Part 2: CONVERSION RATES
The success of sales and marketing in all business is underwritten by numbers, be it revenue, sales units, margins or conversion rates and getting this right with Multi-Lets is key.
Don’t mistake activity for progress, this is where your margins in Multi-Let management can rapidly become compressed and your return on resources/time deployed can fall through the floor.
In a market and sector of ever increasing competition we see all too many people throwing bucket loads of energy at the task in hand, hoping to achieve the highest occupancy rate by ‘hitting it hard’ and marching everyone who answers the phone through the door.
This can create a vicious ‘busy fool’ cycle where top line activity and efforts are high but bottom line results are low.
The reassuring fact is there is an alternative. Work smart and hard.
Success and failure as we teach on Property Entrepreneur are both very predictable.
Take time to understand your market, identify the profile of your ideal client, develop a marketing strategy that works and craft a flawless sales process for when the correct leads arrive.
Every business operates within its limited resource so it is essential in operating your multi-let portfolio that you are strategic with your capacity and maximise the results from the time you have available for sales.
Maximum conversion rates are as much about the interested people you reject as they are the potential tenants that you pitch.
At Multi-Let UK our average conversion rate from viewing to tenant is 50% and some of our Lettings Teams operate at 70%+. At this time of year when it’s common to be letting 100+ rooms a month, the impact this has on the performance of our clients’ portfolios is remarkable.
Master your market; it’s not a game of kissing frogs!
If you currently have 50+ HMO/Multi-Let rooms in your area and would like to discuss the opportunity of working with Multi-Let in 2017 and beyond please find out more or register your interest or join us on one of our upcoming Multi-Let UK webinars.