Stop Burning Your Rent Roll Growth Enquiry… Please!
Recently, I made some enquiries about buying an investment property. With every enquiry I submitted I made it clear that I wanted to buy another rental property. I enquired with 6 different agencies in total… BIG brands and smaller boutique brands. Some of these agencies have been on stage winning awards and giving talks. I called them, and I emailed them. The net result of my detailed enquires returned… zippy do da! That’s right. Zero calls or emails returned.
This got me thinking… One of the fastest ways to grow your rent roll is for your business development people to follow up ALL buyer enquiries, if your agency has both a sales and rentals team. This ought to be systemised using your ‘mothership’ CRM where all buyer enquiries SHOULD be recorded. My recent experiences were surprising and would suggest that most agencies burn their enquires while continuing to look for new enquiries. How do I know this? Because after all of my enquiry efforts I haven’t heard from a single salesperson, let alone someone from the rentals team. Many of the properties I enquired about are still on the market!
Why would you look for a new enquiry if you cannot service your current enquiry? To me, that’s commercial insanity. It’s like the local butcher throwing out half their meat each week.
We are working with business development people who are signing more than 30 properties a month each simply by calling all of their buyer enquiries. In these businesses, all buyer enquiries are logged into the agency CRM and followed up by the business development people 3 days later. In most cases, buyers are ready to transact! In all cases, buyers are thinking about a real estate transaction.
Have a think about this for a moment… buyers are either purchasing an investment property, moving out of a home that they might rent, own investment properties you could manage, or know someone who owns a property you could manage. Wouldn’t you say this is GOLD for your rent roll growth? So, if you want to grow your rent roll faster, then centralise your buyer enquiries. Systemise callbacks from the sales team and rentals team and please STOP burning your rent roll growth and buyer enquiries.
It is worth mentioning that I did buy another investment property. In fact, I bought it privately. After purchasing several properties over the years this was the easiest transaction I have done. The deal was done in an elevator whilst travelling over four floors! It was a good property, the price was fair, the seller wanted to sell and I could afford to buy it.