Tags – Regional Homes
The three strongest markets have traditionally been food, energy, and property. Food and energy have their place in the market, but the property business is about to change in the UK.
With the current tax changes, smaller landlords are starting to sell up, creating challenges for the estate agencies that are dependent on tenant fees.
So, how will property letting agents compete in a market that is about to change?
Value of Branding
At Axies Digital, we believe that branding is critical to business growth and success. As previously described, branding is not the cosmetics of how a business looks but the personality injected by its leaders. We talk more about this here.
And, we are not alone in believing this.
We interviewed Bal Heer of Regional Homes in Birmingham, who founded the letting agency in 2014. Since then, she has grown a team of 5 and is currently in the process of expanding to a second office in Wolverhampton. But, there are other important milestones in her business journey too.
Bal grew up seeing her parents operating a series of businesses, learning the value of a productive team. Later, she developed personable skills through her duties as a front line police officer until putting her children first.
This is when she went onto starting her own business; balancing marriage, children and a mortgage. With the current expansion, her business is obviously on a rise. But, business growth is never straight forward.
Egg Vs Chicken
This is an egg vs chicken scenario. The two scenarios are somewhat related, but you need to make your pick, or more specifically a priority, along the way.
Customers and clients are attracted to a business through the development of an image and a personality, i.e. branding. But, you need the revenues to pay for staff because the quickest and most effective method to scale a brand is through a team.
In both cases, you need the right people beside you, who should feel a part of the journey, adding to the brand itself.
Bal suggests that when a boss intimidates and reminds staff of the hierarchy, all you get are employees. But when a boss inspires and leads, you build an actual team, united by a common goal of business success and growth. And, the benefits of this seep down to the customers.
Being united by a common goal also means that the customer gets a consistently good service.
Facing the Changing Market Conditions
It is all well and good talking about internal challenges and business development. But, there are always external challenges too.
The answer to the current law changes has a couple of considerations from Bal’s point of view.
She suggests that a brand like hers should not be competing on being the cheapest because the priority should be – providing an exceptional service. At that point, price becomes a standard-matching exercise. The better the service, the more you are able to command for it.
Her job then is to communicate and market the service being offered, to justify the price.
Bespoking the Service
There is scope for property business that provide a highly bespoke service. This type of flexibility allows businesses to adapt in a changing market.
Tenant fees or not, there will always be a segment in the market that is willing to pay for the right service they receive.
And, if the standards are maintained and regularly enhanced, changing regulations have little effect on the overall picture.
Extra – Tips for Entrepreneurs
When asked for tips, Bal forwarded 3 suggestions for entrepreneurs:
- Learn from mistakes that others have made.
- Never Give up
- You are a reflection of your brand