Have you heard about the proposed Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020? If you have, it would seem that you’re already one step ahead of most agents. However, if you are unfamiliar with the regulations, we’d recommend visiting ARLA to find out more.
If you’re not aware of it, who’s telling your landlords about it?
The value of property management becomes even more valuable when new regulations are introduced. Landlords will be feeling the pressure now, as self-managing in a compliant way is virtually impossible unless it’s a full-time job.
Property management is not a service; it’s a specialism. Shouting about your knowledge of compliance is a really valuable commodity that presents you with a golden opportunity to upsell, retain more clients and attract more landlords. Think about it, if one of your landlords hears about this regulation from another lettings agent in your area, could they be persuaded to take their business elsewhere?
Finding the 30% opportunity…
Our Customer Success team have been out on the road last week visiting some of our agents in London, Leamington Spa and Birmingham. Three out of the five agents we saw weren’t even aware that this new regulation even existed, never mind how they could make it work to their advantage and increase their revenue.
Following the recent success of our out-of-the-box lettings proposition, which we introduced to replace lost tenancy fee income, we analysed the breakdown of fully-managed to let-only clients from the agents we visited. On average, they all had a similar ratio in the region of a 70/30 split.
That’s a 30% opportunity to work on converting more let-only to fully managed. Here’s three of the best campaigns we’ve seen recently that can use your expertise to achieve that very goal.
“We’re winning back past landlords from our database with BriefYourMarket.com.”
Send a monthly newsletter
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The monthly newsletter ticks all the boxes when it comes to demonstrating value to your prospective and existing client base. Compliance knowledge is one of the highest-ranking factors to influence a landlord’s decision about which lettings agent will best serve their interests and protect their property investments. Your monthly newsletter offers you an opportunity to truly differentiate your business from the competition and show that you are ahead of the game on all the latest regulations and laws. |
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Segment and incentivise
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Segment your fully-managed and let-only clients into two marketing lists. At this point, you’re keeping your fully-managed landlords close to your brand whilst hammering home the importance of compliance to your let-only landlords. One of the best campaigns we’ve seen had this headline and it was enough to get the phone ringing for agents… We’d also recommend introducing some clever incentives. How about setting up a partnership with a local firm that you can generate referral business from? Just make sure that the electrician you work with can meet the demand! |
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Educate, educate, educate
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Educate your let-only clients on a regular basis about their duties as a landlord. It’s all about maximising your value and providing regular updates that really drive how seriously they should take their responsibilities to their property and their tenants. Gas safety, inspections and inventories, Legionella risk assessments, PAT testing, the list goes on and on. |
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Send a monthly newsletter
The monthly newsletter ticks all the boxes when it comes to demonstrating value to your prospective and existing client base.
Compliance knowledge is one of the highest-ranking factors to influence a landlord’s decision about which lettings agent will best serve their interests and protect their property investments.
Your monthly newsletter offers you an opportunity to truly differentiate your business from the competition and show that you are ahead of the game on all the lastest regulations and laws.
Segment and incentivise
Segment your fully-managed and let-only clients into two marketing lists.
At this point, you’re keeping your fully-managed landlords close to your brand whilst hammering home the importance of compliance to your let-only landlords.
One of the best campaigns we’ve seen had this headline and it was enough to get the phone ringing for agents…
We’d also recommend introducing some clever incentives. How about setting up a partnership with a local firm that you can generate referral business from? Just make sure that the electrician you work with can meet the demand!
Educate, educate, educate
Educate your let-only clients on a regular basis about their duties as a landlord.
It’s all about maximising your value and providing regular updates that really drive how seriously they should take their responsibilities to their property and their tenants.
Gas safety, inspections and inventories, Legionella risk assessments, PAT testing, the list goes on and on.
