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Reduce your agency costs

How to Reduce Your Letting Agency Costs

25 August 2020 Simon Banks Read time: 3 min
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Simon Banks

Reducing will likely always be on the agenda of businesses, whether they're flying or going through a rough patch. If there are ways to streamline processes while keeping efficiency at a high level, you can bet a company will try and achieve it. And it's no different with letting agencies.

We're yet to know how the current coronavirus pandemic will fully play out in regards to the economy, but it's not unreasonable that some agencies are thinking about cutting back on overheads. For many businesses, employees are usually the first to go. But it doesn't need to be that way.

There are ways to cut costs without losing quality or talent. In this article, we're looking at how you can reduce your agency costs and still maximise your efforts to attract landlords, investors and renters.

Focus on video viewings

Physical viewings became a whole lot tricker in the midst of coronavirus, but they were already waning in popularity before we were all forced indoors. Arranging a physical viewing is time-consuming, from mediating between the interested renter and landlord to travelling between the property and your branch.

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Demand for video viewings is on the rise as an increasing number of tech-savvy renters want instant solutions to finding a property. By focusing on video viewings, you can reduce the costs involved with physical ones.

With cost-effective, unfiltered video viewings that are easy to upload, you'll provide renters with accurate reflections of what it's like actually to live in a property. And renters are more likely to rent a home without demanding a physical viewing, as the outlay isn't the same as buying a property.

More working from home

The coronavirus kept most of us at home during the lockdown. This forced the hand for many agencies, who utilised their employees through remote working instead of a traditional office-based role. Many soon realised that remote working has its benefits, with agents still able to complete their tasks.

As we all head back outside, most high-street branches have reopened and brought some employees back into the fold. Yet, continuing the theme of remote working can lead to reduced overheads as an office presence isn't always required.

Having fewer employees in the office means you can downsize to somewhere with fewer overhead costs and spend less on office equipment while maintaining the same levels of efficiency. You may even consider going fully remote...

Consider the high-street branch

Ok, so hear us out. We're not suggesting that you definitely rid yourselves of the office branch. But it's certainly worth considering, especially with remote working set to take on greater importance in the current climate.

High street

Not having a physical branch doesn't mean abandoning the high street, however. Instead, think of it as an evolution. You'll still be the local experts and the go-to agency for rentals in the area, but much of the day-to-day tasks will take place via video calls and messaging apps.

Tech-led tools

There's a fine line between embracing technology while still providing a human touch. But when merged together, the ability of tech improves further. Using software and tools can also help reduce agency costs and improve output.

If you haven't already, go paperless with esign and handle all contracts and documents digitally. And implement task-management software that provides transparency across the agency so that everyone knows what's in the pipeline.

Partner up

Partnering up

Working with a renter-first platform like Movebubble gets your properties in front of thousands of verified property searchers. From unfiltered video viewings to instant chats features, Movebubble helps you find renters faster. You can be confident that you're securing the best renters for your landlord's properties, improving your relationship with them in the process.

Focus on organic content traction

There's nothing quite like free promotion, and organic search results on Google and social media can boost your agency without an increased outlay. People gravitate towards those who are experts in their fields. Focusing on content creation in the form of blog posts, newsletters, social media posts, and more will help boost your agency's profile.

With team members increasing their efficiency thanks to removing the need for endless physical viewings, perhaps they can turn their hand to providing insight into the lettings market. A good stream of content will attract more landlords and renting while improving your online rankings.

Reducing costs and boosting business

Hard decisions are required to reduce agency costs and improve business effectiveness. But there are ways to do it which work for everyone involved and create a well-run agency that achieves its core business goals. Consequently, bottom lines improve, employees become more efficient and you have an agency that runs smoothly.

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