More Landlords to your Letting agency

by | Aug 6, 2022 | Blog

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More landlords to your letting agency!

Most lettings agents will tell you, “Get me a landlord and let’s talk, then I’ll get their business.”. The problem is you must find new landlords to get them to talk to you.

Landlords for letting agents

You might feel that finding more landlords is nearly impossible. Landlords don’t walk around in badges that proclaim that they are landlords; most of those who walk into your letting’s agency are those with rental properties that have been on the market for six weeks, whose tenants moved out at week four, and who have overpriced void properties three agents have already attempted to let.

However, the challenge becomes even more challenging. How often do your landlord switch agents while there is a tenant on the property? The landlord cannot swap agents 95% of the time (without incurring withdrawal fees and hassle) because there is a tenant occupying the property.

Only when the tenant hands in their notice can a landlord switch agents without incurring withdrawal fees or hassles. In your agency, how many landlords tell you that they intend to check the letting agents in their area after the tenant has given notice? Again, not many.

Landlords don’t want to swap…

Most rental properties are put back on the market right away unless the landlord has a serious dispute with their agent. Taking time off work to search for a better letting agent is not the landlord’s idea of a good time.

In my opinion, most landlords have a similar relationship with their letting agents as they do with their own banks. Many people don’t even like their bank – they don’t even love it. There is no reason for them to switch banks; they simply can’t be bothered. Many landlords feel the same way about their letting agents. If you make a mistake in arranging their repairs or in another area, they think you are all the same and swapping is too much hassle.

Check out https://www.fixflo.com/upgrade-your-agency for a marketing checklist to make sure you are doing everything to attract landlords into your business.

Treat a landlord like a person and as a friend

If you believe that lettings are a “people business” and that “people buy people”, then you begin to build a relationship with the landlord after they meet you and the tenant hands in their notice. Your goal isn’t to get their business, but to get to know them.

Landlords will never act until they decide, and you will never get their interest until you get their attention. How do you convince a landlord to contact you before their tenant gives notice? Attracting a landlord’s attention is easy, but retaining his interest is the key to success.

While letting agencies worry about the next new entrant into the marketplace or which portals to use, landlords couldn’t give a damn. They have two concerns:

  • How well is my property performing?
  • Where shall I buy my next property?

Become a local property expert

Creating value for your prospective landlord is what you need to do. Creating value is quite simple: just think about how you can help a potential customer (such as the landlord).

Here at Lofti we help you offer added value to a landlord by allowing them to offer an app service for their tenants. This means any maintenance issues, or concerns can report directly through an app, keeping a paper trail and increase tenant experience. This means more tenants will come to your agency to let properties because of this enhanced experience.

Through a service that is designed and embedded with specific ways of serving the landlord, you, Mr/Ms Letting Agent, create value.

By letting their property, you all create value for your existing clients. Nevertheless, how can value be created for a property if you do not have it?

How about if I told you that creating value for a potential landlord or vendor client was much easier than creating value for an existing one? “Be of service to your potential clients” is all you must do.

Most potential landlords live within 5-10 miles of their rental property, are between 40 and 70 years old, hold middle-class jobs and live in nicer neighbourhoods. Property values are important to them, and they are obsessed with the local property market. What is the best way to find them?

If something serves a purpose, it has value. The potential to serve is the value you must create. It is impossible to avoid creating value when you build your marketing around serving your potential client’s goals, aspirations, and interests. Just talk about something that is of interest to the potential landlord/potential vendor and everything else will follow.

Make yourself stand out by using Lofti and make your tenant experience better than ever and create more business.