The obvious benefit to setting up a letting agency with the Propertynest business package is that you will learn from our own experience of tried and tested systems and working methods. We will show you the most effective ways to source new business, which can be achieved without needing to spend a penny on advertising.
The most obvious question before starting a letting agency is how to start the ball rolling and find new tenants and landlords on a limited or zero marketing budget until you properly get going.
First of all, the internet has changed the lettings and estate agency market massively and in particular, the way in which people search for their new homes. There are numerous and very popular property portals that are completely free to use and are a reliable way to help you build your tenant waiting list in the early stages.
Once your new agency has been given the kick start it needs and as your agency expands, you could then consider paid advertising such as Rightmove, Zoopla or Onthemarket used by more established agents. It doesn’t really matter where you advertise; so long as it can give you tenant contacts to introduce to your landlords and their property. This is why the free property portals will be very useful in the beginning stages to help you build up your Tenant waiting list. You could also consider the pay per lead websites such as Zoopla, paying a very small fee for what leads you need, rather than a large monthly subscription which is more suited to a more established agency.
Don’t be put off by how much a larger agent will spend on advertising. As a smaller agent, any business you may achieve from paid advertising will probably not even cover the cost of the advertising itself.
The most effective methods to find, contact and sign up new landlords do not require any paid advertising at all. Instead, we show you the same proven techniques used by ourselves when we started our own letting agency back in 2006, free of any advertising and easy to follow.
The internet has made it a lot easier for a new letting agency to start up and compete with the larger agent. Given that over 80% of renters search for their next property online, it helps to give agents a level playing field, where being proactive and professional will more often be enough to persuade a new Landlord or Vendor that you can offer just as much as any other agent.
Also, in most cases, you will be offering a landlord a nothing to lose service via a “no let no fee” business arrangement, and therefore it shouldn’t take too long before you are given an opportunity.
We will also cover your USPs (unique selling points) as a smaller agent, the main being the time and quality of service that you can dedicate to a landlord in comparison to a larger agent, where time and access to more experienced staff is less flexible. We will detail numerous key selling points you can use to help you stand out from your local competition, including our fantastic rent guarantee system.
We will also provide you with copies of all necessary and modern marketing material, used as presentation when pitching your services to prospective landlords and vendors.
Remember that the average landlord will own several properties and therefore this means you won’t necessarily need a large landlord client base to give you a great income. You would therefore target yourself monthly on the number of new Landlords you can bring on board rather than the number of properties. Landlords with very large portfolios which is very common. As part of our overall business package offer, we include our full and detailed marketing strategy, canvassing techniques and and show you how this will fit into your everyday workflow.