We are often asked how a new letting agent should plan their approach when they start a letting agency. Most people understand the value of setting goals for your business, but unfortunately working out exactly what those goals should look like can be difficult.
Should you spend weeks writing a detailed business plan or just make it up as you go along and see how you go? At what point do you start marketing for new tenants or landlords, and how do you go about it? These are all perfectly valid questions, and our award winning business package contains some specialist guidance on what to expect in the first few weeks of trading, including advice on how to set realistic goals and objectives for your business for rapid growth.
Goals are a form of targeted objectives that can help you focus your efforts in the right areas, set the right pace and direction for the future growth of your business, and sometimes measure your progress against your expected results.
The first question to ask yourself is: What does success look like? Or, how do you see your business in 3 years time? Once you have the answers you can set your goals, tailored to your own specific circumstances.
It’s pure folly to expect a new venture to be successful straight off without any planning or forethought. On the other hand, why would you need a plan, surely it’s just a case of signing up some landlords and matching them with tenants, right?
Well, yes that’s part of it but that would be grossly oversimplifying it. For example, it is of paramount importance for the future growth of your letting agency that you implement the right steps in the right order.
This will help you achieve amazing results in a short space of time, for the minimum cost.
This can have the most beneficial side effects too, as you discover new ways to market your services to landlords without spending a penny, and how to find tenants for those properties for the price of a phone call. Indeed, we show you 50 (yes fifty) cost-effective ways to reach tenants and landlords, before you even start doing viewings!
We show you how to get repeat business over and over again
So how would you go about setting goals for your letting agency? To some extent this depends on your circumstances and your time commitment. But all the suggested approaches within our business package can be tailored to meet your specific situation.
When starting a letting agency and once you’ve decided on your vision of success, there are three key areas in which you should focus your attention and therefore your goals.
The first question to ask yourself is: What does success look like?
Firstly, get to know your target market. “Well that sounds simple enough”, we hear you say. But do you know how many properties are let each month in your area? Do you know the typical fees and commissions that are charged by letting agents? What is your target area, and what types of properties would you like to concentrate on? Therefore your first goal might be to achieve a measurable level of expertise on your target area, and our business package explains in detail how to go about this, what to look for and how to find it.
Secondly, add value for both landlords and tenants. Once you know your market you will be in a position to start planning your second goal, how to add value and differentiate yourself from any competition. We provide you with the benefit of many years experience in this area within our business package, as we show you how to get repeat business over and over again. Landlords will give you their portfolios, while tenants will recommend you to friends. If you do it right, there will be many occasions where both landlords and tenants will be coming to you rather than the other way around.</p>
Implement these steps and you could have a six figure income in no time at all….
Thirdly, develop your business image. Depending on your circumstances and how you run your letting agency, this part can be crucial to your success. If you set up an office, your image should be consistent with your target market. If you work from home you will have to think about how to meet landlords and tenants when signing contracts, and if you are part-time you will learn how to prioritise. The way in which you present yourself, and the way in which your potential clients “see” you can make the difference between a new client and one that “prefers to think about it”. Experience counts for a lot in this area, and we have 25 years of it!
There is no doubt that businesses with a few simple goals are far more likely to succeed than those that don’t. It’s just common sense right? And with common sense, a positive approach, and your Southcourt Letting Agency Business Package, you will have everything you need to be on course to achieving a six figure income in no time at all.
We genuinely look forward to helping you start your own successful agency business. We’re ready when you are!