Following research into data gathered via Mouseprice, the team here at Metropix has identified a strong surge in the use of floor plans in rental property listings.
The Mouseprice figures reveal growth of 182% across a three year period of rental properties being marketed with a floor plan. In the year ended June 2012, just 5.71% of properties were listed with floor plans but in the period ending June 2015 the figure had risen almost threefold to 16.08%, clearly underlining their growing appeal in the letting market.
These findings were further supported in recent research among sellers and landlords conducted by Rightmove, in which 43% of landlords said that they would not instruct an agent if they did not provide a floor plan.
Furthermore the same research revealed that tenants ranked the ability to view floor plans as more important than main image and summary text and second only to a selection of images for the property.
South East-based property agent, Romans, has been using floor plans via Metropix in its rental property listings for over nine years; Managing Director, Peter Fuller said: “We have been extremely successful in growing our letting business across our 23 offices, consequently the way in which we market and present a property to landlords and tenants, of which the floor plan is part, is a stand out factor.
While the Metropix findings show floor plan usage in the rental market has grown substantially, in our experience providing a floor plan is standard practice for rental properties and is equally important as providing good quality images so I can’t think of too many reasons why an agent would opt not to provide one. After all floor plans have been commonplace in the sale of properties for years so why should rental be any different when tenants still have all of the same requirements,” he added.
Brian Farrell, Director of Metropix said: “The Rightmove research tells us that tenants might completely ignore a property without a floor plan so I am not altogether surprised that we have seen such a strong level of growth in the use of floor plans in the rental market. After all the need to view the individual layout of a property, often for purely practical reasons such as furniture layout, is equally important for a tenant as it is a purchaser.
From the commercial perspective, the lettings business is highly competitive and a marketing tool such as a floor plan that strengthens an agent’s offering by making the property more visually appealing to tenants and landlords is crucial, therefore I fully expect this growth to continue on an upward trajectory.”
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