The Fee Ban brings with it massive opportunity for you and your business. Why not spend the next 13 weeks thinking about how you can make the most of this and be READY!
Opportunity 1 – Improve efficiency
Most agents at this point are starting to think not only about increasing their revenue streams, but about where costs can be managed. When thinking about your spending, don’t just think about the physical pounds and pence something is costing you, think about the man hours too.
Think about the activities that take up the most of your time, and if you could introduce time-saving technologies to free up your time for what really matters – meeting landlords, finding tenants and giving that service that sets you apart.
For example, do you print applications forms or complete them for applicants? There is no need! Just send your tenants a Rentshield Direct link and the rest is taken care of. Do you spend time storing right-to-rent documentation? Rentshield Verify does that for you.
There’s also technology out there that will improve efficiencies with inventories, viewings, repairs, and a whole host of other things. You may put off implementing some of these things because of costs getting set up, but they could well save you a fortune in man hours.
Opportunity 2 – Improve your service offering
Even if you’re not planning on increasing your landlord fees, a lot of agents in your area will be. Competition will be tough as landlords start looking for the best deal AND the best service. You can aim to be the cheapest in your area, or you can be the best. This is the time to start thinking about what extra services you can provide to landlords as part of your managed service – rent guarantee, right-to-rent checks, rent collection, and insurance are all great places to start.
If you are planning on charging more to your landlords, you should think about DOING more to justify this, and stop your valued customers from joining those that will be shopping around.
Opportunity 3 – Show your value
How much do you do for your landlords and tenants that they aren’t even aware of? Landlords use a letting agent not only to lighten their load, but also for your expertise. It’s time to start shouting about what it is that you do. Consider putting together a fact sheet of what your service includes – this will allow the opportunity to start charging for some of the things you’ve traditionally done for free, but will also get those landlords who are planning to go it alone thinking – can they really make do without you?
Opportunity 4 – Be innovative!
Smart and efficient marketing is vital for any business to succeed. Have you thought about new ways that you can reach your customers? Been meaning to try your hand at sponsored social media? Why not use this time of change as an opportunity to try it? Facebook allows you to set a budget that suits you and build audiences that meet your criteria. On LinkedIn you can send messages straight to the inbox of potential landlords. On Instagram you can tag your location so people interested in your area can find you. You can trial all of this either for free or for very little cost, why not?
We understand as much as anyone that the coming months could be unsettling for those in the lettings industry, but we’re here to help you prepare for and manage the changes that are coming. Keep an eye out for further guidance as we countdown to the ban.