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10 ways to cut costs

14 December 2018 3060 Views
10 ways to cut costs

With 2019 almost upon us, letting agents are finally unburying their heads from the ignorant bliss of the sand pit and wondering how on earth they are going to survive in an increasingly challenging market.

Not only do letting agents have the upcoming Tenant Fee Ban to contend with, but there will likely be fewer landlords and more corporate Build to Rent developers who find their own tenants and handle all ongoing property management.

However, with great change comes great opportunity. It’s time for estate and letting agents to review their expenses and cut costs to beat any loss of income.  

Here are 10 ways you can reduce your costs…

  1. Renegotiate all contracts with third-party suppliers, from board fitters to solicitor fees

  2. Review effective use of your office space and consider sub-letting underused space or moving to lower-cost serviced offices

  3. Take a look at your business operational costs and overheads with the aim of reducing rent and utility bills

  4. Go paperless and speed up your workflow

  5. Review spend with platforms like RightMove and Zoopla and the effectiveness of premium listings with a view to stop poor performing marketing activity

  6. Train sales and lettings negotiators in both functions and combine team

  7. Investigate staff retention rates and ways to reduce recruitment costs

  8. Work smarter and ensure all staff are using effective CRM systems, property software and processes where possible

  9. Investigate ways that proptech can help to save you time and streamline processes

  10. Outsource time-consuming and non-fee earning back office tasks such as referencing, property maintenance and management to trusted partner like ARPM.

It’s important for any business to have a clear understanding of where they are now in order to work out where they can afford to cut costs. If you want guidance on how to effectively measure your current business performance, maximise income opportunities and set useful Key Performance Indicators, request a copy of this free handbook – Evaluating Your Lettings Business.

This resource was given to letting agents who attended a series of events hosted by ARPM in October on how to restructure your lettings business. Following the event, more than 60% of letting agents said they are going to consider outsourcing to survive and prosper next year.

Find out how outsourcing with ARPM could be the best way for you to cut costs without compromising service. 

Contact us now to discover more.

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