Using the Lettings Daily Report

This guide has been reviewed against our global client base and classed as relevant to all regions

The Lettings Daily Report is a hugely influential and detailed report which should act as a cornerstone for your company towards monitoring influential KPIs

Providing live, to-the-second, reporting across the branch network - allowing quick identification of bottlenecks along with highlighting improvements required in data quality and opportunities

For information on accessing the report, click here: Accessing the Lettings Daily Report

Why and how is this useful?

While Power Reports can be created as an additional resource towards identifying key data, the Lettings Daily Report calls all your key metrics together in one view

More and more agents use this report within their morning meetings - as the Lettings Daily Report is not locked down, it should be encouraged that staff review their performance within the various metrics to ensure that their efforts are reflected in the results - senior staff should hold confidence that the metrics presented are correct and strategic decisions could be influenced as a result

One of the key things to remember, is that within the Settings menu, you can toggle the Diary Date to Use options between Appointment Date and Booked Date

From the Lettings Daily Report:

Click Settings (top right)
Diary Date To Use: set to Appointment Date or Booked Date

Appointment Date – the date the appointment occurred

Booked Date – the date the appointment was created

Not all staff performance is judged solely on booking volumes, e.g. viewings booked/undertaken, but more so on the business they generate - the Lettings Daily Report will give you these metrics

There are a number of fee columns within the report which provide an overall picture towards trends in the type of service offered - for example, under Instructions, the % Managed column should provide a top level perspective against the number of new instructions that will yield the highest fee income

Numbers are great, but there are also a number of average fee columns which provide the value of the data in question - these can provide a broader picture towards negotiation strengths/weaknesses

Finally, the end columns provide an insight into branch/neg applicants registered - as part of a morning meeting, fresh applicants entered into your database should be comprehensive - and therefore given the best chance to be matched correctly which, in turn, leads to more viewings and properties let
In addition, prospecting can only be successful where data is excellent, therefore it is important to get the data quality right at the beginning of their journey within your database

Understanding the metrics

Before reviewing your data within the report, it is essential that you are comfortable with setting the date range options at the top of the Lettings Daily Report screen

The Day/Week column range will offer today, yesterday, this week, last week and a two date range pick option - the month range is either this month to date or last month

Each metric listed below refers to each set of columns presented in the Lettings Daily Report, click a link to skip to the required section:

Appointments

Both MAs and viewings are covered in the Appointments section
As mentioned, before progressing, make sure you are comfortable with the Diary Date to Use within the Settings screen

Price Reductions

Reductions by day and month to date are shown

Instructions

An instruction is counted where a property record status moves from Market Appraisal to To Let - Available
The ability to view your Managed numbers is key, as the aim should be to achieve the highest possible number
There are Count and Managed columns for basic numbers achieved, but the % Managed and Av Weekly Rent columns are where fee performance is best reviewed

At the top of the report is the ability to toggle between:

Show Total Fees
Choosing this option will display a Total Fee % only for the given time period
Show Separate Letting and Management Fees
Choosing this option will expand the columns to provide you with an Average Letting Fee & Management Fee achieved

Property Withdrawals

Shows properties with a status change to Withdrawn with a journal entry added in day or month
Useful to investigate results further and ask such questions as:
Have we set a next call date at a suitable time to revisit a conversation with the landlord?

Pending Offers

Adding offers is an option not widely used within the system for lettings, but it has a number of uses
Adding a new offer against an available property helps determine the level of interest received; only the proceedable offer should then be moved into an Arranging Tenancy, with the others being marked as Rejected
The columns within this section could provide a gauge toward a pre-pipeline view on potential fees and average rent

Withdrawn Offers

Following on from Pending Offers above, withdrawn offers provide a picture of the monetary value of offers that have been withdrawn or rejected

Cancellations

Tenancies that have been cancelled and recorded in the journal will appear here under count and fee lost columns
It is important that the user recording the cancellation has clearly stated the reason for the cancellation and placed into action a future contact mechanism

Arranging Tenancies

The main pipeline for the business.
The option to separate Show Separate Letting and Management Fees is also available in this section (as outlined in the Instructions section above)
As tenancies are at Arranging stage, managers can review the potential for upsell (e.g. Let Only to Fully Managed) and place actions accordingly

Current Tenancies

Allowing you to view your conversions from Arranging to Current Tenancy together with Average Weekly Rent & Fees
The option to separate Show Separate Letting and Management Fees is also available in this section (as outlined in the Instructions section above)

Register

Properties currently holding an Available status

New Applicants

An obvious but very useful statistic for continual review
By reviewing the new applicant data regularly, teams can overlook missed opportunities through poor data quality
Getting the data right early gives the applicant the opportunity to be serviced correctly and for prospecting to be successful