Lessons from the field

When you get into the property business, it stands to reason that you will best understand the benefits your product has, and which features are likely to attract customers the most - but until you’re out there doing it, you really know nothing. At least this has been true for my letting agency.

I thought our concept of 'free property management*' would be the most attractive feature to London Landlords. I was expecting people to beat down the door in search of this magical offer, but the attraction actually lay in a different direction all together. I believe that owing to the credit crunch, it is actually the fact that we guarantee landlords their monthly cash flow that caused the most stir! Needless to say, we have restrategized in our marketing - though we are attentive for any other shift in the market, because if you're advertising the wrong thing you'll either get the wrong people or no clients.

It seems to be similar with lettings. We advertise using a variety of online methods, and for many of our properties we have similar ads (because we have similar properties in our personal portfolio). The standard: close to tube station and shopping areas etc. just doesn't cut it. It's the little value ads which separate you from the hundred other listings that seem to get the most attention - the fact that we include a cleaner, a Plasma TV etc.

The lesson I've learnt from this: If your letting, or running a lettings company you need to really pay attention to what your customers are finding attractive in your product - and then make a big deal in your marketing about that feature! Simple enough eh.

*Compared to the standard agency equivalent