Commission Structure for Letting Agents – Which is the best?

December 12, 2015

If you’re a boss of a lettings agency and not happy with how the way your staff aren’t motivated to get new business, new landlords into your business, then take a look at what they get rewarded for.

Until you change the rewards, your Negs and property managers are not going to change their behaviour, because people always have a reason …. even if the reason isn’t YOUR reason.

Most letting agents pay commission on a simple move in’s, so if that is the case, why would a Lettings Neg go out of his / her way to cultivate a long term relationship to get a landlord, when they can railroad a few tenants to sign up for those properties you already have on the books?

Maybe, if you paid half their bonus on getting income/turnover ie new tenants for your EXISTING properties and paid the rest of the bonus on getting NEW landlord business .. you might be surprised?

Christopher

UK’s No.2 Letting/Estate Agent Business Generation Guru

PS For more thought provoking articles on growing a lettings agency or estate agency …. you might these articles interesting ….. LINK TO ARTICLES

Christopher Watkin

I teach, guide, support, mentor, consult, counsel, partner many hundreds of UK Estate and Letting Agents in their quest to grow their estate and lettings agencies business. Old school techniques of touting, landlords wanted leaflets, ring us for a free valuation, we have sold this in your street leaflets don't work anymore. There are too many competitor agents .. meaning cheap fees are epidemic, overvaluing is almost a norm to get the stock and don’t even mention about the online/hybrid threat. So a few years ago, I set about looking around the UK and spotted that certain agents (not many mind you) in certain towns were still seen as the ‘go to person on property’, the person the newspaper editor rang up every week for a comment and I looked at what they did and they were doing some thing quite remarkable…. Only one thing but they were doing it so well .. and reaping the reward in terms of decent listings and decent fees, happy staff, decent sales pipeline and exchange income, managed lettings portfolios in the many hundreds .. but more importantly, they really enjoyed the job… they enjoyed getting up in the morning and people looked up to them Over 400 agents around the UK are on a mission to change the way our Estate and Lettings agency profession is perceived and looked upon, doing it town by town, city by city. I guide these 400 agents, teach them, mentor them and support them to be seen in a different light, to be seen as the ‘go to person for property’, actually be the ‘local property expert’ and prove it. Christopher Watkin 07950 147 572 christopher@christopherwatkin.co.uk

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