10 ways to improve your conversion rate
There is nothing better than the thrill of the free valuation or market appraisal. Many agents have many different methods in securing the listing. These are my thoughts on the subject of securing more listings by improving your conversion rate .. thoughts that I want to share with you .. I hope you like them and hope you learn something new
- Microwaves We live in a society with a mindset of wanting (and nearly getting) everything “right now”. Technology has made gathering or sending information extremely fast and we’ve begun to think that everything in life should be available on demand. Those Valuers who try to bag those listings with clever shortcuts, often find them not getting the listing. My advice would be instead of thinking like a microwave, think like a slow cooker! You can’t rush your landlord (or vendor) through the process because you are in a hurry or because it’s the 29th of the month and you haven’t hit your listings target this month.
- Creating Worth: If you don’t create the worth (or value) of what you offer in the eyes of the landlord, the value of your proposition that you are the right person for the job, that you are the most trustworthy agent to entrust their property in the hands of, that you have done what is right to deserve the listing, if you don’t do any of that … then when you hardsell the listing, you will make the landlord walk away everytime. Therefore, by creating value in the eyes of the landlord, you will stand head and shoulders above the competition. One of my clients, Paul from Essex, has a newsletter about the local property market delivered to every house in his town. He says his free vals are up 30% and conversion at 90% because the potential clients aren’t asking about fees, but his articles in the newsletters about the local property market … newsletter like this (Google Docs link https://drive.google.com/file/d/0B0d59TaH3c33ZHhxWWpzMnNReGc/view )
- Awful Follow Up: Some Valuers simply fail to follow up on the small commitments they make to the landlords at the free val (such as hand delivering the follow up letter the next day or getting a builder to give them a call). By not following up on those small promises, this only proves you don’t care, it shows that you aren’t detail oriented and you can’t be counted on. All stuff that will lose you the listing. So, call me old fashioned, but why not send yourself a little email as soon as you leave the free val with anything you need to do – then you won’t forget when jump back in the car and the phone rings (making you forget)?
- IPhone’s & Landlords For those free vals where you are trying to get a landlord to swap agents, if you can’t find or create a compelling reason for your prospective landlord to change agents, you aren’t going to get the listing. Your landlords don’t want to buy what you sell. They want to buy outcomes, they want to buy results. They want to buy what it will allow them to do that they can’t do already. Think about it guys, why did you upgrade to the iphone6 when your iphone 5 was just as good? Both phones do the same job and you didn’t see it as buying another phone to make better calls or surf the web. Both phones do the same job, but you tell yourself the iphone6 is better, It was about buying what the new iphone 6 would allow you to do. It is about the outcomes. .. and that is what you must do for your new landlord
- Backgrounds: Guys, if you don’t do the foundation work, discovering what ‘flicks the switch of a landlord’, doing the work necessary to know exactly how to help, excite, calm, interest your prospective landlord, you aren’t going to create or win the listing. So, can I suggest you take a pen and pad, and spend the first 15 minutes of the free val, asking questions of the landlord and more importantly, writing the answers down. It will impress the landlord .. it shows that you care
- Relationships. Lettings is a people business, you all tell me that. A landlord will only use an agent they trust. To build that trust, you have to build a relationship at the free val .. ask the landlord why they bought this house, what sort of tenants have they had or plan to have, how long have they lived in your town … ask, then listen, then write the answer down .. it shows you care it’s the small things that matter .. people buy from people.
- Show me the Value: You must be able to eloquently express the value that you and your letting agency creates for the landlord. You need to show them why you are worth it. Your fee isn’t value, but your fee is an expression of value. If can’t tell your potential landlord how they will be made better by using you, you will have no listing. So tell them, explain to them, describe to them what you do differently and why you are worth the extra.
- Prove it: Your landlord is going to want some proof that you are who you say you are, that you and your team will bring home the bacon .. everytime. I would have 20, 30 40 letters from your existing landlords saying how wonderful you are. So go on, pick up the phone and ask for some references from your existing landlords
- Asking for the Listing: If you don’t ask for the listing, you will lose that listing. You cannot fear “the ask.” Not asking is the same as no. This is an art in itself and something I could go on at length for many pages … (maybe a subject for a future blog post) .. so whether whatever closing technique you use .. you must have at least one .. and use it!
- Robot Agent: Treating your prospective landlord as a means to an end (to hit your listing target, to hit your bonuses) is the fastest way to isolate them, and it’s a surefire way to lose the listing. Treat them as if they were the only free val you had done this year!
So my challenge to you is to change your mindset – stop trying to hit your listing target and instead find a way to make the landlord feel they are the only landlord in the world… and you are going to care for their property as if it were your own .Trust me, if you go with a different mindset, you will get more listings.
My question to you is, now you have ten of my best secrets to secure that listing, what are you going to change in your lettings agency? Only a very tiny number of my readers will do anything different, but perhaps you’re one of them? Do you have any other pointers for the free val? Please, let me know, I’d love to hear from you [email protected]
What next? Well it’s all very good converting more free vals into listings, but you need the free vals in the first place. Want to know more about how I could help you get more landlords contacting your lettings agency? Let’s have a chat. You could be getting your phone ringing, inbox filling with landlords in a matter of months .. Don’t just take my word for it… take a look at what my clients have to say on this Google Docs PDF https://drive.google.com/file/d/0B0d59TaH3c33Q2RRclIxcUhXUDQ/view
It’s hard work but I will work with you and I can show you how to make it easier … so if you want more landlords to use your lettings agency … I can help you. If want anymore advice, either email me or visit my blog (link below)
Author of the Landlord Farming Blog – the blog that shows letting agents how to get landlords to swap agents www.landlordfarming.com
mobile 07950 147 572
email [email protected]