January 6, 2016 at 00:42 #21284
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.January 6, 2016 at 13:44 #21293
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 meJanuary 7, 2016 at 06:03 #21352
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..January 15, 2016 at 09:35 #21728
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.
Letting Agent and Lettings SupportJanuary 20, 2016 at 02:13 #21960
Thanks Paul some good nuggets!January 20, 2016 at 11:40 #21965
PaulC – How are you getting along?January 21, 2016 at 01:10 #21996
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.January 21, 2016 at 07:15 #22016
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 luckJanuary 21, 2016 at 07:15 #22017
Paul .. just posted at the bottom of a page a few resources on attracting landlords to a lettings agencyJanuary 24, 2016 at 23:36 #22107
Thanks Chris looks great..
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