How To Increase Letting Agency Profitability

You can increase letting agency profitability with effective Landlord communications.

The Lettings industry should be seen as one of the most noble of all professions, above doctors and teachers. However the Lettings Industry is not seen like this, and I believe this is because the industry itself does not see itself like this.

Letting agents are helping people to find a new home, sometimes start a new life, sometimes with a family and children. Tenants wake up every morning in the home the Letting agency has found for them. Every day that home makes them feel great, or stressed.

Remove the Letting agent and many people become homeless. The letting agent is the Hero, not the villain as they are sometimes portrayed.

Another reason that lettings agents are not thought of as the hero is that they spend a disproportionate amount of time on compliance rather then developing new and improved business skills.

So one very important business skill is Effective Communication.

When was the last time you phoned your landlords just to ask how they are? Proactively, without there being a problem to talk about. How’s life? Perhaps update them with a little local news or an opportunity you may have seen for them.

Maybe you never do this. If it’s a been a while, before you send them an email, or letter about a potential fee increase, for example, call them first. They know you’re busy, they will appreciate it. It will smooth the way for any changes in fees you may need to make.

Creating and maintaining strong landlord relationships that go far beyond tenant and property updates supported by a robust communications plan will help build an exceptional business and growing lettings agency that will withstand market shocks like the tenant fee ban.

We can help you increase letting agency profitability through productivity. We achieve this with our unique business productivity tools to assess where you can improve communications across your business, alongside bespoke business coaching for your industry.