@Colleen - how long has the LL been with you? An interesting question I ask when I go into a new office to work with their team, is for them to show me steps they take to acquire new business from another agency - marketing, gimmicks, incentives, activity, mail outs, commission paid to staff or referrers, advertising, their new business database / targeting etc etc - which is generally a focus and effort put in by all.
Then I ask them to show me the program that they have to retain their existing clients (the same clients that their competitors are targeting with their marketing) and sadly the “retention strategy” is lacking, if there is one at all. If you had a landlord with you for 2- years - maybe movie tickets - 3- 5 years - maybe a lunch with you is in order )if they are local) - 6-10 years overnight stay in a hotel / winery (something) - you see where I am heading. Maybe run a Landlord event with good speakers just for your 3-5 Year landlords and another with a great speaker / sportsperson etc for your 5 year plus landlords. Nothing to do with real estate, but you want the LL’s to have positive experiences when they think about your agency - everyone likes to be “rewarded & recognised” but our industry does it poorly (in general).
Existing clients are so much easier to introduce new (profitable) products & services to, they are more likely to be your referrers, more likely to not be as hard on your / your team when you stuff up because you have credibility, and more likely to bring on other properties when they build your portfolio. I can’t offer much with this lost management - but when a LL moves management for fees - (generally) they have no longer seen value in the service so they go price shopping…shitty situation I know - but maybe do a quick summary on your “Existing LL retention strategy” and see if there is room for some new initiatives - hope this helps you and anyone else that has taken the time to read it.