So you’ve been running a letting agency or just starting one up, hopefully you know finding landlords will define if you’re successful or whether you’ll face the despair of running a failing agency.
Finding landlord leads is your pipeline for business and growing your firm. So how do you get landlord leads?
The ever growing rate of competition poses a serious threat to many agencies.
This is exponentially increasing with the flood of online letting agents pushing high street margins lower and lower. Companies like LettingAProperty, Open Rent and PurpleBricks are challenging big names such as Century 21, Foxtons and Haart. However is the tide turning?
Recently Upad, a front runner in the online agent market, went into liquidation. Questioning if lower costs offered by online agents are actually the end all and be all of winning the letting agent race.
So how can you ensure a pipeline of landlords flowing into your agency? In this article we will discuss 4 ways to find more landlords leads
1. Referral companies
2. Google organic marketing
3. Paid adverts
4. Local sponsorships
Find Landlords through referral companies
While a letting agency has many facets: managing landlords, marketing, looking after staff, finding tenants and keeping on top of legal work… Referral companies have one job: finding leads for agents.
Their sole purpose is to market to landlords, capture their details and pass the details onto agents to get the deal done.
Some referral firms take a cut from the final deal as part of their model.
However Rent Round simply has a monthly listing fee, regardless of how many deals you make.
At Rent Round, we find landlords by giving them the opportunity to compare letting agent fees and performance, to make an informed choice on which letting agent to select.
Our background is digital marketing and we’re experts in hitting Google the right way so the right results, at an efficient cost, are delivered.
The price is £29.99 a month, which can be cancelled at any time if letting agents aren’t happy for any reason.
There’s currently a free trial available if you use code PROPERTYMGR when registering your agency.
Finding landlords through organic presence
Long term, getting Google to recognise you as the best in class for your niche is the most valuable marketing tool you can have.
For your business (the rental market) and your area, you want Google to pick you as the most relevant to landlords.
If you’re based in London, imagine how valuable it is being the number one result when ‘the best letting agent in London’ is searched for?
This would result in more leads coming to your business via your online presence.
Unfortunately getting to the top isn’t easy and takes time & effort.
No doubt you’re letting agency has been bombarded with marketing forms promising to get you ranked at the top of Google.
While this topic is a multi-layered, often complicated discussion, the basics are to:
1. Write blogs consisting of the key words you want to rank in (letting agent, best letting agent, property management etc).
2. Get industry recognised companies to write and link to your website.
3. Boost your online presence. Make sure you’re on rating sites (and getting rated), on sites like Trust Pilot as well as Google business.
4. Push social media posts which Google factors into their rankings
5. Sign up to directories (Yell.com for example) directing Google to make sure it knows you’re around.
Writing blogs, asking companies to post about you and listing your business on multiple sites takes time and must be managed constantly.
Although the most difficult and time consuming activity to accomplish, getting ranked highly by Google is essential.
Pay Google to find you landlords
Instead of the above method, you could just pay Google to be number one!
You can setup your Google advertisements to look out for when certain terms are searched for, then your letting agency website appears.
So you’ll basically be configuring Google to point to your website when words ‘letting agent’ and your city or town name are searched for.
Of course there are pitfalls.
Number one, this option is extremely costly. You’re competing with your rivals who’ll also likely be paying Google, so it’s your budget vs. theirs.
You’ll also need to understand Google AdWords too. Negative key words, conversion tracking and maximum bidding are terms you’ll need to get to grips with and manage on a regular basis.
If done badly, Google can start producing poor results for you at a high cost.
We’ve see examples of letting agents competing to be top of results for house sales 200 miles away from their jurisdiction, not the best way to find landlords for their agency at all!
You can pay firms to manage the running of your Google account for you, but again, they’ll also hit you with an invoice adding to an already costly option
Sponsoring your local kids football team or social clubs are great ways to get your brand and services recognized by your local community.
There’s the element of goodwill too. If the local community see you invested into good local causes, it increases their inclination to provide you’re agency with business.
Sponsorships are difficult to cost up. How much do you pay your local kids team to have your letting agency name on their t-shirt?
What about tracking their effectiveness – how do you know how much business you received via paying £500 to your local social club?
Using this method, you need to be prepared to wait while the benefits come into effect.
With Google and other digital means, you can see how much traffic was pushed to your business, how many phoned because of your ad and how much you ended up paying for each click on your website.
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