Letting agent takes over rival

Lettings agency Let Leeds has completed the takeover of its local rival, Parklands Estate Agents, adding further managed tenancies to its portfolio.

Parklands Estate Agents, based in Meanwood, is the fourth in a series of acquisitions for Let Leeds that also includes Armley-based Milnes Walker in February earlier this year. The Directors of Parklands said they were looking for a change of direction and Let Leeds provided the perfect opportunity to take the business forward.

Let Leeds has embarked on a growth strategy to help combat the impact of the Tenant Fee Ban. It aims to join forces with other independents “to reduce overheads and safeguard staff retention.”

The company is celebrating a decade in business this year.

Mike Hodge, a Directors at Parklands Estate Agents, said: “They are a perfect fit for us. They are customer-focused and experienced, so we knew they were the right people to take care of the clients and portfolio and we worked so hard to build.”

Luke Gidney

Managing Director of Let Leeds, Luke Gidney, added: “Our strategy is paying off already. In the three months following the Tenant Fee Ban, we have not only offset the loss of tenant fees, but have increased turnover by 38% compared to the same quarter last year.

“We’ve managed this through a combination of acquisition and new alternative income streams, proving there is still plenty of opportunity for independent agents in the Private Rental Sector.

“Part of it is understanding what today’s renters are looking for and adapting accordingly.”

Gidney added that Let Leeds was stepping up its all-inclusive offering, called “Let Inc”, which combines the rent with utilities, broadband, Sky TV and even contents insurance into one simple monthly payment for tenants.

“It’s already proving incredibly popular, with a third of all new move-ins during 2019 taking up our all-inclusive packages,” he said.

He said Let Leeds would continue to explore further avenues to grow its portfolio and wants to hear from other independent agents in Leeds regarding a potential merger.

“Many business owners I speak with are concerned about reduction in new landlords entering the market, pressure on income and increased regulation,” he warned. “As the industry continues to consolidate at a frantic pace, joining forces with other independents presents exciting new opportunities.”

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