Launching Lettings Advice?

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  • #21284

    PaulC
    Member

    Happy New Year All!

    We are looking at 2016 and assessing the best growth options for our business.

    Our existing lettings business is weak (let 20 homes in our first year of operation)

    The local lettings market is strong so this is likely where we will focus our efforts.

    I wanted to get some advice from my peers, what would be your top ten tips in growing the lettings side? Do’s Don’t’s? How do people find the landlords? Is anyone doing anything clever with fees?

    All advice greatly welcomed.

    #21293

    Clarkuk
    Member

    Paul C – As a sales agent I don’t do lettings but we have had a local lettings agent join our networking group.  They were introduced to a local property developer through networking and it gave them the chance to cover 18 properties on day 1. I guess at the start it’s about building it up.  Speak to an IFA too, they give financial advice to landlords see if you can get them to push potential purchasers of Buy-to-let properties to you.

    Have you considered offering a discounted rate if they list a property sold by you for lettings within 6 months? (depending on your set up) you wouldn’t need to spend ages rewriting property details or floorplans etc. it saves you time you save them some money.

    just some suggestions from me

    #21352

    PaulC
    Member

    The lets we did in 2015 were nearly all organic from the the sales side. Investors buying and us essentially pre marketing the home ahead of completion.

    Good idea on the mortgage side..

     

    #21728

    paul-ch
    Member

    Paul

    So ideas

    1. Front window needs to have it in – often people just don’t know you do lettings

    2. Talk to buyers (some will be investors)

    3. Get to the council/RLA meetings, you won’t get many LL as many self-manage but you will find out what their issues are.

    4. Letting ‘For Rent’ properties – put it in an envelope. Every 2 weeks. Some say it won’t work as their agent will remove it, but if done often the LL ends up with it eventually.

    5. Make sure you have the right pages on your website – not just a ‘we rent properties’ (but that’s needed) but answers to LL’s issues and problems, on separate pages for SEO.

    6. Mini sites for rentals / rentals in specific areas

    7. Social media / posting on LL groups, especially locally

    8. Ask for referrals from your existing landlords

    9 Gumtree, cold call and after free/big discount on first rental this gets a foot in the door – why should a LL use you when they have a ‘good’ letting agent – give them one.

    10. Google adwords – can get clicks for 15p up, do local town with ‘rent’ / ‘rental’ etc plus ‘town letting agency’ make it. You are getting LL’s to come to you who want your service and are in the town(s) that you want them.

    11. capture email address and mail them. Day 1,3,5,8, 14,21,28,36 and then 2 weekly. If they are searching then they are hot and need an agent so you need to be top of mind. As time goes on they are less receptive to your message so keep them on the back burner. 2 to 3 years should be enough! (I’m being serious about 2 to 3 years, a property might only become available one every 12 to 24 months, you need to be there when it does)

     

    Give value, be consistent and they will come.

    Regards

    Paul

    Letting Agent and Lettings Support

    #21960

    PaulC
    Member

    Thanks Paul some good nuggets!

    #21965

    Clarkuk
    Member

    PaulC – How are you getting along?

    #21996

    PaulC
    Member

    Planning currently, looking to “launch lettings side properly” at the end of March/Early April.

    Struggling to cope with the estate agency side.. which has kicked off with a bang in Jan..

    Coming from outside the industry I am really struggling with software.. LetMC looks great for the lettings side but the estate agency side software “in my opinion is junk” So inefficient.

     

    #22016

    Christopher Watkin
    Member

    Paul C .. I write a blog about starting and growing a lettings agency.

    Here is a link to the blog, with over 300 posts on attracting landlords ..  www.landlordfarming.com

    We are a group of 150 letting agents around the Uk, and we advocate a system called landlord farming to attract landlords … instead of banging on about how wonderful we are as an agent, we set ourselves up as the local property expert.

    We either write the articles ourselves or get freelance journalists to write them for us about our own local property market and get those articles out to people via newspapers, newsletters, social media and the portals.

    Here is a video of over 10 agents telling you how its done .. there are a few parts to the video .. https://www.youtube.com/playlist?list=PL8EVjavxiDxiRYClM-CaFn0QqL7TW5iCG

    Good luck

     

    #22017

    Christopher Watkin
    Member

    Paul .. just posted at the bottom of a page a few resources on attracting landlords to a lettings agency

    #22107

    PaulC
    Member

    Thanks Chris looks great..

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