What do you expect, profit or loss?
Whatever industry you’re in, making a profit or loss is a crucial aspect of keeping your business afloat, as well as proving a potential factor in the growth of your company. As per a recent article in the Letting Agent Today, a survey of 759 landlords were questioned about what their letting process was like and we were surprised to hear a majority of landlords do not expect to make a profit. We appreciate that making a profit can be extremely difficult at this competitive time, and we urge letting agents and landlords to follow our simple advice when it comes to profit.
Establish your USP
Establishing your USP as a property professional is key to having any chance of making a profit at this competitive time. It’s important to think outside of the box when creating your USP, be creative and establish a brand people can identify with, as this can decide whether your agency fails or continues to thrive in the market. Make your agency more than a business than rents houses out to tenants, give them a reason to use your services, by offering them something no other agent can offer, such as a reward scheme or a personalised letting approach.
Research your Target Market
This is a crucial bit of advice to focus on, especially if you want to make a profit. Focus on where you’re located and consider methods to attract the local audience, who potentially may be interested in letting a property from you. In other words, do your research and know the local area by the back of your hand, which will benefit you when it comes to your tenants viewing the property.
Check your Prices
What you charge will define whether your potential clients instruct your agency or not. Make sure you’re charging the correct prices and are not overpricing your landlords/tenants, as you could lose potential clients to your competition. In the long run, if you don’t stay up to date with the current market, you could be at risk of losing essential profit and end up making a loss.
Target the Online Audience
The online audience will play a major factor in the long term and eventually decide your businesses success. It’s important you adapt to using social media, your website and Google to find new business as it becomes ever popular in society. When applying you brand to social media, try and establish your brands ethos and message so your potential clients can see how unique you are. To read more about using social media in today’s current market, please read our blog post here.
Continually Develop Your Profitable Services
What you offer as an agent, in terms of services and products will define the amount of profit you make in the long run. Don’t be afraid to try new ideas and ways of extending how you make your profit, such as setting up your very own merchandise store or charging landlords/tenants to use a particular service that benefits them.
At VTUK (Vision Teknology UK) we believe every property professional can grow in the current industry. We aim to grow your agency to its full potential, whether you’re a letting agent, estate agent or landlord. Our Scorpio solution can give you the extra depth you need to separate you from your competition, by offering you a unique USP. With Scorpio, you’ll be able to offer your clients, as well as any stakeholder of your business, clear transparency to any stage of the letting process. Whether they’re out and about or in the office, any stakeholder can see what’s happening in the lettings process at any time. Establish your USP and grow your agency with our Scorpio solution. To find out more about our Scorpio solution please click here.
Founded in 1989, VTUK is the UK’s leading independent property software company. Our award-winning software, widely acknowledged as setting the industry standard, is used by agents nationwide. Our products are bespoke, with specific software solutions for each distinct group of property professionals, including lettings and management agents, estate agents, councils, housing associations and many more.
To find out more about VTUK follow us on Twitter, Facebook & LinkedIn.
Give us a call FREEPHONE 0800 3280460 or visit www.VTUK.com to find out how we can assist your business.
You May Also Enjoy
What does latent defects insurance cover?
Breaking Property News – 24/04/24
An average rate of 6% for the first time since November – Rightmove’s weekly mortgage tracker
Understanding Property Valuation: A Simple Guide
Aberdeen is cheapest city to be a first-time buyer