Every business’s main aim is the accumulation of revenue and, for lettings professionals, the amount of revenue they can collect is directly related to the number of landlords, and the number of properties the landlords own, on their books. However, with many competitors and rivals on a local and national level looking to sign up landlords as well, it’s a constant battle to stand out from the crowd as a small or medium-sized business and attract landlords.
Agencies have to seriously consider their value proposition as far as prospective customers are concerned. What are they offering that their rivals aren’t? What’s their USP - the one thing that would make a potential customer choose them over a competitor? There are suggestions that landlords are increasingly beginning to question the need for a lettings agent or property manager - what do they bring to the table that is worth paying them a significant monthly fee for?
In this way, agencies have to do everything possible to give them an edge over their rivals in terms of the service they provide. Here are just three ways in which they can do so.
Demonstrating strong legislative knowledge
Extensive knowledge of the legislative side of the lettings industry is always important, but will be particularly important throughout 2018 and going into 2019 as Bills like the Fitness for Human Habitation Bill and the Tenant Fees Bill are passed. Many landlords, particularly those paying for a full management service, may not want to busy themselves learning about the legislation being passed and what it could mean for their properties, which is where a lettings agent comes in.
It’s vital for lettings agents to be up-to-date with both legislation currently in force and legislation due to be passed in the future. It demonstrates their own knowledge and position in the market and convinces landlords that they won’t be penalised because the agents has neglected that side of their property management.
Investing in repairs and maintenance software
The 2017 Fixflo Report found that 40% of agents know a landlord who has changed agency due to problems resolving a repair, so this is a key area of concern for landlords and something that agents and property managers have to get right.
Using dedicated digital solutions that are designed to deal with these problems effectively every time so they never pass in front of the landlord’s eyes is a great way for agents to demonstrate their added value. These systems can also be used to ensure that it’s as easy as possible for tenants to report a repair so small issues are addressed before they become bigger issues.
Offering flexible packages
Whether you spell out different packages in terms of benefits and price each one differently, or whether you merely tailor a core service to fit the needs of landlords as and when they come on board, you should ensure that your agency is as flexible as possible so you can take on as many different types of landlord and meet their disparate needs as effectively as you can.
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