I am unbelievably busy at this moment in time. In fact, I’m about as busy as I have ever felt.
Some days, I feel like I have taken on too many obligations and just too shattered to take on anything else. At times like these, my life feels like it’s out of control. But on the other side of the coin, I’m looking into some really thought-provoking and exceptional plans right now, and I believe the worst of this taxing and worrying time will be over in a few months.
But on the other side of the coin, I’m looking into some really thought-provoking and exceptional plans right now, and I believe the worst of this taxing and worrying time will be over in a few months.
After that, I will sort myself out and take a few of weeks off, get my sh*t back in order, devote more quality time with my partner, children and mates, and look into growing this letting agency instead of always firefighting to stand still.
Everything is going to change soon, I promise.
After that, it won’t be whizzing round like a cartoon Tasmanian Devil anymore!
As a talented letting agent, the New Year will make you look at your challenging lettings market in your town and prepare for another year. Another year where it seems you have to run to even stay still.
There are so many people out there suggesting ways to grow your lettings/ estate agency business, from .....
training, new websites, online valuation tools, content marketing, fancy apps .. you know you need to change – but in which direction?
training, new websites, online valuation tools, content marketing, fancy apps .. you know you need to change – but in which direction?
.. but then, there is the issue of execution: What changes are necessary to grow our lettings agency, and do we have the resources, time, energy and manpower to make them a reality?
Before I started ghostwriting the articles, I used to teach letting agents how to write the articles themselves on their local property market. I taught hundreds of letting agents, and of the hundreds of agents who have come to my classes, only about 20% follow through on what they learn and actually do something about it (ie write the articles and follow them through). I am ashamed of this number, which suggests a 80% no take up rate. To tell you the truth, I’m not proud of the fact that four-fifths of them don’t change anything
I have spoken to many agents who have partaken in my training programs one year after they went through them. I asked those letting agents, who didn’t do anything why they did not live up to the commitments they made after they attended my course on attracting landlords – even though I proved (with many testimonials) it grow their lettings agency by 20% to 30% within 18 months.
As far as I can tell, most of the letting agents who do nothing with the methods I taught them aren’t any different as letting agents than those who do change.
They are no less intelligent. They often have the same values. Why, then, don’t they do what they promised themselves they would do?
The answer can be found in a vision. It’s a vision I have often (AND STILL HAVE), and you might have a similar one and one I believe they had as well. It was said at the start .. but let me say it again because its important ... It goes something like this:
“I am unbelievably busy at this moment in time. In fact, I’m about as busy as I have ever felt. Some days, I feel like I have taken on too many obligations and just too shattered to take on anything else. At times like these, my life feels like it’s out of control. But on the other side of the coin, I’m looking into some really thought-provoking and exceptional plans right now, and I believe the worst of this taxing and worrying time will be over in a few months. After that, I will sort myself out and take a few of weeks off, get my sh*t back in order, devote more quality time with my partner, children and mates, and look into growing this letting agency instead of always firefighting to stand still. Everything is going to change soon, I promise. After that, it won’t be whizzing round like a cartoon Tasmanian Devil anymore!”
Have you ever visualised up a story that sounds loosely comparable to this? How long have you held on to this vision, this thought? How’s that working out for you?
Perhaps it’s time to stop imagining and dreaming of a time when you won’t be busy as a letting agent. Because, if we are all being honest, that time will never ever come. Yes, of course it’s my dream, and your dream as well .. but let’s all get real for a second …. it’s also a fantasy – a sanctuary that is always out of reach because you will always have crappy tenants trashing the property, you will always have over bearing landlords wanting the world for nothing, you will always have non-paying tenants and you will never have an empty inbox.
This is the 21st century and whilst some aspects of being a letting agent has got easier with technology, some aspects of the lettings business has got harder as a letting agent (and estate agent if you come to it) such as attract new clients and new instructions … and it gets harder as each year goes by.
I have learned a hard lesson trying to bring about real changes in myself. There is no ‘few weeks’ of untainted and wholesome downtime to get my sh*t in order .. and you know that yourself, because tomorrow, next week, next month, 2017, 2018 , 2018 … is going to be just as crazy as today.
2017 isn’t going to be any different to 2016 apart from the fact it will be a little bit harder (.. and 2016 was bloody hard work for every letting agent - and come to think about it - 2016 was slightly harder than 2015 and 2015 slightly harder than 2014 .. so on and so forth)
Notice the pattern?
A few days ago, Purplebricks have announced they have gone into profit, even though they are spending £1,000,000 a month on TV advertising. The online threat has now taken hold – they arent going away. There are simply too many agents chasing not enough business – hence cheap fees
.. and don’t think you are safe behind your walls if you have a decent portfolio. There are firms out there that, quite legally, can get your whole stock list of your rental portfolio and sell that information, with the landlord’s home address and telephone number to your competitors.
Why did you start your lettings agency back in 2000, 2005, 2010, 2015? Was it to provide a better standard of living for you and your family, be free from the shackles of ‘the man’, to prove your idea was correct, have better holidays and cars, be your own boss, retire early? Whatever your reason .. was your reason.
.. but did you really go without in the start-up years of your lettings agency, replacing your fancy 5* holidays for a static caravan at Bridlington, your wife having to go back to work, selling the new 5 series for a 7 year Ford Focus and no visits to the fancy restaurant ….. to do the 75 hour bang your head against a brick wall thing you are doing now? On a hamster wheel that is your lettings agency. Your lettings agency running you – not the other way round?
Well, it will just get slightly worse each year and in 2017 you might see slightly less of the kids and wife, you might just stand still in terms of managed stock (but you might not), you have greater costs with pension contributions and inflation on the back of Brexit and don’t even talk about letting fees being banned, you will go in at 7am instead of 730am .. you might go home at 645pm instead of 630pm .. and before you know it – your kids would have grown up and an even unhappier partner
In 5, 10, 15 year’s time, you will look back on your life and say yourself, “I wish I had done things differently”. You can’t change what has happened .. but you can change today.. because its all about accountability .. yet accountability is really easy to talk but really hard to live. So what can make it easier?
I would like to give two pieces of advice .. but both require a bit of time .. see it as an investment in yourself …
- Get a mentor or a coach … because boy oh boy – get the right one and if you are willing to change – they will change your life. This is my coach, John Cottrell – a 52 minute coaching session on the five things that hold Letting/Estate Agents back in their business https://youtu.be/6__OExjy4Uo
- Increase Your Managed Portfolio, so more money comes in, so you can employ more staff – so you aren’t doing the sh*ty jobs and can spend time and money with your family – watch this 41 minute video of a letting agent who went through hell and back … no work life balance, the business running him when the corporates jumped into to lettings in 2009 and how after years of stagnation and no growth between 2009 and 2014, he grew his lettings agency managed portfolio from 950 properties to 1,150 in 20 months https://youtu.be/kTD5Ni_-3Mo
kind regards
Christopher Watkin
(look me up on Linkedin - I am just some humble chap that helps loads of ace letting agents get more landlords to use their agency instead of the competition)