How can you get landlords instantly?

“Share some tips on how agents can get landlords instantly” was a suggestion for a blog topic in this series… “Yes, no problem” *searches for magic wand*

I wholeheartedly believe there are a number of PropTech solutions who can help agents with this challenge. But in an era where we are not seeing an influx of buy-to-let properties being purchased, I think we also need to be improving our disruption processes. 

As I mentioned in a previous blog, I highly recommend taking the time to look at and understand your landlord user journeys – from when they are looking to instruct an agent through to the typical journey a landlord will take during a tenancy. Document this timeline to identify when a landlord is going to feel pain points. Why? Well not only will it help improve your retention rate as you can put measures in place to manage the pain points, but it will also give you a clear understanding of the key times to communicate with potential landlords who are on with other agents too.

Let me explain… 

We know that the first month’s rent is always paid in advance of the tenant moving in. We also know that banks are notoriously bad at setting up standing orders/direct debits, so is this the first pain point in the journey? What could we do to eliminate this problem for our own landlords and how do we then communicate this benefit to other landlords to win them over?

My suggestion is this; for your own landlords, your process might be that you communicate with the tenant leading up to the rent due date to make sure the direct debit/standing order has been set up and you also check that payment has been received on rent due date. If payment hasn’t been received, then you contact your landlord (before they contact you) and explain that this is perfectly normal and it’s in hand.

Your call to a potential landlord might be “Hi landlord, just a quick call to make sure your tenant has moved in ok and that everything is going to plan? It also occurred to me to check that the rent has been paid as it’s not uncommon for banks to not set up the standing order in time but unless the agent jumps on the tenant immediately, sometimes it can go unnoticed for weeks. I’m sure your agent has similar processes in place as we do to make sure this doesn’t happen but thought I would make you aware so you can jump on it immediately”.  

By doing this you have not only kept up the communication with a potential landlord but also indirectly made them question their agent’s competence. 

When do you do your first property inspection? My opinion is within the first 60 days in order to catch any issues early on, but this also works wonders as part of your disruption campaign. Let me explain - at the end of month two, put in a call to landlords registered with other agents checking that the first property inspection was satisfactory (knowing that its unlikely to have been done yet). This will create an opportunity for you to explain that whilst most agents undertake quarterly inspections, it is good practice to do the first one within sixty days on any new tenancy as it will highlight any problems that if left too long, could become bigger issues. Examples would include: condensation, more tenants living in the property than agreed, obligations to maintain the grounds before they get out of hand, etc.

Renewals - most agents will contact their landlords ten to eight weeks prior to the end of a fixed-term tenancy. However, you could call three months prior (knowing that their own agents would be discussing renewal two months before the end date) and have the following conversation: 

“Mr. Landlord, Simon here from Kerfuffle Estates. I know your fixed term  tenancy expires in three months and whilst  I’m sure your agent has already discussed the rental value and what you should be increasing the rent too,  just as a comparable, to give you peace of mind, I have just let xxx property at xxx a month.” If the landlord mentions they haven’t had a call to discuss you could continue with “I’m sure it’s on their list of things to do but if you haven’t heard from your estate agent in the next week or so, I would be giving them a nudge - the last thing you want is to have any unnecessary void periods because you only find out your tenants are planning on vacating in a couple of weeks”.

We all know it’s very hard to take a management contract from another agent mid-term, but by being helpful throughout the tenancy and highlighting what exceptional service looks like, at the point the property becomes available, you should be at the top of the list.

So no magic wand for me I’m afraid, but get in touch with the Kerfuffle team and we can put you in touch with some suppliers who do.

Is there something you’d like me to cover in a future blog?

If you’ve got a question or topic that you would like Richard to answer in a future blog, post it as a comment below.

Read the previous blogs

Read the first blog in the series here: Lifetime value of a sales customer vs lettings customer

Read the second blog in the series here: A simple script to help generate more revenue from lettings

Read the third blog in the series here: A very popular question with a very unpopular answer!

Read the fourth blog in the series here: Let Only - To renew or not to renew, that is my question!

Read the fifth blog in the series here: Do you grade your stock?

Read the sixth blog in the series here: Does one size fit all?