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Estate Agent Tips

Profit Or Loss?

Whatever industry you’re in, making a profit or loss is a crucial aspect of keeping your business afloat, as well as a potential factor in the growth of your company. We appreciate that making a profit can be extremely difficult at this competitive time and we urge letting agents and landlords to follow our simple advice when it comes to profit. Establish Your USP Establishing your USP as a property professional is key. It’s important to think outside the box when creating your USP, be creative and establish a brand people can identify with, as this can decide whether your agency fails or continues to thrive in the market. Make your agency more than a business than rent’s houses to tenants, give them a reason to use your services by offering them something no other agent can offer, such as a reward scheme or a personalised lettings approach. Research Your …

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Compliance

The Regulation Of Property Agents

ROPA (The Regulation Of Property Agents) have announced major changes to the property sector which are still due to come in. In a new report, the working group announced minimum standards as well as a new code of conduct to the sector including lettings and sales, auctioneers, rent to rent providers, property guardians, international property agents, and online-only firms. Click here to read the full report published by ROPA. To summarise the report, the main changes agents need to know include: The introduction of a new independent property agent regulator (ROPA). A single, mandatory and legally-enforceable code of practice for property agents. The launch of minimum entry requirements and continuing professional development for property agents. Potential changes to fees, charges and the ability to choose a managing agent for leaseholders and freeholders. ARLA and NAEA have summarised the changes in a short video below. Keep compliant with Openview, call 0800 …

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Estate Agent Tips

The Benefits Of Being Registered

Being a registered agent can provide you with many benefits, whether you’re with NAEA or ARLA. Below we’ve outlined the benefits you’ll receive. Professionalism By signing up to a scheme your brand will be seen as more professional. It’s important to make your registration clear by displaying the ARLA or NAEA logo on your paperwork, merchandise, website and your office window. By doing this, your tenants will see you as more professional. Help and guidance The ARLA and NAEA schemes will provide you with professional guides for any part of the lettings or sales process. Their website has handy guides you’ll be able to utilise such as guidance on consumer protection law, safety regulation guides, plus much more on the lettings and sales process. If you’re stuck on any procedure, your scheme will be there for you. Training ARLA and the NAEA also provide training courses for all agents. Whether …

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Prop Tech

Should You Be Hybrid?

The high street is not the people pleaser it used to be. From parking to the demise of the small independent boutique shops, less and less footfall is coming to the town centre. Recent research by the British Retail Consortium revealed that visitors to the town centre are steadily declining. In July, there was a 1.4% decline in shoppers, while in August the number of shoppers on the high street dropped by 1.6%, this being below the three month average. So where are all of your potential clients? Ideally you need to present your brand, properties and client focus on the high street, but restrictions on agencies are sometimes so strenuous and hard to overcome. But how about this concept – create your own mobile van that can drive from town to village, enabling the local communities to visit you directly from their doorstep without even visiting the town centre. …

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Automation

Human or Robot?

There’s been an interesting sequence of events happening over the last few weeks. It’s even more interesting when you discover what we have been doing since 2009. #1 – I read a hugely interesting article by Peter Knight of the Property Academy, which talked about getting customer service right and then implementing technology to enhance it. Putting the humans first and then enhancing their performance with technology. #2 – David Pollock recently talked about the difficulties in recruiting the right candidate for agency. His advice was to “implement processes that compensate for the lack of qualified talent” available. #3 – Ed Mead, published an article quoting some data that we had previously released based on research by Oxford University, that quoted an article in the Sunday Times by Nicholas Hellen. This listed 226 occupations that were ripe for automation. Third in that list, with a 97.29% chance of automation, was …

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Estate Agent Tips

Know your client’s credit score

Whether you’re a letting agent, estate agent or landlord, getting to know your client’s credit score is becoming more and more important. It’s vital you apply the following knowledge to conduct a successful credit check, so you can make an informative decision about whether to take on the tenant or (in some cases) work with the potential buyer. We’ve provided a simple Q and A for your guidance, alongside a useful visual guide published by our contacts at Sainsbury’s Bank. What defines your tenant’s credit score? There are a number of factors that define your tenant’s credit score, mainly being associated with their credit history. A record of late or missed payments or ongoing debt will portray a lower/negative score while a positive finance record will score higher/positive. How do I calculate a credit score? As visualised in Sainsbury’s Bank’s guide below, credit scores are calculated between two types of …

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