Whatever industry you’re in, making a profit or loss is a crucial aspect of keeping your business afloat, as well as a potential factor in the growth of your company. We appreciate that making a profit can be extremely difficult at this competitive time and we urge letting agents and landlords to follow our simple advice when it comes to profit.
Establish Your USP
Establishing your USP as a property professional is key. It’s important to think outside the box when creating your USP, be creative and establish a brand people can identify with, as this can decide whether your agency fails or continues to thrive in the market. Make your agency more than a business than rent’s houses to tenants, give them a reason to use your services by offering them something no other agent can offer, such as a reward scheme or a personalised lettings approach.
Research Your Target Market
Focus on where you’re located and consider strategies to attract an audience who potentially may be interested in letting a property from you. In other words, do your research and know the local area by the back of your hand.
Check Your Prices
What you charge will define whether your potential client’s instruct your agency or not. Make sure you’re charging your landlords the correct fee as you could lose potential clients to your competition. In the long run, if you don’t stay up to date with the current market, you could be at risk of losing profit and end up making a loss.
Target The Online Audience
Use social media, your website and Google to find new business. When applying you brand to social media, try and establish your brand’s ethos and message, so your potential clients can see how unique you are.
Expand Your Services
What you offer as an agent, in terms of services and products will define the amount of profit you make in the long run. Don’t be afraid to try new ideas and ways of extending how you make your profit, such as setting up your very own merchandise store or charging landlords to use a particular service that benefits them.