guest Blog: Don't forget the tenant
With Makayla Everett, SimplyBiz
As a continuation of Uinsure’s ‘How the pro’s do it’ campaign, Makayla Everitt, Head of SimplyBiz Mortgages discusses the insurance opportunity that lies within the Buy-to-Let market with her top 10 tips… Don’t forget the tenant!
Tenants could hold the key
With many struggling to get a foot on the property ladder, the demand for rental properties has soared over recent years.
The stigma around owning your own home has changed as more people see long-term rental solutions more financially viable than getting a place of their own. Bearing this in mind, tenants are no different to homeowners in the respect that should something happen to their home, their most cherished possessions are covered. Not only that, but should the property become uninhabitable to any reasons, tenant insurance would find them a place to stay whilst the repairs are made.
Commonly, many tenants believe it is the landlord’s responsibility to arrange contents insurance, where of course, it isn’t. There is also a real risk that many tenants maybe unaware and in breach of tenancy agreements of their contract stipulates contents insurance is required.
Raising awareness in their area is essential. By partnering with local letting agents, you would be able to promote this issue whilst also opening to a new, under-serviced area of the market, with potential to re-engage with these clients further down the line if they do require potential mortgage and protection advice.
You can make a real difference
- Don’t forget tenants want to protect their income and families too. Offer them a review to ensure they are kept secure.
- Don’t forget that Landlords also need protection and there are a number of landlord focused products available to support across a number of areas.
- Don’t have the time? Referring Landlord Insurances, LPS and Rent Guarantee offers security and will open the door to new future clients.
- Win, win – offer an enhanced letting agreement for better protected tenants.
- You can support your landlords in getting back to auctions and undertaking refurbishment with Bridge-to-Let products.
- Clients of tomorrow – don’t underestimate the value of Contents Only policies.
- Create loyalty with existing landlords, use the agent’s knowledge to guide where they buy. This will create an instant let, the landlord is then happy to give the agent yet another property.
- Tenants giving notice are potentially your purchasers of today. Referrals from the letting agent can benefit all concerned.
- Free marketing literature to support referral business is available from most insurance providers.
- Increase your brand awareness, board presence and overall business growth by developing string relationships with agents in your area.
Let’s not forget landlords
With rental property demand the highest it has been in decades, and more clients entering the Buy-to-Let space- have you considered targeting portfolio and landlord clients in your area?
Following the turbulent year that was 2020, the mantra ‘expect the unexpected’ never rang truer. Landlords and letting agents place great value on loyal and dependable tenants who provide regular income. Landlord insurance is a viable solution to all landlords ensuring that if the property is damaged, uninhabitable or lays vacant for an extended period that the property is repaired, and the landlord is not left out of pocket.
You can offer to work in association with your local letting agents in a mutually beneficent manner, you work can provide them, and you, with an income, it can safeguard the owner of the property against having to find another tenant, thus running the risk of a loss of income and, perhaps most importantly, it will also provide safety and security for the renting party. Quite literally, and like every fairground across the UK, everyone’s a winner.
So, hopefully you are now thinking which letting agents you have in your area, and who will benefit from your experience, knowledge, and professionalism. Please remember a lot of these business leads can be referred, ensuring you receive maximum income for minimum time spent.