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For this AirBnB Toolbox episode, Alex talks about something many property entrepreneurs struggle with – speaking to letting agents. He explains what you should be saying and what you definitely should not. The advice he shares is especially important for someone who is planning to get started using the now-challenging rent-to-rent model. But the tips he shares will also prove helpful for anyone who is trying to persuade a letting agent to do business with them.

KEY TAKEAWAYS

• If you are going to get started using rent-to-rent, start by doing a deal with a private landlord.
• Friends and family friends already trust and know you, so start with them.
• Tell people you meet and in your social circle about what you do, they may be landlords who are fed up and would prefer to rent to you.
• Focus on the direct-to-vendor market, speak to those that have buy-to-let portfolios.
• Don´t be intimidated by letting agents. Provided you have taken the right courses, you already know more about property than they do. But be respectful.
• Agents are familiar with AST contracts, but will rarely know much about company lets, so for them, doing a deal with you means taking a chance.
• Referencing is a big hurdle for those who are new to rent to rent. Alex explains how to get through that.
• Target the one-man-band agents. They are a lot more willing to do creative deals.
• Spend time building rapport and long-term relationships.
• Remember agents make a lot of money from taking care of the maintenance, so your maintaining the property is not a selling point.
• Work on your communication skills.

BEST MOMENTS

"This golden key to building your serviced accommodation business is these darn letting agents that are standing in the way, holding all the stock."

"Trying to sell these benefits to an agent is way harder than trying to sell it to somebody who already knows you, likes you."

"You've got to think about where we are in the UK, with the economy as it is we've got a rental crisis going on."

"Earn to have a conversation without reading off a script sheet."

"You´ve got to get out of your office …. Put on some decent clothes and go to the agent."

EPISODE RESOURCES

https://www.yell.com

https://www.thomsonlocal.com

https://www.touchlocal.com

https://www.yelp.co.uk

https://www.freeindex.co.uk

https://www.mylocalservices.co.uk

HOST BIOS

Alex & Pooh have built a portfolio of over 16 Serviced Accommodation Units and 10 Buy-To-Lets collectively over the last 5 years.

This AirBnB Business has allowed each of them to create their own tailor-made ‘lifestyle by design.’

Pooh chose to escape the corporate life as an electrical engineer instead to spend his time at home with his young and growing family, and Alex likes to spend most of his time in sunny Spain enjoying his love for road cycling or even hiking in the Tramuntana mountain ranges.