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The Two Reasons New Business Stops Coming Into Your Rent Roll… and how to fix them! (Part One)

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Has new business stopped coming in?

Have all your landlord leads dried up?

Do you feel like you’ve stopped growing?

Landlord leads won’t call you back?

Potential clients are saying “Yes, we love you, but we’re not ready to change yet!”

Has your income plateaued?

Are you wondering if your business is going to survive?

Not sure if you can pay the bills?

Do you feel like all your new business leads have completely dried up, none of your prospects will return your calls and you’ve stopped growing.  You’re throwing your hands in the air thinking “What Is Going On?????”

But there’s a way to break through this, and today I’m going to share the 2 Reasons New Business Has Stopped Coming In…. and how to fix it!

Now, before I begin, I have some good news and bad news….

So, let’s start with the bad news:

Whether you’ve been in business for 1 month, 1 year, or 20 years, you’re going to have moments that new business stops coming in.  So please remember that once you break through this situation, it IS going to happen again – and you’ll be able to break through then too ?

Now, for the good news:

You can totally fix it, each time that you find yourself hitting that place in your business!  And you can use basically the same formula each time!

So, book mark this page, and come back to it each time you feel like all your new business has stopped coming in.

Let me share the two reasons why your new business has stopped coming into your rent roll:

External Reasons AND

Internal Reasons

In today’s blog, I’m going to dive deep into the External Reasons why new business stops coming into your rent roll, and what to do about it.  My next blog will talk more about the internal reasons why new business has stopped coming into your rent roll, and how you can fix that too!

Let’s define “External Reasons”

An external reason is a change in something outside you and your business.  This might be a change in the market place or a change in the way your main marketing platform operates (eg. Google changes its algorithms).  These external reasons are outside of your control, but you can plan for them and prepare for them before they happen, and then maximise the opportunity they present (before your competitors grab the opportunity).

Remember, external changes are often incredible opportunities to bring new business into your rent roll.  Think about all the stock or real estate crashes we’ve had over the years.  Remember that there were people who made LOTS of money during those crashes… so something “bad” that happened externally turned into a very good opportunity for those people.

In your situation, maybe there’s a new competitor entering your market place, or Google and Facebook change it’s organic and paid algorithms, or your marketing software breaks down… or perhaps real estate prices take a dive overnight and it becomes a tough market.

The best way to handles these external events is to prepare for them before they occur.  Here are some examples:

  • Stay ahead of your competition at ALL times – not by looking behind you at them, but by looking forward at what you can bring in value to your clients. Please don’t measure yourself by your competitors’ standards.  Blaze your own trail, regardless of what they’re doing.
  • Understand the marketing platforms you’re using (Google, Facebook, agent comparison sites, etc) so that you know how to take that marketing process across to a different platform if necessary. Don’t keep all your eggs in one basket either – use a variety of marketing tools, so that you’re not relying on just one marketing platform.
  • Have a contingency plan for any software failures so that you know (in advance) how you’re going to handle failures BEFORE they happen. Then remember to use any failure in your business to be honest, authentic and responsive to your clients.  Sometimes a failure in your business is a great customer service opportunity.
  • Don’t take a strong market for granted. Remember to educate your clients about the “ebb and flow” of the real estate market.  Just because it’s strong now, doesn’t mean it always will be.  Just because we get you an AMAZING rent price today, doesn’t mean that we will next time.  We always follow the market.
    Keep in mind, a weak rental market is often a great opportunity to look after your clients and reduce vacancy for them, in a way that your competitors won’t.  So, although it’s more work to lease a property in a slow market, it’s also an amazing opportunity to secure new business from clients who are unhappy with their current property manager.

 

Remember that preparation is the key to keeping new business coming into your rent roll.  Consistency in your growth plans are imperative to sustained growth, so stay on top of your game and be ready for any external changes that WILL come your way.

But if you haven’t prepared for these external reasons, you can still take action using the suggestions above, to get yourself back on track and get new business coming back through the door again!

Focus on generating new landlord leads in a variety of ways, so that external factors have a smaller impact on your business.  If you need some ideas on how to generate new business, download my free guide on 5 Things You Must Do To Get More Landlord Leads Right Now

 

Keep an eye out next week as I dig into the “internal reasons” why your business stops growing… and what to do about it!

If you haven’t read my latest article on How To Get More Clients As a Mobile Agent, check that out now.

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