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industry insights letting agents proptech   |   11/27/18 10:43 AM

Does the Size of Your Letting Agency Matter?

There are many different types of letting agents, from mammoth corporations to the little people, and everything in between. But does the size of your agency really matter in the battle to win more landlords and take on extra instructions?

We plan to answer the question about the importance of agency size, looking at the differences between bigger and smaller agencies; the pros and cons of being a small agent; and how Movebubble can help you pile up the instructions.

One “big”, happy family

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The rule of thumb suggests that landlords should instruct bigger agents because they have the collateral to market the property and let it quickly. However, such an ideal is becoming outdated, and technology is opening doors for savvy, tech-minded agents to get one step ahead in the battle for local supremacy.

Smaller agents can unlock an arsenal that was previously unavailable to them (hello, Movebubble) thanks to technology. As the tech becomes even cheaper to create, solutions will improve even further, meaning that smaller agents will have leverage to match the big agents in many areas 🤗

Differences between big agents and the smaller players

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Ask any big agent whether you should instruct with them, and they’re going to say a resounding “yes”, which is expected. They will tell you how their size means they have more listings compared to “smaller” competitors, which is probably true.

You will also hear how more listings means more demand, though we’re not entirely sure it’s true - and it’s certainly not proven. Once upon a time, having a bigger agency did mean more demand from customers, but that little thing called “The Internet” has changed the game significantly.

You could also argue that smaller, boutique agencies with less stock can spend more time promoting the properties on their books, using technology to get those flats and houses in front lots of eyes. 👀

“Let he who shouts the loudest be heard first” might be true to an extent, but those who are the smartest will always prosper.

Tell me more about this tech you speak of

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Ok, so you’ve heard that technology is a way to even the playing field, but you might be wondering how? Content is the name of the game for any business, and, put simply, some do content better than others - no matter the size of your organisation.

Agents rely on their reputation, and the online world allows for you to stretch that rep a little further. From building your reputation online to creating killer content that strikes a chord with audiences, there are many inexpensive ways to get the word out compared to traditional marketing methods.

The agents that use the resources available to them online are more likely to succeed and, when done correctly, landlords and renters will care not about the size of your agency.

Pros and cons of being a smaller player

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There are pros and cons to being a smaller agent, and it would be unfair to suggest that everything is all plain sailing without looking at potential drawbacks. But let’s start with the pros, because who doesn’t love some good news?

Pros

  • More flexibility - Smaller agencies tend to be more flexible, and without feeling shackled by rigid working structures, you might just have enough creative freedom to come up with the next “big idea”.
  • Less process heavy - With fewer processes to get through, smaller agents can get things done faster, which is good news for landlords and tenants.
  • Closer relationships with landlords and renters - Sometimes less is more. While all agents want to increase their stock, having a specific number of properties on the books means that landlords will be happy in the knowledge that the agent won’t forget about their investment.
  • Reduced costs - Fewer offices means reduced overheads and cheaper overall costs.

Cons

  • Budgets for advertising - The major players have budgets to match, which means they can afford to plough copious amounts of cash into advertising. In the offline world, they still hold the advantage when it comes to things like canvassing and advertising their agency.
  • Fewer employees - Less staff technically means fewer people promoting properties, something the bigger agents will be keen to mention when trying to convince a landlord to list their property with them.
  • The need for efficient tools - As a smaller agent, you need to be smarter, which means using tools to manage your work productivity. We can help, and there are many agent friendly apps to help you make the most out of your business.
  • Changing the mindset - One of the most significant problems smaller players have is not so much their size, but trying to change the mentality of their customers. Providing helpful content will go some way to do that.

How can Movebubble help?

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At Movebubble, we’re all about the tech, and helping agents of all sizes become more tech-savvy. Use the Movebubble app on the go, so you spend more times on viewings and less time at your desk. Chat with renter directly through the app, at any time. Doing so while providing an efficient service will go some way to helping you beat the local competition. 💪

The Movebubble app also allows you to schedule viewings instantly so that you can provide renters with outstanding customer service; get rated for your excellent work by renters, helping you move up the agent rankings to become top dog in your patch; and be listed on Movebubble’s Landlord Page.

It’s not about the size... It’s what you do with It

Don’t worry about dimensions; whether you’re a big, medium or small player in the rental market, your reputation is what holds the most weight. Landlords want to work with the best in the business, and if you can make them a happy customer, they will go with you Every.Single.Time.

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