Protecting your Fees
Why do your customers pay you anything?
It is important to have multiple answers to this. One very simple, and one very detailed. To start with, a simple answer of a summary of what you provide to them might sound like. “To maximise the return of their investment property, whilst providing a high-level knowledge and service to minimise the difficulties of a residential investment property”.
A detailed answer to this will start by going into the very visible fees you charge for your services;
- Securing a tenant
- Completing a lease agreement
- Rent collection/ disbursement
- Monthly statements
- Yearly income/expenditure reports
- Property condition reports
Then, I would encourage you to answer further in detail on the elements which are more invisible;
- Local knowledge
- List of pre-qualified prospective tenants
- Depth of relationship with quality contractors
- Support for tenants
- Multiple rental payment methods
- Multiple communication methods for all clients
- Experience and skill set of team members
- Continual and regular training for team members
As you can quickly see, we could continue writing this list for quite a long time, depending on the individual points of difference your agency has. From here, we then want to know if these points of difference are of any benefit to your clients? If they are (and I’m sure they are), how much benefit are they? This will vary for different clients. This is where we need to get to with every prospective client to understand what they will see as valuable to them in a Property Management agency, then emphasise how you can deliver these services and more.
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