An Essex letting agent has described hitting a ‘real low point’ before turning his fortunes round and adding £240,000 to his company’s profits in under a year.
Paul Tobias-Gibbins, of M&P Estates, was on holiday with his family when his accountant called to let him know there wasn’t enough money for payroll the following day.
He took a loan out so he could pay his staff, but the issue prompted him to implement big changes in the agency in order to ensure that never happened again.
Like many agents, Paul was making less than 10% profit and spending lots of time dealing with minor issues which weren’t actually part of the service their landlords were paying for.
“The overriding aim of the business was to make my family proud, and to provide for them. Instead it was all consuming – in terms of my time, finances and energy – while tearing me away from the ones I love, and depriving me of memories I will never be able to recreate like sports days and valuable family time.
“After the call about payroll, my accountant advised me to look for support from someone at the absolute top of the game in lettings, and to consider it an investment not a cost.
“I’d already spent a great deal on business coaching and consultancy – but had found it unhelpful to my every day business model. After searching online, I came across a Facebook group where I was overwhelmed by the support, advice and kindness of the other letting agents, who all openly shared their fears, issues, and (most importantly) how they overcame them.
“I’ve been involved in similar groups before, but have been almost too fearful to ask for help due to the negativity and backlash it created. This was a breath of fresh air.”
Paul then attended training which gave him practical tips relevant to his business.
“I started by enhancing our existing revenue streams, increasing profits almost immediately just by reviewing the contractors we used. It really was minimal effort and minimal workload, but gave us maximum reward.
“After this, we reviewed the strategies for inspections and inventories, included a refurbishment service, and updated our terms and conditions. Within ten months, we added £240,000 to our bottom line, without even having to add many new landlords. I couldn’t believe it!”
After paying off his overdrafts and credit cards, Paul has since opened a new office to accommodate their continued business growth – and most importantly, now takes a day or two off a week to enjoy life and spend time with his family.
“I’m now able to offer a holistic service to my loyal client base – not only do we assist with the lettings, but we provide support with wills and estate planning, refurbishment, and aiding with the management of portfolios.
“I feel incredibly confident for the future now – not only have I finally created the business I’ve always hoped to, but I’m able to leave a profitable legacy for my children.
“I was exceedingly frustrated with my business, on the edge of giving up at times, driven only by the possibility that a breakthrough could be imminent.
“The training, insights and support that Agent Rainmaker has provided me with has allowed my landlords to receive a greater service from me, gifted me time with my family, and finally enabled me to say I am incredibly proud of my business.”
To join the Rainmaker community just like Paul, you can find the Agent Rainmaker Facebook group here.