Don’t waste time thinking about your competitors - Focus on what’s right for your business.
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Businesses go through transitions caused by trends, the Economy, changes in the customer expectations and needs, which means that businesses, large and small have to evolve. Our last blog dealt with Strategic Change, but deep down what sits at the heart of your business and makes your company stand out from the crowd? Ask yourself the following questions:-
Why is your client base loyal?
How do you treat your clients?
Is what you offer specialised? If not, what is about the service you offer that sets you apart from your competitors?
Would your clients pay you more for what you do?
What actually sits at the heart of your company?
Fo you share your Vision and Values with your team?
Business owners tend to make the mistake of measuring themselves against their competitors, especially in the lettings industry. How many properties are available to let? How many properties are managed? Are fees lower than the agent three doors along? Michael Porter, Professor at Harvard Business said that “Strategy starts with a notion that the fundamental question is not how to be the best, it’s actually how to deliver something unique to the customers you’re choosing to serve. Not because what you are doing is “the best” but because what you are doing is delivering distinct value.”
When you spend hours, days, months, years working with letting agents of all different sizes, you truly understand what makes them tick. Of course these are businesses so money plays its part, but there is more to it than that . The letting agents who have longevity thrive because they understand the market in great detail, know what their clients expectations are, tend to be passionate about what they do and have excellent resources in place - ranging from staff to technology.
Now more than ever letting agents are revisiting what they do and how they do it. They are having to revaluation their worth and remember who it is they “serve” and why the service they offer is of value. The tenant fee ban is a sobering experience for everyone, however, whilst the legislation is flawed, letting agents who are in business for the long haul are taking stock and making serious changes to their business model.
Now is the time to re-evaluate but don’t leave it too long.