A downside to acquiring a lettings business
Picture this - you've just gone through all the stress of negotiating, funding and handling the takeover of another agency in your area.
Phew we're all done, its been announced. On we go..
Hang on ✋
To assume you automatically have the loyalty of those new customers is a big mistake, yeah.. you've paid for their business but they don't care about that at all.
You're under the microscope straight away 🔬
(And rightly so by the way). Acquiring businesses is a skill in itself, its highly stressful... no one's taking that away from you.
But unless you have capacity to properly handle the influx of new business, you could be making an expensive mistake.
Thinking of selling your lettings business?
Consider some of the non financial elements too:
Are the buying agent actually the best fit for your client type?
Do they offer a like-for-like or improved level of service?
Are they a passively owned business or is the owner at the sharp end?
It matters for your ongoing reputation and actually, if there's a retention clause in place it might cost you in the wallet if they're not up to it.
At Ultralets, we have a tried and tested acquisition process:
Receiving messages like this from acquired customers reassures us that how we carefully onboard new landlords has been handled in the right way.
Would you like to discuss selling your lettings business completely confidentially? Contact spencer@synergyforward.co.uk