The 5 Strategies for We Use for Retaining Our Landlords & Growing Our Business
8th April 2016
We are in an industry that’s facing some big pressures; Landlords are being asked pay more tax and
are expecting agent fees to go down, we are now expected to do more with Right to Rent checks and
HMO licensing and competitors are direct mailing our landlords offering lower fees and higher rents.
As suppliers we find that every year agents are asking themselves the same things:
“How do we grow?”
But recently the question has been:
“How do I protect what I have, hold my fees, and grow?”
At LetMC we are agents, landlords, and suppliers and from this unique perspective we are privileged
to see what other great agents do and have the opportunity to take that back to our own agency.
Here are our 5 top things that our agency has found successful for retaining landlords and growing our business:
1. League Table of Applicant Registrations
Our agency found that 80% of our Zoopla telephone leads never made it to the system!
Out of 7000 registered applicants in one year we found only 30% had captured the
applicants’ current address!
We found using this data to prospect new landlords is our single biggest source of new business. If
we could get up to 60% we could make an additional £100k in sales setups and management fees.
When any of your staff tell you they don’t have time to register an applicant, try asking them what
else are they doing that generates more sales?
To keep this in our staff’s mind we developed the applicant league table as a way of keeping our
negotiators aware of each other’s on-going performance in of collecting applicant data. Not only
does the league table keep all our negotiators informed it also adds a sense of competition to try
and encourage our negotiators.
By asking for data and using the data we already have on past lets we use this information prospect.
Prospecting is about building and maintaining relationships with everyone in your database at our
agency. We try to use our database to prospect applicants, tenants and landlords at least one hour
in the morning, 4 days a week.
Click the link to download our landlord call scripts to help book valuations and win new business.
If despite bringing on new landlords, your business is not growing at the rate you anticipated you
may be forgetting about your rate of churn. Your churn rate is a measure of how many customers
choose to leave your service over a certain time period. Measuring your rate of churn and
determining exactly why your landlords leave you can be quite difficult to measure. You can read
more on how to improve your rate of churn and landlord retention levels here.
4. Property business plan and P&L report
When communicating with your landlord’s it is helpful to speak to them from the perspective of a
landlord not an agent. Developing a property business plan with your landlords will highlight the
potential yield a landlord can earn by improving their properties and on the potential yield they can
gain from either doing nothing, doing something or do everything. LetMC’s property P&L report
allows us to present this clearly to our landlords.
5. 1:2 approach
Any conversation with a landlord is an opportunity to share your experiences and the success of
your other landlords. By increasing a landlord’s appetite to grow their portfolio you’ll find their mind
goes off the increasing costs and turns to investing. As letting agent, we want them to sell and we
call it 1:2 approach. Find about more about how encouraging landlords to sell and buy can double
your managed properties here.
“Take one insight and make business as usual from tomorrow. You just never know what
opportunities will come from it.” – Glyn LetMC M.D.