How Letting Agents Can Gain a Competitive Edge
With huge competition in the market, letting agents need a competitive edge that propels their brand in front of prospective tenants. What is that little extra that you can offer that your competitors don’t, won’t or can’t? By aiming for that space, you can bring in a larger slice of the rental custom that is currently booming and is expected to continue to do so into 2022.
Not only are you competing for the tenants on the market, but you also need to fight to be seen by landlords in a sector where stock is at record low levels in some locations. Fewer landlords mean intense competition to gain new properties on your books.
We have put together this guide to help you search out new ways to gain that competitive edge as a letting agent.
Proptech firm teclet carried out research recently that suggested letting agents need to be available outside of traditional office hours. It found that a third of interactions with tenants on pre and post tenancy work as well as property management topics happened away from the 9 to 5, Monday to Friday.
With many people still working from home or taking flexible hours, the idea of having a set workday is beginning to seem old fashioned for some, but this can prove difficult for letting agents. Being able to provide a full service to match the times when their customers are free is a big ask. However, being able to quickly and effectively sort problems and answer queries is something that can boost an agent’s reputation and bring in more custom.
If property management is weighing you down and taking you away from other aspects of your business, talk to us about outsourcing. We can take on those tasks that you just do not have time for.
Marketing for letting agents is essential, but that doesn’t have to mean spending thousands of pounds on huge billboards and TV adverts. It can be as simple as getting your branding all over your target area.
Many agents sponsor local events like school fairs, providing mock To Let boards advertising the date and time of the activities in people’s gardens. This provides a great marketing assault for your business and makes you incredibly visible in the locality. This can encourage landlords to inquire about using you to let their properties, as well as reminding tenants to come to you when they are hunting for a new home.
Your reputation is key for gaining a competitive edge over your rivals. Tenants and landlords alike scour review sites and social media as well as listening to word of mouth when considering who to work with. If you look after your tenants in a fair and efficient manner, their recommendation will be glowing to anyone else in their situation.
A large part of super serving your clients is to be proactive and effective at dealing with property management issues. This can begin to take over your life, but it doesn’t need to be that way. We offer two different property management packages that make your life easier and solve problems for your landlords and tenants alike.
Make sure you contact us today to find out more about how we can help you gain that competitive edge.