Why do new estate and letting agents fail?

… and also, whilst I am at it … why do more established agencies find it so hard to grow?

Could these things be the reasons?

  • The cost of attracting landlords and homeowners to use your agency is too high,
  • the difficulty of attracting homeowners and landlords to even ask you out for a free valuation – let alone choose your agency,
  • you run out of money,
  • costs higher than expected and income lower than expected,
  • your agency ahead of its time,
  • incorrect positioning in a crowded market place,
  • not enough money coming in, low client adoption,
  • too much competition and not enough demand

Thes are excuses …

What these and the hundreds of reasons point to is that the estate and letting agents who did fail (or whom are failing at the moment) didn’t make something that enough landlords and vendor wanted.

Look how easy it is to fall in love with our ideas of breaking the mold of estate and letting agency in your patch. To be the next best thing .. to be the person who will change estate and letting agency forever.

The habit you must adopt is to take our rose tinted goggles off for long enough to recognise exactly why, in a world of infinite choices of estate and letting agents (there 19,000 of them in the Uk and it rising every day)…. How and why landlords and vendors will pay attention to what you do and say, care enough, then choose you so they can pay us (because we aren’t here for charity)

So if there is one thing that you might learn from all this … all landlords and homeowners are crying out is this …

“Don’t tell us what you do as an estate or letting agent…. don’t tell tell us how you do it .. but tell us why it is going to matter… matter to me”

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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