Working in residential property...what reaction would you expect were you to inform your international or non-dom landlords that your 2% fee could be returned to them when they receive their rent payment?
Sure, you might not find yourself in a position to ask a question like that all too often, but, for independent property management companies, structuring the way you send funds to your clients can have immediate and long term benefits for both you and them.
You don't have to be an expert in currencies to incorporate simple, transparent services into your pitch in such a way as to prompt such discussions and beef up the value of your management systems.
If you currently credit GBP rental income to the UK held account of your customer then aligning yourself with a currency specialist as a service provider designated to assist those customers will aid them in improving their return.
Equally, if you electronically transmit rental income to your overseas client then they currently bear the brunt of whatever rate of exchange their bank chose to apply. This needn't be the case and, with some deft positioning, you can add to your service range and improve your landlord's yield without increasing any exposure of outlay on your part.
If you feel uncomfortable throwing partners or affiliates at your precious customer, but, as a forward thinking marketeer you do electronically communicate with you customer base, peak their interest; allude to the trusted connection; inform them of your keenness to protect their interest and their returns.
Include details, a blog post, an expose or a biography on the FX partner you chose to work with into your periodical electronic updates and email communications.
By issuing a simple release on the 'Updates' or 'News' section of your website you put the ball in their court as to whether or not contact is made.
Giving your chosen FX partner a voice and a profile, allowing your customer to form an image of them in their minds, means you can be removed from the sales structure but still enhance the value added aspects of your work by way showing you're thinking about this area of your customers' activity.
A number of Prime Cap's affiliate/partners will include our contact details on or in the footer of statements or invoices sent out to clients. This usually prompts further discussion, but doesn't apply any pressure and removes the need for your staff to overtly state or engage in talks about the nature of terms. Prime Cap sits there as a dormant but relevant service, able to speak on our own behalf and contextualise the uses your client may have for us in a way personal to them, as and when called upon.
You're not a seller of currencies, but, in dealing with a global spread of customers you are providing them with a channel through which to engage with a business, trusted partner, that you know and who knows you; it is a risk, but, with that comes rewards.
If you are tasked with rent collection and disbursement for your landlords...sending them monthly or quarterly monies...then, by incorporating the rate saving capabilities of a specialist non-bank broker you are ensuring your client receives at least 1% (and in some cases up to 5%) more of the GBP you're sending to them.
Our simple model means that more foreign currency is credited to your client simply by improving the rate of conversion.
As both a payments company and an FX broker, Prime Cap can reduce the cost of sending GBP, or a foreign currency, internationally. Your UK bank may charge you up to £32 to send money to an account abroad. As well as being able to reduce this cost by over 65%, a firm like Prime Cap enables you to offer your client the ability to receive in the foreign currency of their choosing and without the need for you to hold foreign currency accounts or for them to hold a GBP account is they'd rather not.
Integrating a payments specialist in to the way you pay your clients removes payment processing activities from your monthly task sheet and, depending on the terms and arrangement struck with Prime Cap, can serve as an additional revenue stream for you too.
When we're talking to a prospective private client, or a prospective referrer, our overriding message is one of improvement and refinement of an existing activity. If your client or you are using a bank to do this then you are giving money away to institutions that provide a one dimensional service. Tailoring the message to your audience means you control the discussion, enhance your value and tie a client to you for more than just the monthly payment you make for them.
New property businesses launch on a monthly basis in London. More and more are pre-emptively establishing workable and revenue generating relationships with specialist service companies like Prime Cap. Cash flow and revenue generation are the single most worrisome concern for new independent businesses and we want to encourage those operating and venturing in to the sectors we already know to be the early adopter, learn and understand the practises of the more established brands in the space and avoid having to retro fit this type of union after the race has begun and the horse has bolted.
If you would like to find out more about the different structures we craft and the terms and arrangements we have in place with a number of Prime Central London's fledgling and established property portal and management businesses, give us a ring on 02031728193.
The Prime Cap team are ready and waiting.