Letting agents… How you can “Treble your turnover…” Part 1/3
What are the options if you want to grow your income as a letting agent?
It’s quite simple really – you either need to get more clients or charge more. It seems obvious, but let’s look a bit deeper.
I believe there are 3 ways to generate more income for a letting agency business and each one is unique, so let me share a few tips we use here:
- Generate more leads
- Get more pounds per let
- Acquire property management portfolios
So let’s look in a bit more detail at the first one…
Trebling your lead source:
The problem for most agents is that they are all doing the same as every other agent in the town. Direct mail, leaflets, cold calling and working their existing databases… Many still use the newspaper, radio, banner adverts and some are venturing into social media too, but it’s all a bit “samey”, to say the least.
So what can YOU do different? The problem I see is that, so many agents offer the standard “letting and management service” which is straight into the full on “done for you” level of service, so the lower entry funnel level generally is very underdeveloped, or sometimes totally
But what do I mean about a lower level entry funnel?
Well the world has changed, nowadays, the population are all private investigators, armed with their phones they know they can learn anything, find out anything and do anything “if they are prepared to”.
People like to learn online and “have a go” or at least “look into” having a go at doing stuff themselves, but here’s the thing… you know that lettings is phenomenally complex, so here’s your chance to educate.
When a potential prospect is Googling and searching online to find out how to do lettings, how to find a tenant, which tenancy agreement to use, etc. you should have the content available to explain it in detail. It could be an article, a blog, or even a video showing just HOW complex this subject is. You know as well as I do that if all landlords KNEW what they had to do to stay compliant, they would outsource to an agent. The key is to cause interest and provide a certain level of information, but trigger the “can’t be bothered” emotion so that you are ready to catch them and help them further with the process.
The beauty about what happens next is that It just so happens they are looking at you. The moment this thought comes about, you’re already there for their enquiries. Plus, if you have localised your content they will be needing an agent in your area too.
If you wanted to take this further which I would strongly advise you do, offer them a full and detailed free download on the subject, in exchange for their email address, which means you now have their details to contact (data capture) you could then even build another layer of engagement too and offer them for a small fee a low price guide on the subject or video, this means they can really get to know you and how knowledgeable you are.
This is one way we use to really build up your database of prospects in your area, plus capture their details to start emailing, calling and chatting to them, to start building the relationship.
Following this method, we build up a database of over 50,000 people in just a few years, and it costs nothing, just time and use of knowledge. What this means ongoing is that your sales team will never run out of people to email, call, market to or invite to your seminars, it’s awesome!
Try it, you’ll love it!
To find out more about this topic, you can look at my Treble Your Turnover Blueprint over on our online platform. I also teach this blueprint at PAC’s one-day event, Property Agency Intensive. If you’d like to go through this strategy personally with me, step-by-step, why not come along to our next date?
In my next article I will be covering how to get more income per let…so look out for it next week.