£5,000 or £500 – What would you rather spend on advertising to get more stock?
‘You spent how much?’
‘£5,000 dropping 25,000 ‘landlords wanted’ and brand awareness leaflets twice in a month’
‘.. and what did you get back?’
‘One landlord looking to buy his first property in 2018 who wanted advice, one landlord who has a tenant leaving the property in October asking if I could find a tenant now and three moaners telling me I could shove my ‘landlords wanted leaflets’ right up where the sun doesn’t shine’
‘£5,000 well spent then?’, as my eyebrows nearly hit the ceiling.
Most letting agents assume their landlords won’t swap agents – that they have a god given right to have that landlord forever. As just like people don’t swap banks, they assume as landlords cant be bothered with swapping agents because of the hassle and trouble, so most offer a reasonable service – but certainly not a wow service.
.. and nobody cares about you, your agency, your brand, your services. Hurtful – but true. Only you and your Mum care. Think I am wrong?
Do you care about that new solicitors / accountancy practice that has just opened up in your town, the fact they have just won an award for being an ace solicitor/ accountant, have 5 branches, can do 30 different types of law (all nicely listed in bullet point format on the their leaflet), open 8 days a week, they started in 2BC, they screen dump pictures of the solicitors equivalent of Rightmove Plus showing they are are top of the league table? Of course not .. so why do think people care about your agency? Stop and think for just 30 seconds … nobody except you and your Mum care (and she would be proud of whatever you did)
So, let’s stop beating you lot up and be positive.
Why not wow your existing landlords? Turn them from indifference towards you and your agency to raving fans – going out there, singing from the roof tops the name of your agency – recommending you like its a mission from up on high?
Instead of spending thousands of pounds on advertising and leaflet drops to attract new landlords why not instead delight your existing landlords by devoting a few hundred pounds to deepening connections with them instead?
Hire a room in small hotel for half a day and invite all your existing landlords for a get together, call it a ‘landlord summit’. Tell them it will be a chance to meet fellow local landlords, swap ideas and give direction on where your local property market is going. I even have a great powerpoint presentation that you can tweek to your own town that will make landlords think you walk on the proverbial water. If you would like a copy – send me an email and I will forward it on to to you without obligation or cost.
So instead of trying to get new landlords .. why not turn your existing landlords into raving fans, disciples of your agency? So they go out and get you more landlords for you?
If you want to read any more thoughts on attracting landlords to a letting agency or vendors to an estate agency – here are a few articles which talk about just that .. enjoy! https://www.linkedin.com/today/author/0_0rJj6gSvqclL15sfJaQvq1
Anyway, I will leave you peace.
kindest
Christopher
07950 147572
christopher@christopherwatkin.co.uk
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