It's time for growth
But the MOST important figure in any Letting Agency Business, is the NET number of properties under management after you calculate the number of Fully Managed Move In, less the Fully Managed Vacates… this will solely determine whether your business is GROWING or DECLINING, and yet so many agents NEVER look at this figure…
If you have 300 properties under management, on average around 3% of these will vacate each month so lets say 9 vacate this month, If you move in 9 fully managed property (but you also let 6 let only’s) you have not moved up or down in your number of fully managed properties… but if you move in 9 and 12 vacate you have reduced by 3…
So if you want to GROW your agency, you need to SQUEEZE each of the numbers, so for example, do more marketing to get a few more valuations booked, get training on converting more into FM instructions and then make sure your negotiators are FOCUSED and BONUSED on letting more of the Fully Managed properties, meaning we achieve what the business needs.
Make sure you make it fun too, set GOALS, targets for the team, both for individual and group and strive to get those numbers higher and higher, because once those HIGH numbers have been achieved, your team can never say they cannot achieve them in the future… also consider have a “BEST EVER” bonus or reward, you will be surprised what a difference that can make.
This is the first step to building your business plan and taking back control, and our team with work with you on this, but the key to remember that whilst you are focusing on leaky taps and arrears, its difficult to focus on the numbers and performance of your team.