Most agencies find it difficult to increase their competitiveness in such a challenging environment. Often, agencies make the mistake of focusing only on advertising and promotion and fail to realize that competitiveness is a function of the way they operate internally.
Although promotion and advertisement are advantageous in attracting tenants and landlords, they will not always keep them and cannot always make you stand out from the competition. It is essential that your agency considers how each business practice will help you stand out from the crowd throughout the tenancy journey.
Moreover, acquiring a new customer usually costs three times more than retaining an existing one and, in the long term, happy customers become your advocates and will bring even more landlords and tenants to your letting agency.
Effective communication with tenants is extremely important for letting agents in their day-to-day duties.
The more you communicate with your tenants at every stage of their journey, from prospective to move out, and everything in between, the more likely you are to fill your properties faster and increase the overall satisfaction of your current and future tenants. Keeping tenants informed about viewings and rent payments not only improves their satisfaction but also reduces time wasted by you and your letting agents. Any changes to tenants’ tenancies should be communicated clearly and in advance so that any conflicts or issues can be avoided.
Whether it is resolving a maintenance issue or responding to a general query, it is much simpler for agents to answer or resolve issues when there is only one effective method of communication.
Your agency can gain business through word of mouth. Renters who are satisfied with their rental experience are more likely to recommend you to other potential tenants, which benefits both your business and your clients, the landlords. In order to remain competitive, your agency should ensure strong and clear communication at all stages of the lettings journey.
In the end, if your landlords have hired your letting agency, they won’t have to manage properties themselves. When you demonstrate that your agency is proactive and organized through sending out tenancy updates, creating certificate expiry reminders, and caring for maintenance issues, you are demonstrating that your agency is on top of things, boosting their confidence and chances for referrals to other property owners and portfolio landlords.
Seems like a lot of work right? Not if you use Lofti as your property management solution to set up custom notifications and process automation.
Moreover, as a letting agent, you must make sure that each property is consistently rented out to the right tenants. By using tenant referencing and credit checks, you can ensure you’ll find the right tenants suitable for the properties you are managing as a letting agent. Results will consist of reduced rent arrears, fewer void periods, and a boost in landlord confidence in your agency’s ability to manage their properties.
Your landlords must have full visibility into their properties, so they know what is happening. To build and maintain relationships, providing landlords with a digital dashboard with the information they need is ideal instead of having them constantly call your agency for updates which are time-consuming and can also get frustrating for both parties.
In addition to reporting, your agency must show transparency by providing landlords with access to their property data. Reports should be personalised to ensure that landlords are confident that the service is tailored specifically to their needs. Ensuring that each of your landlords feels important will significantly help to build relationships.
A better relationship with your landlord will lead to better satisfaction and more business in the future for your agency.
Using the right property management software
Automation is one of the most useful features of property management software. Using property management software, you can automate every step of the tenancy journey, saving you valuable admin time for tasks that increase revenue. For example, by automating rent reminders, you can minimise the chances of tenants forgetting to pay and allow them to prepare and communicate to you if they are unable to pay that month.
Platforms like Lofti that integrate with software that helps your business become more efficient will help boost your competitiveness. With integrations, you can streamline your business and access all the information you need in one place. Xero integration, for example, allows you to instantly synchronize your financial information, have real-time reporting, and eliminate manual calculations. In turn, this will increase your agency’s competitiveness by saving both time, and money and by minimizing human errors.
Mobile Apps for Property Management
In addition to the desktop platform, some property management software also offers mobile apps.
Having the Lofti mobile app for example allows tenants, landlords, and contractors to view their information and interact with your business more easily. Apps like these enable stakeholders to manage and respond on the go, reducing response times and resolving issues more quickly. You will boost your competitiveness when both tenants and landlords are satisfied with your services.
When choosing property management software, consider its features and how they will benefit your business. As a result of simplifying and streamlining your business processes, property management software will put your business in a more competitive position.
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