Attracting new landlords
- Thread starter luckyj
- Start date
The first question is, how did they get the 70?
The second question would be, why not do more of that?
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- Original Poster
- #4
Is this for your first client?
Not quite, actually my place of work, we have relied on second to none service and word of mouth up until now but as efficiency has grown we feel we can take on more clients. I have a few of my own ideas but interesting to see what others may think.
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D
David A
Depends if you are looking for properties to manage or are happy to take on let-only landlords who tend to be fickle and more than a few will tout their properties to half a dozen or more agents, getting them all to advertise - which means that an agency's strike rate is divided by six before they start.
To take on a landlord who will let you manage and who is not a newbie is not that easy. They have to be REALLY dissatisfied with their current agent - and believe me, many put up with pretty shoddy service, because apathy rules as long as the rent money comes in.
The fastest and sure way to expand is to buy out a competitor. That's how I doubled my portfolio at a stroke, and took on their property manager which added a bit of continuity to the landlords we took on. We still had to nurture them though, as they were used to a very personal service - which meant that the business was not profitable, and the reason why the owner wanted out. As it happened, he only got 12% of the price we settled on, as he had to make up the shortfall in his tenants deposit account 'purely an accident in accounting' he said!
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