The most obvious question before starting is what comes first, the Landlord or the Tenant? We demonstrate the correct approach, not just for when starting but for when you're established as well.
The most effective methods of sourcing new Landlords and Tenants are virtually cost free and don't require any spend on advertising. From our experience, we know what works and what doesn't work. For example, running an ad in a local magazine doesn't provide an immediate return. Also, the majority of Landlords you'll work with don't live locally so possibly wouldn't see your ad anyway.
The internet has had a huge impact on our market, with 98% of people now searching for properties online. This places all agents on a level playing field where it can be easily demonstrated that a high street presence isn't required. Demand for rental property is so high, that finding tenants in the current market can be achieved by advertising on free portals alone, such as Nethouseprices, Onedome, Facebook Market Place, Nestoria are great for helping new letting agents to find tenants quickly and to build that initial traction. Of course, should you also consider using paid portals, many are start up friendly, offering heavily discounted rates to help your business grow in the early stages. Whilst appreciating the fact that tenants are easy to source, Landlord's will be more keen to learn about your ongoing service.
One of the advantages when offering Landlords your service, it will be on a "No Let No Fee" basis, which means no initial risk or expense to your Landlord. We provide a list of unique selling points which will help you differentiate yourself from the competition. For example, as a smaller independent agent, you can boast being able to dedicate more time to your Landlords and being more accessible vs larger agencies where it's more likely that hitting targets is of more importance to them. Your focus must be on demonstrating to Landlords how you will look after their property on an ongoing basis and to promote your key strengths for being able to achieve this well. Based on our own experience, we can show you how to achieve this. You can offer free rent guarantee and legal cover as an incentive should your fully managed service be taken, which can also provide an additional future revenue stream for your agency. We do provide the necessary up to date and modern marketing templates to help you when pitching your service. The average landlord owns 8 properties which means you don't necessarily need a large landlord client base to do well.