In this 3-minute read, we share the seven fundamental factors that go towards creating a brilliant lettings agency.
“It didn’t happen by accident.”
Those words came from the late billionaire Ingvar Kamprad, the legendary founder of Swedish furniture behemoths IKEA.
Kamprad was responding to a question he was asked during an interview with the press. The journalist enquired how IKEA had become so extraordinarily successful.
Kamprad expanded his answer. “We put the right things into place and monitored them constantly. From a very early point of setting up the company, we ensured our structure could support and sustain the success we were confident about achieving. A house needs solid foundations otherwise it will collapse, and so will a business.”
There are a lot of lettings agency owners who can learn from IKEA’s approach.
In our experience working with hundreds of lettings agencies over 30 years, we’ve learned a lot about what makes the best stand out from the rest. And most of them have a solid structure in place.
Here are seven magnificent fundamental factors that underpin a brilliant lettings agency.
- Plan. It wasn’t just Hannibal of The A-Team fame who loved it when a plan came together. A clear, detailed plan is a map to get your business to where you want it to be. Make it realistic, monitor it regularly and don’t be frightened to adjust it if needs be.
- Vision. All exceptional lettings agencies have a crystal-clear idea of why they are in business, who their customers are, how they will add value and what their company stands for.
- Difference. Think about what makes your agency stand out from others. What do you do that your rivals don’t? List these and build marketing messages around them.
- Praise. Good teams across any areas in life have one thing that unites them. They work hard. If that sounds like your team give credit where it’s due. Reward your team’s successes, praise their performances and show your appreciation for their excellence.
- Confidence. The best lettings agency do not commoditise their service and get involved in a fee race to the bottom where no one wins. Show why you’re worth more than your rivals and how you make landlords and tenants easier.
- Invest. When it comes to building a great team investing your time and money in providing staff with training, both from internal and external sources, is an investment with high ROI.
- Relentless. Your lettings agency mustn’t standstill. The best of the best are relentless in their monitoring and improving of their systems, processes and technologies.
And just like Mr Kamprad said excellence doesn’t happen by accident. It takes time, effort, investment, desire and having the right structure and culture firmly in place.
This article was brought to you by Chris Reile and Veco. Our software helps estate and lettings agents make more money, have more time and build better businesses.
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