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Why do your landlords leave you?

16th March 2016

When trying to grow their business one of the main focuses for agents is how to win more landlords.

If you ever find that despite bringing on new landlords, your business is not growing at the

rate you anticipated it may mean you are forgetting about your rate of churn. Simply put, 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 may leave you can be

quite difficult to measure. One thing we have been working on in Pinnacle is prevention and we have

discovered a few simple ways to try and establish strong relationships and communication with our

landlords.

 

It is common belief among many agents, including even our own at times, is that the last thing

landlords want is to get a call from their agent. Your landlords pay you a fee to look after their

properties and manage tenant complaints so they don't have to, and this must mean that the less

they hear from you the better, right? When measuring our rate of churn for our own agency we

discovered that one of the reasons landlords leave is because they feel they don’t hear from us

enough. While you may spend hours on the phone chasing overdue rent or go above and beyond to

ensure a broken boiler is fixed within 24 hours, how would your landlords know if you don't tell

them?

 

Communication is essential in all successful relationships and that goes for you and your landlords

too! If your landlords never find out about all the hard-work you do while managing their properties

then you might find them asking themselves what they are paying you for. In order to maintain a

good level of landlord retention and lower our rate of churn we have worked to create a few simple

processes to help keep our landlords in the loop.

 

What do we do?

Statement

We send out a monthly statement to our landlords which details in-going and out-going payments

including rent payments, management fees and maintenance deductions.

Management report

Our management report, which we send out monthly alongside our landlord statements, includes a

summary of what money has been collected and what is still outstanding, in addition to updates on

each property including tenant notes and any maintenance reported throughout the month. It also

gives landlords an overview of what certificates are becoming due and allows them to review their

maintenance preferences, giving landlords plenty of opportunity to address any changes. Giving 

this flexibility to personalise their service by having the opportunity to communicate their

preferences is one of the reasons Pinnacle won The Sunday Times Gold Award for

Property Management and something we believe is key to maintaining good landlord relationships.

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