Letting Agents – Tired of Missing Your Targets?
So many Letting Agents do a great job, killing themselves to get done the thousands and thousands of micro-detail activities that make us a letting Agency, believing that by giving great service their business will grow, and to a certain point that is correct…
But will it give you 25-30 let’s per month? A growing property stock? Highly motivated and excited teams that are winning the new instructions and making high salaries themselves? Probably not.
To achieve that, a Letting Agency business needs to remember what got them started… right at the beginning… can you remember?
When you started, you had no properties to manage, ALL YOU HAD TO DO was market, promote, SELL… you must have done this successfully or else you would never have gotten off the ground.
Now, if you have been around a few decades, unfortunately this may mean that you used to spend money on “advertising” something which seems akin to throwing £50 notes on a fire nowadays (well seems to achieve the same results anyway).
But ultimately, the challenge is that as we grow our lettings businesses we become “service” orientated, probably because of the complexity of the job, but somewhere along the line we forget how to “market”, “promote” and drive the sales team…
The sales team can also be a challenge too, as they can be known to come forward with a raft of excuses, such as “It’s quiet”, “The phones aren’t ringing”, “The markets hit the floor”, “There is a cheaper agent down the road”, and the problem is, that if you are not yourself on the front line, how can you tell them this isn’t the case?
Well it isn’t, all of that may be true, but ultimately, people do business with people they like, so it’s just about getting more “marketing” done in your business, changing the “culture” of your sales team from “I can’t” to “WE can” and putting expectations in place.
Recently I was working with an agency that were on standstill and had been for some time, over 1000 properties under management, but had lost that “sales” focus.
A conversation, a couple of tools, some great bonuses put in place and the next day 12 valuations booked in just one hour…
Market dropped off? Too many competitions? NO! They were not motivated or asking for the business.
Unfortunately this is a problem, time and time again for Letting Agency businesses… the industry is sooo complex, we as traditional agents have taken on too much of the work and not focused our sales teams, and instead we believe the rubbish fed to us about the competition.
Our estate agency cousins, don’t have the burden of complexity like we do, which is why they still “Sell” they in the main operate sales teams, with real “sales” people at the front doing deals, yet we seem to have a company of “admin” or operational staff…
So, if you make this change, dedicate SOMEONE to marketing and bringing in new valuations, and don’t let them do ANYTHING ELSE, then have someone dedicated to letting those properties out (again complete focus required).
If it is just you at the helm, then you need to allocate precious diary time to focus on each task. A task focused on gets done, without focus it doesn’t.
Marketing is the number one most important task to growing your business, and yet the first to get ignored or outsourced… strange isn’t it?
That’s because we put other people’s needs before our own…
So if you find yourself saying “I haven’t got time to do the marketing today, I need to do XYZ” there is your problem… right there.
And if your sales team say “I can’t do X because…” there is a failing belief system right in front of you, that YOU need to challenge head on.
If you want to find out more about turning your agency back into a sales machine and start growing again check out our FREE ’54 Ways To Grow Your Lettings Agency’ guide!