Increasing your agency's revenue doesn't need to be complicated. In fact, it could be as simple as saying no to discounts on your management fees (it can be done!) and offering your tenants and landlords extra services that are integrated into their experience to increase your conversion rate.

Networking with other letting agents is an invaluable tool for those looking for new ways to grow their businesses or overcome industry challenges, such as the upcoming Tenant Fee Ban. 

Letting agents' number one priority is looking out for the best interests of their landlords. Rent protection insurance is one of the many ways agencies can do this, by protecting landlords against the risk of letting out an investment property. However, many letting agents are sceptical of the real value of some rent protection insurance policies. The issue with many of these policies is they’re not comprehensive enough and the criteria has made them incredibly difficult for landlords or agents to claim on. When evaluating a policy, the main thing to do is to read through the policy wording and ensure you understand how the policy works. There are a few high level details you can look for to help identify whether the policy is going to be suitable.

Social media is an increasingly important tool in a letting agent’s arsenal, with competition for landlords and great tenants will be fiercer than ever. More and more letting agents are taking advantage of the tremendous power of social media for getting the right message in front of the right people. 

“I see trying to attract a landlord as being like trying to date someone,” says Christopher Watkin. “If you go on a first date and talk about yourself all night, the chances of you getting to a second date are very, very slim.”   

The lettings industry is going through a period of immense change. With competition increasing for a smaller pool of landlords and the tenant fee ban poised to put pressure on existing business models, agents will need to take new approaches to survive and thrive.

As the UK summer heats up, so does a letting agent’s diary, and during the summer months this three month spike in lettings can make or break the profitability for some agencies. With a slowing sales market and this busy period acting as a springboard, many agents around the UK have turned their attentions to the lettings business and taking advantage of the increasing number of renters in the market.

Have you ever wondered how to close more deals without needing to hire more salespeople? Or are you hesitant when it comes to investing in expensive technology that could streamline your processes and provide your staff with more time to prospect landlords? There are ways you can improve without needing to spend money, and this starts by coaching your sales team.

Outside of a company’s marketing department, it can be easy to underestimate or even ignore the importance of brand. After all, if you have a logo everyone will know who you are - right? But brand is a vital component of what will make a landlord pick up the phone to you when they have a property they need to let. It’s also what could send a house hunter straight to your office or website when they’re in need of a new place to call home. More than just a logo or a slogan, brand is the heartbeat and life force of your business. It’s how you as an agency are represented across advertising boards, digital channels, and within the thoughts of consumers. Trust, transparency and honesty - or the exact opposites - are all values that can be quickly conveyed by your brand.

It’s widely acknowledged that the estate agency sector has a challenge with staff turnover, especially when it comes to negotiators.I met with a well known agency recently who stated that they typically experience attrition rates in the region of 30% - 40% each year, against a national average across all sectors of 18%! Asreported by Acas, the average cost of replacing an employee is £30,000 when you consider the loss of productivity caused by the time it takes for a new recruit to get up to speed, not to mention the logistics and costs associated with actually finding a replacement. Motivating and retaining staff often go hand in hand, and for agents that do this successfully, the financial benefits are clear. At a time when high street agents face stiff competition from online competitors for landlords and talented staff, retaining and motivating negotiators has never been more important.