What Kind of Letting Agent are You?
Most people thing that Letting Agents are Estate Agents and they do exactly the same job, but the job spec is very very different. The similarity is the element relating to valuations, viewings, advertising, marketing, negotiation skills, of course, people focused. And there the similarity ends. The Letting Agent works on a different level. The relationship with clients is based on longevity; the agent hopes to keep the client for the duration of the investment which could be anything from 5 years upwards. The aim — to maximimise the potential for the client landlord whilst ensuring at all times that the landlord is taken care of, stays compliant and that the tenant’s expectations are met. Not as simple as it sounds.
What sets you apart from your competitors? In every town, on every high street in the UK, there are a dozen or more letting agents. Finding some kind of Unique Selling Point (USP) is crucial. Pinpointing your USP requires some hard soul-searching and creativity. One way to start is to analyse how other agencies use their USPs to their advantage. This requires careful analysis of other companies’ ads and marketing messages. If you analyse what they say they sell, not just their product or service characteristics, you can learn a great deal about how companies distinguish themselves from competitors. For example, are you innovative? Do you have exceptional marketing techniques? Are you an award winning agency? Is your team awesome? With letting agents across the country competing against one another, it is important to find some kind of edge that makes a difference to the way in which the consumer perceives the agency.
Understanding what you do and understanding the value your agency provides the landlord is paramount. Put yourself in the customer’s shoes. Too often, the letting agent does not ask the landlord what he needs; the letting agents needs to fall in love with their product or service and forget that it is the customer’s needs, not their own, that they must satisfy. Step back from your daily operations and carefully scrutinise what your customers really want.
Uncover the real reasons customers use your service instead of a competitor’s. As your business grows, you’ll be able to ask your best source of information: your customers. Remember that you are managing the alndlord’s biggest asset, this is a type of wealth management, be different, be unique.
Susie Crolla
