The Government’s mis-handling of the pandemic has permanently altered the way lettings businesses operate.Combined with the continuing legislative overload since 2014, the lettings sector has undergone structural, not cyclical, change.

There is clear evidence of a transfer of wealth and property from individuals to corporations and public/private partnerships. The business is no longer what many expected when they first entered the industry.

A SECTOR OVERLOADED

The industry now operates under an unprecedented regulatory burden including:

Tenant Fees Ban

Rent Smart WalesRenting Homes (Wales)

ActHHSRSEPC legislation

Deposit Protection

Fitness for Human Habitation Act

Landlord taxation changes (section 24)

GDPR

Section 21 / Section 173 restrictions

Renters’ Rights Act

Plus over 150 additional regulatory requirements

If you’re not confused, you’re not paying attention.

BUSY, BUSY, BUSY

If we are not careful we find ourselves busy with unproductive work which distracts us from the real work in our agentcies.

Lettings businesses are overwhelmed by operational noise – the cycle goes:

Advertising and compliance

Viewings and referencing

Tenancy agreements and occupation contracts

Inspections and maintenance

Then the cycle repeats.

TIME FOR A DIFFERENT APPROACH

The Lettingchange solution enables business owners to reclaim time andcontrol

 by working ON the

business rather than IN it.

This is achieved through:TrainingHelpline supportIndustry expert contactsProven systems

STOP BEING BUSY – START BEING EFFECTIVE

If you are not selling your business, you are buying it with your time and your life.Is it worth it?

FIRSTLY – IT’S A NUMBERS GAME

▪      End Goal Planning – how do you want the business to look when its finished?

▪      Required cashflow – basic break even – break even plus your wages - breakeven plus wages plus profit

▪      Average deal value – average initial letting fees per let

▪      Management income – rental commission

Ratios:

Viewings to applications – how many viewings to get to application stage?

Applications to move-ins – how many applications proceed to move in?              

Can the time between the above stages be shortened?

Properties required in stock to produce the required viewings

Branch Performance Reports identify improvement opportunities.

TIME MANAGEMENT

Run your day or your day will run you!

EDUCATION

Continuous learning is essential for long-term economic survival in lettings. We have alrways said that to get more you have to become more not do more.

This is where we and other agency advisers go wrong, you are encouraged to add more and more services to your offering and agencies lose control of their core offering – excellent service and advice for landlords PLUS customer service on behalf of their landlords to the landlords clients – the tenants.

We prefer to work on a niche and with focus. Keep up your industry knowledge through Local Authority Landlord Forums, daily updates from online news outlets free from Letting Agent today,

The Negotiator and Property Industry Eye. Paid training courses from the likes of tfponline Ltd, Able Agent and others.

STRATEGY & TACTICS

Strategy defines where the business is going.Tactics define how you get there.

Most agency failures miss out on strategy planning and think tactical work will be enough – IT WILL NOT!

BUSINESS HIERARCHY

Someone must be the boss, in lettings a flat hierarchy system simply won’t work, We will get to Organisation charts later and provide templates.

The old adage is that ‘You don’t plan to fail, you fail to plane!’

Hierarchy creates clarity and accountability apparent through individual staff roles -

ROLES AND USE OF TIME

• Negotiators:

  90% tactical

  10% strategic

  
  

• Managers:

  60% tactical

  40% strategic

  
  

• Owners / Entrepreneurs:

  10% tactical

  90% strategic

  
  

ORGANISATION

Who controls:

1. Operations

2. Finance

3. Marketing

IF YOU SAY ‘WE ALL DO A BIT OF EVERYTHING’ THEN ULTIMATELY THE AGENCY IS EITHER DOOMED OR DOOMED TO SUBSTANDARD PERFORMANCE.

MARKETING REALITY

Good landlords are attracted to value and knowledge, not slogans.Quantity is vanity. Quality is sanity. Remember you have a choice too, is this landlord a good fit for our agency and agency standards? As much as its a numbers game I bet that every agent reading this has a landlord they would rather not have under management!

AND VERY IMPORTANT– there is always someone who will do it cheaper!

helpline see here - https://lettingsadviceservice.co.uk/

If you found anything of value on this site please 'buy me a coffee' all donations are used towards maintaining this site as a free resource ko-fi.com/lettingchange