Here we discuss how letting agents can offer value for money, impress prospective clients and overcome price objectives.
How can letting agents demonstrate value for money to vendors? The best way for letting agents to demonstrate true value is to illustrate what sets them apart from the first moment they take a phone call from a potential client.
Many letting agents explain how they will market a property, but the best agents will explain how they will let the property, which adds greater value to the client.
What can letting agents do to impress clients? Consider what actions can add value to the fee you charge. For example, you could post handwritten letters through the doors of potential vendors, including a small biography, testimonials and a link to information on your team and their qualifications, such as legionella training.
You should meet with your clients and ensure they are happy and feel engaged, and reassure them that you are concerned about their needs. Communication by telephone is also key.
How can Letting agents keep average fees high while taking on more instructions? One of the best ways to ensure you can keep your fees high is to trust in what you do and work hard at explaining the reasons behind why you are worth your fee.
For example, if you charge a fee for commission that is higher than your competitors, you must clearly demonstrate why, and turn that extra fee into money.
We must show that as agents, we are worth the higher fee. Letting agents must utilise comparable figures and understand what costs competitors have presented.
The biggest challenge for letting agents? The biggest challenge that letting agents face today is their perception by the public. The public often believes that letting agents simply do not care, don’t offer feedback or follow ups and only complete work which is in the best interest of their business.
In order to change this perception, an agent must be world class in all areas that their agency delivers on.
How can letting agents motivate their team? The most effective way to incentivise your team and to win more instructions is to understand that not every employee will be motivated by money.
Understand what motivates your team, and set incentives and targets based on this. The best letting agents will understand that sometimes money is simply not enough motivation. For example, time off to spend with their family may be a big incentive for them.
How can letting agents negotiate fees with potential vendors? When a potential customer complains that your fees are too expensive, it is usually due to four possible reasons. These reasons are that they cannot afford it, they cannot see the value in the expensive fees you charge, they do not like you or they think your fees are reasonable, but want to negotiate for a better deal.
We often do not mind negotiating for a better deal when it comes to large purchases such as cars, but we should not automatically believe customers who state that our fees are too expensive.
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