Gearing up your Lettings Business

Aug 10, 2022 | Blog

Home $ Blog $ Gearing up your Lettings Business

Like any business, having a firm plan in place of how to make the best start with the correct foundations will usually tend to be the make or break.

gear up your letting agent

Business plan for your letting business

Getting the business plan right will mean that you can execute the current plans and have things in place for future growth and development.

The first thing that most businesses lack, is a clear set of values and beliefs that will drive the company culture in the right direction. By not having these in a clear and concise setup you may find that you will struggle to gain momentum when trying to find the best team members to recruit and work with.  

If you do not have a strong set of expectations and values for all to follow then you can expect that the recruitment process will struggle to deliver a team committed to the cause that will take any achievements and goals to the next level. To combat recruitment failures, having an expert in-house alongside stringent processes – and the use of a recruitment automation software for added efficiency – will ensure that you have done your due diligence on all potential candidates.

Increase your team’s productivity

With a stellar team onboard and an aligned mission statement, you will want your team to be able to deliver their best work with the right tools. Lofti is the first connected property management platform available to lettings agents looking to increase their team’s productivity by taking advantage of the interconnected all-in-one feature that it offers. With Lofti, your team can even enjoy referencing and financial services, all through the platform instead of having to have multiple other systems and memberships to do the basics. 

Coaching and development

Having a team that is ready and committed is only made more effective with the right training and development. Coaching and development is at the heart of any successful business that wants to expand its horizons and invest in its people. Propertymark Qualifications | Propertymark is a great source for professional qualifications in the sector, so be sure to check out how you can support your team with their professional development.  

Every ship has a captain and it is important for your branch to have a leader in place to set the pace and challenge the norm. Add in Key performance indicators and the correct approach to your team in terms of management style and you will be well on your way to carving out an A team! 

Know the numbers in your business plan

Like any business, knowing the numbers can be the make or break, especially when it comes to cash flow, paying salaries and being on top of reporting to investors and key stakeholders.

This is one of the most important points to have locked down, as any mismanagement of this can make for some painful realities and unnecessary stresses on top of the daily challenges you will be facing. Cash flows, balance sheets and all other reporting mechanisms will play their part in your lettings business’s success, or failure. 

Now, with this all in mind, you have to make sure you enjoy the journey. Even if you had all of the above in place you will still encounter daily challenges that will test you, so it is worth remembering you are doing your best and doing it with a smile!  

Get the right behaviours and foundations in place and success will follow!


Submit a Comment

Your email address will not be published. Required fields are marked *