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Wondering why you can’t get higher fees in your Rent Roll? Sick of losing business to discount fee agencies? Let me share my opinion on why you’re not worth $1 more than you think you are.
Have you ever noticed the pricing difference between hairdressers? Let me give you an example. My husband used to get his hair cut at one of those discount chain-store hairdressers. It used to cost him about $25 for a haircut. Then, at the other end of the scale, when I get my hair done, I usually spend about $200. Sure, I get a cut, colour and style, but even if I only wanted a cut, it would cost me about $70 for a cut. That means I pay almost THREE TIMES more for my haircut than my husband did.
Have you also noticed that, with the exception of a few small details (maybe a cup of coffee while you have your hair done, or a little head massage while they’re shampooing your hair), there’s not actually many differences between hairdressers… except for their price.
Let’s face it, the all must complete the same apprenticeship, all use basically the same products, cut hair using similar scissors, have identical wash basins and quite familiar floor plans.
So, what’s the difference?
Each hair salon has an owner who decides on their pricing structure. The business owners who decide they’re worth more, charge more (and get it) and the business owners who don’t have the confidence to believe they’re worth more, charge less.
How is this like real estate?
More than you would think.
We all know “that agency” in town that charges ridiculously low fees, and we all know what level of service they give their clients. There’s a business owner inside that agency charging exactly what they believe they’re worth.
We’ve also seen agencies charging significantly more than their competitors and still winning the business! You know why they win it? Because they believe they’re worth it.
When I owned my Rent Roll, I often won business when competing with agencies offering 1-3% lower commissions than I did. But I knew my service was worth the $5-$15 per week more. And because I believed it, I communicated this confidence to prospective clients – so they believed it too.
So, quite legitimately, you’re only worth whatever you truly (deep down in your heart) believe you’re worth. And if any part of you doubts what you’re charging, you won’t be as confident in your presentation to landlords, and you won’t always get the higher fees.
You’re really not worth $1 more than you think you are.
The good news is though, if you can adjust your beliefs around what you think you’re worth, you can change the fees you’re achieving. It’s just a little mindset adjustment and a MASSIVE income adjustment!
Want to know more about what fees I used to charge in my Rent Roll? Register for your free Strategy Session and I’ll gladly share everything I used to charge, and what my competitors were charging at the same time.
And of course, if you need advice on how to increase the fees on your current Rent Roll clients, my friend Darren Hunter is the king of increasing fees on existing clients. Pay him a visit at www.DarrenHunter.com and tell him I sent you!