Letting agents face new benchmarking service to assess efficiency
A new diagnostic benchmarking service, The Property Agency Benchmark, has been launched to evaluate the operational efficiency of letting, estate, and block management agencies across the UK. The service scores agencies on key performance areas and identifies cost-saving opportunities.
The Property Agency Benchmark, operated by consultancies Oliver and House of Marque, offers a detailed assessment for letting agents and estate agencies. The service evaluates five critical stages of agency operation against a fixed standard, highlighting areas where processes are slow, resources underused, or expenditures unjustified. Agencies receive a quantified report showing what improvements could be made and the financial value of addressing inefficiencies. The assessment costs between £1,000 and £1,250, with the fee offset against any further services commissioned.
Adam Graver, co-founder of House of Marque, emphasised that many agencies continue to pay for tools, subscriptions, or processes that no longer add value. He noted that the benchmark provides clear, evidence-based recommendations rather than guesswork. Sam Olliver, founder of Olliverr, added that as agencies grow, the systems and processes that worked at smaller scales often become strained, making such a diagnostic essential to maintain service quality and team capacity.
How the benchmarking service evaluates letting agents
The Property Agency Benchmark asks five core questions to assess an agency’s operation: Can processes be accelerated? Is the team maximising their available hours? Are incoming leads converting effectively into instructions and revenue? Does every item on the profit and loss statement justify its cost? This comprehensive approach aims to reveal hidden inefficiencies and underperforming areas within the agency’s operations.
The service is particularly relevant for agencies planning investments in new customer relationship management (CRM) systems, technology upgrades, or procedural changes. By identifying which areas are underperforming or redundant, agencies can make informed decisions on where to allocate resources and which systems to retain or discard.
The benchmark report translates operational findings into financial terms, estimating the potential savings and revenue gains from implementing recommended changes. According to House of Marque, typical audits have led to immediate savings of around £8,000 for agencies, demonstrating the tangible benefits of such evaluations.
Context: increasing pressure on letting agents to improve efficiency
The letting agency sector in the UK is facing growing regulatory and operational challenges. The introduction of new tenancy laws, enhanced safety obligations, and evolving landlord licensing requirements have increased administrative burdens. At the same time, competition and rising client expectations demand higher service standards and quicker turnaround times.
In this environment, letting agents must optimise their workflows and resource allocation to remain viable and profitable. Many agencies have expanded rapidly in recent years, often retaining legacy systems and processes that no longer fit their scale or complexity. This can result in inefficiencies, duplicated efforts, and unnecessary costs.
Benchmarking services like The Property Agency Benchmark provide a structured way for agencies to objectively assess their operations. They help identify outdated or underused tools, inefficient processes, and areas where staff time could be better deployed. This insight is crucial for agencies seeking to sustain growth without compromising service quality or compliance.
Practical implications for small and medium letting agencies
For landlords and letting agents managing small to medium portfolios, the benchmarking service offers a valuable reality check. It encourages a disciplined review of operational practices, from lead generation and client conversion to financial management and team productivity. Agencies can pinpoint where time and money are wasted and learn how to streamline their workflows.
Investing in such an assessment may seem an upfront cost, but the potential savings and improved revenue conversion can quickly offset this. The report’s clear recommendations also support better decision-making regarding technology investments, such as selecting or upgrading CRM platforms that align with actual agency needs.
Moreover, the benchmarking process can help agencies prepare for future regulatory changes by ensuring that their systems and procedures are efficient and compliant. This reduces the risk of non-compliance penalties and reputational damage.
Remaining questions and considerations for agencies
While the benchmarking service promises clear benefits, some aspects remain to be clarified. The extent to which the service accounts for regional variations in market conditions or specific regulatory environments is not detailed. Agencies should consider how the benchmark’s fixed standards align with their unique business models and client bases.
Additionally, the long-term impact of implementing recommended changes depends on the agency’s commitment and capacity to adapt. Agencies must ensure that cost savings do not come at the expense of service quality or compliance with landlord and tenant regulations.
It is also important for agencies to verify that any new technology or process changes recommended by the benchmark are compatible with existing compliance obligations, including those related to safety, deposits, and tenancy law.
Key considerations for landlords and letting agents now
Landlords and letting agents should review their current operational efficiency and consider whether a benchmarking assessment could identify hidden costs or inefficiencies. Checking the usage and value of subscriptions, software tools, and processes is advisable to ensure that every expenditure contributes positively to the business.
Agencies planning to invest in new technology or system upgrades should use benchmarking insights to guide these decisions, avoiding unnecessary or redundant purchases. Maintaining thorough records of operational reviews and changes will also support compliance and demonstrate proactive management.
Keeping abreast of evolving regulations and industry best practices remains essential. Benchmarking can be part of a wider strategy to enhance service delivery, improve profitability, and meet landlord and tenant expectations effectively.
Supporting letting agents with operational and compliance tools
The Landlord Association (TLA) membership offers practical resources and support to help letting agents and landlords maintain compliant and efficient property management. TLA’s developing ORBIT platform, currently available in BETA testing, is designed to assist members in organising properties and portfolios, managing rental documents, and recording key actions such as inspections and communications.
ORBIT aims to integrate compliance resources with property management tools, helping members keep evidence of compliance activity and monitor regulatory developments. For agencies considering operational reviews or system upgrades, ORBIT can provide a centralised platform to track changes and maintain documentation.
Exploring TLA membership and accessing ORBIT BETA can support letting agents in preparing for new requirements and improving operational efficiency while staying aligned with regulatory obligations.
Looking ahead, letting agents who proactively assess and optimise their operations will be better positioned to adapt to ongoing changes in the rental sector and maintain competitive, compliant services.
Sources: Letting Agent Today
TLA - The Landlord Association