Walk down almost any high street in the UK and count the letting agents. Five, six, sometimes more in one stretch. The same cards in the window, the same photos of the same kind of house, the same promise of great service. Stand back far enough and you couldn't tell one from the next.
In 2018 a lot of my work was helping letting agents with their marketing, and this was the biggest mistake I saw. They were trying to be everything for everyone.
The race to the bottom
If you look like every other agent in town, there's only one thing left to compete on. Price. And only one business wins that game, the cheapest. There's no prize for second cheapest.
Being better isn't enough either. "We do the same as them, but a bit better" doesn't make anyone stop. Nor does a bit quicker, or a bit cheaper. The little bit isn't enough to get noticed.
The businesses that shake up a market don't do it by being slightly better. They do it by being different.
Pick your thing
So what's your thing? What do you specialise in?
For an agent it might be family homes in the middle of the market. Shared houses. Students. Landlords with one property who've never done this before. It doesn't mean that's the only work you take on. It means that's what people know you for.
Your listings are already telling landlords who you're for, whether you planned it or not. So look at what you're promoting and ask if it matches who you want to attract.
Then have a proper look round your patch. Is there a gap nobody's filling? Could you build an offer for it, give it a name and package it so the people it's for get excited? Share content that only those people would care about. The aim is a little corner of the market where you're the obvious choice, and ideally the only one.
It isn't only lettings
I've worked with all sorts of businesses since, and it holds every time. The ones who try to appeal to everyone end up remembered by no one. The ones who pick a lane get talked about, and that's where the work comes from. It's a big part of why I say marketing earns you the conversation.
It takes a bit of nerve. Choosing your thing feels like turning people away. Mostly it just means the right people can finally find you. (And the message still has to be about them, which is the point of Marketing isn't about you.)
Try finishing this about your own business. "We're the only ones round here who..." If you can't finish it yet, that's this week's homework, and it'll do more for you than any price cut.
First published June 2018.
