Why is it that some letting agents seem more successful than others? Is it down to their sales techniques, or perhaps it’s the CEO’s contacts? Although sometimes it might seem that one agent has an unfair advantage, the truth is actually much more down to earth and accessible.
In the face of the recent Tenant Fees Act in England (and soon to be in Wales), many letting agents are looking for ways to beat the economic gloom. And, in fact, it’s in times of adversity that one component of a business can really stand out, and it’s the employees.
Andrew Reece co-founded Prorentals, a successful Australian letting agency that grew from just 31 managed properties to over 1,700 in under ten years. This remarkable performance has been documented in the book, ‘The Flight of Prorentals’, which offers some great tips to letting agents looking for that light at the end of the tunnel. So how did Andrew manage such extraordinary growth? Here we've revealed some of the secrets behind his success.
Create a culture of opportunity among the team
Although sales are important to any letting agency, creating a strong team culture that thrives on positivity and opportunity will yield better results than imposing sales targets. By building a culture of team success rather than focusing on the individual, everyone feels like they can contribute.
Align team members' interests with those of the landlords'
In residential lettings, the agent and the landlord are on the same page, right? They both want a reliable tenant who will look after the property and pay rent on time. It can sometimes feel to landlords that agents are pushy and money grabbing, trying to win new instructions to build their business. Whatever you’re trying to do, put yourself in the shoes of the landlord, understand what they’re looking for and see how this can align.
Maximising returns in peak season
Every agent knows that empty property is bad for business. There are more and more opportunities to maximise the income for a property, and maximising returns is a key factor in business success.
Find tenants faster than your competitors
Perhaps this sounds like another no-brainer, but attracting quality tenants is the difference between you and your competitor. Today there are so many channels that can be utilised to boost exposure and attract great tenants. After all, if the right tenant sees your property they’ll snap it up, right? Just make sure that you’re at the forefront of their mind at the decision stage.
Harness the power of technology
The technology available for the lettings market these days is incredible. From software like Fixflo, that can massively streamline your processes and compliance with regards to repairs and maintenance; to Inspect Real Estate (IRE), which looks after the administration involved in advertising, marketing and the general day to day running of your letting agency. Take a look at some of the great property software solutions available to you, and get that unfair advantage over your competitors.
If you’d like to read more about Prorental's success story, you can read all about it in Lee Woodward’s book, ‘The Flight of Prorentals’. Email Milton Jannusch for a free copy (until stock lasts): milton@inspectrealestate.co.uk
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