Fewer properties, more tenants, more self-managing landlords, and a looming increase in regulations.
The changes in the lettings sector have disheartened many agents – to say the least – but an industry expert says it is still possible to run a successful agency.
“More than ever right now, we need to evolve our businesses to meet the new demands.”
That’s the message from Sally Lawson, who’s seen her fair share of industry ups and downs since setting up her first agency in the early 90s, and now coaches others to success via her leading mentoring company Agent Rainmaker.
“We need to learn to bring self-managing landlords back to agencies, and convert the ‘let only’ landlords – who make up more than 80% of those using an agent – to fully managed clients.”
How can this be done? Sally says there are several key areas of focus for those agents who want to not only ensure the continuity of their business, but also see a growth in landlord numbers (and ultimately in profits) despite the changes.
“Agents must learn to develop more rounded businesses which offer levels of service and a variety of services to our clients. Landlords shouldn’t simply be choosing between let-only and fully-managed, not when you have the knowledge and ability to support them with every aspect of their portfolio, from buying a new property to renovating it.
“Marketing is another crucial area of evolution – the agents whose entire marketing strategy revolves around the occasional Facebook post are simply not going to be generating the number of leads necessary to grow their business.
“And legislation and compliance – always an important aspect of our sector – are even more crucial given the likely incoming ROPA rules around staff qualifications.
“But at the forefront of all our minds is the changing market: shortage of stock, huge levels of tenant enquiries, mixed with the rising costs and rates of inflation. Which is why tapping into the 82% let-only market to add more fully-managed landlords to your books, reducing and keeping down costs, building up and supporting your teams, and evolving your business for the years ahead is not only important. It’s completely essential.”
Sally and the Agent Rainmaker team will be joined by a host of international lettings experts, successful agents and inspirational speakers as they take to the stage at the Marriott Hotel in Heathrow, London, on November 3rd and 4th for this year’s Agent Rainmaker Live event – where they will be discussing all of the above and much, much more. Visit https://www.agentrainmaker.live/ for more information and to book your ticket today.
Find out how Agent Rainmaker can help your agency here.