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Tenant fee ban: 3 cashflow ideas letting agents will love
In one of his (always brilliant) weekly newsletters, Property Academy's Peter Knight recently discussed the different reactions to the tenant fee ban.
Considering the looming tenant fee ban, he writes:
The impending tenant fee ban has divided opinion in the industry and agents can broadly be put into three camps:
“Fingers crossed it won’t happen” – some agents believe that Brexit and other issues will cause the ban to be kicked into the long grass.
“Wait and see” – some agents think there’s little they can do about it and say things like, “let’s make hay while we can and worry about it when it happens.”
“Planners” – those agents who are preparing several options including rent increases, and searching across all their services for other income streams.
For the 'Planners' who are already searching for ways to prepare for the tenant fee ban, we've sourced 3 innovative tips to help boost your income streams.
Get ready for the weekend
No matter what industry you're in, understanding the lifestyle of the person you're selling to is the key to success.
As buyers are used to agencies with a limited service on a Saturday and no service on a Sunday, there's a golden opportunity to differentiate yourself and your agency.
According to Viewber, an outsourced viewing service for agents, you can expect a surge in viewings and much faster sales by being fully functional on Saturdays and Sundays. One of its clients did this and as a result, they enjoyed a 45% increase in turnover.
Whether you decide to outsource viewings on the weekend or figure out your own flexibility plan, it demonstrates to buyers - and sellers - that you put them first. From there, you'll enjoy quicker sales and a steady stream of income.
Make your properties better-looking (without spending a dime)
Insurance company AXA recently announced that some home staging can boost a property's perceived value by 21% (read more about the research - and how you can implement its findings - here).
But agents, vendors and buyers agree: even the tidiest home can look neglected and uninviting with dull photos.
Be a Millennial-friendly agency: deliver the unexpected
Ready for some big news? Millennials - those born between 1980 and 2000 - are the largest living generation in history. In 2015, they even overtook Baby Boomers.
So how do they live? Unsurprisingly, the majority of Millennials are renters.
It's a generation of people who constantly consume high quality visual content on their mobile devices; are used to an AOAC (always on, always connected) culture and rely heavily on online reviews.
With 70% of Generation Rent saying they look to reviews when selecting an estate agent, your past buyers and sellers can be your best marketing tool - as long as you deliver something unexpected that makes them a raving fan.
That unexpected customer service could come through what we've mentioned earlier in this article; it could be the adoption of lettings-focused PropTech solutions such as Goodlord or Fixflo; or something entirely unique to your agency.
Whatever it might be, your unexpected contribution to customer service should be a reflection of your business.
The best news? As a Planner, you're already one step ahead of the game.