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Nine out of Ten of Letting Agents Are in Denial



Why do people slow down when they see a car crash? We are all guilty of it, we see the car, the flashing blue lights, the mangled cars .. they just can’t help gawping .. I dare say, especially if it’s local to where we live, we want to reassure ourselves that it isn’t someone we know. But probably more importantly, Is it because we want to remind ourselves that it is not us in the car wreck?
So, let’s get this straight, we see something really awful (life and death car crash stuff) and we can’t help but gawp, to twist our neck more than 90 degrees... and all because we are comforting (or reassuring) ourselves that it wasn’t us.
Ok, so far so good, but then let me ask you this Mr(s) letting Agent, car crashes are life and death (obviously) and all of us (including me) can’t help to look and analyse, but (and stay with me on this, as I’m about to get a little heavy) ... why we do precisely the opposite when it comes to the apparently hopeless and irreparable issues in our day to day life. We gawp at other people’s life and death issues, reassuring ourselves it wasn’t us, but when we have issues in our own life, we don’t rubberneck, most of us just put our head in the sand, ostrich like .. why is that?

Denial

Denial is probably one of the best known defence mechanisms of the human brain, when the brain seems unable to admit an obvious truth, it goes into denial. People have denied for centuries, like those people who denied the Earth went round the Sun or the Earth was round, and what about evolution! It doesn’t matter what the denial is, the denials don’t come from people who are stupid or who aren’t clever enough to understand what’s going on. They come from people who won’t look.
 So why do people go into denial? It's a way to avert our eyes... (the opposite of rubbernecking)
I believe most letting agents are in denial about their own businesses.  They think they have a good business, because they have been running for ten or fifteen years or so, have 200 managed properties (although it’s been at that level for a quite a few years now after all the corporates jumped on the lettings bandwagon), they lose 10 to 15 properties  a year because landlords sell a few, but they get 10 to 15 new ones a year from recommendations or existing landlords adding to their portfolio. Nice little business? Yes, but it isn’t growing is it? The size of lettings market has doubled in the last ten years, but if you have remained the same..your market share has halved!..... you have fallen back Mr(s) Letting Agent ..
Now if you are in your late  fifty’s, don’t stress, the Countrywide’s and LSL’s of this world will be more than happy to open up their fat cheque books in a few years time and buy your portfolio off you and plug it in to their existing office...but what if retirement isn’t five years away, but ten, fifteen, twenty, thirty years away?  The markets market is growing, and what are you going to do to get a bigger slice of the pie?
Now, as everyone knows, I am an advocate and disciple of  a method of growing letting and estate agents by instead of the agent banging on about themselves, their services, their fees or etc, they talk daily about the local property market to the local people of your town, thus attracting their attention, more importantly their interest of landlords (and house sellers) so eventually, you get inside their head and they consider you the local property guru of your town. I have always wondered why I get between 1700 and 2300 people reading each of my blog posts, but only a small percentage actually take up the process
Perceived wisdom in lettings is getting more landlords is hard work, almost impossible and that the only way to grow your business is through acquisition. Well, if you want to be saddled with a £400,000 loan over 5 years to pay for that competitor’s portfolio, you can wave goodbye to £7,900 a month in interest payments.
I am sorry, I disagree, it isn’t impossible to get more landlords, its hard work but not impossible. You have to work smarter, not harder. The system I advocate to get more landlords, i constantly provide data, testimonials, statistics and insight to how it works that contradict the perceived status quo.
Yes,  some busy agents ask me to do the hard part of the system (writing the articles on the local property market) and yes for those who want to be taught how to write the articles and how to implement it, I run two day courses (details here http://goo.gl/NnreJa )  in the writing of the articles and chair a self help group that helps those agents afterwards ..... but you don’t need to do either. You don’t need to pay me one penny to do it ... I tell you what to do on my blog over the 240+ blog posts (www.landlordfarming.com)  
You might think it won’t work for you. I tell you now, it works everywhere in the UK except in the WC postcodes of Central London.   So I ask, what are the risks of doing your own research into the technique and being prepared to find yourself proven wrong? Or is it often far easier to just look the other way, to feign ignorance or call yourself a sceptic?
I think it comes down to fear in the end.
Part of being our best selves is having the guts to not avert our eyes, to look closely at what scares us, what disappoints us, what threatens us. By looking closely we have a chance to make change happen. 
Are you going to change Mr(s) Letting Agent?

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