I keep hearing in the news that the "housing market" is falling, what does this mean for letting agents?
Put simply, it means big business and big profits for letting agents! It is important not to confuse the rental property market with the property sales market. Whilst the housing market for selling property is currently going through a definite correction in many areas, the lettings industry itself is very strong, partly as a consequence of this weaker sales market.
In fact, few people outside of the lettings industry recognise how much potential this trend is providing to letting agents. "Let to move" is the new solution for those struggling to sell - letting their property out to provide an income whilst the sales market is uncertain. In turn, buyers are likewise deciding to 'wait and see' what happens with house prices and therefore renting properties in the meantime, providing a steady stream of applicants to letting agencies, just like you could be running yourself.
In addition, increasing government legislation relating to lettings has seen a surge in demand for letting agency services from landlords needing professional assistance in matters such as the handling of tenant deposits. This demand is set to stay and indeed grow as more legislation and regulation governs the letting of properties. Running your own lettings and property management business with our training will allow you to profit from this - just as we do in our own agency!
Do I need to buy / lease office premises?
No, you can easily run the business from home. In fact, we recommend this option for most people as it means they can build their business up with low overheads and low capital investment. Once you combine a solid portfolio of managed properties with regular 'let only' business you can explore moving into office premises if you so wish.
There seems to be lots of competition in my area. Will this affect my business?
No, on the contrary, a large number of letting agencies in your area means that the market for lettings is prosperous and lucrative.
Do I need to use property management software to run my business?
Put simply, you do not need this type of software to start your business. We provide all of the information needed to run a successful lettings business using simple and easy-to-use Word and Excel documents.
However, there are several professional management software packages available to letting agents that can save you time and improve your efficiency once you are up and running. With this in mind we recommend a software system from one of the leading software companies in the industry which will give you the chance to see whether using property management software is suitable for you. This is the same software that we use in our own agency so we are happy to arrange a free trial for you and discuss your requirements.
Do I need to obtain a licence?
No, there is no licence required to become a letting agent.
How long will it take to get started?
This will depend on how quickly you absorb the information in the business package supplied. We advise setting aside some quality time to really get to grips with the information contained within as there is a lot to learn and familiarise yourself with. However, that said, we have previously had new agents contact us within 10 days to tell us they have let their first property. The great thing about this business is that you can work at your own pace and start when you are ready.
How are fees / commissions collected?
The business of letting agency is especially good when it comes to getting paid. All of your fees and charges are either paid in advance or ‘at source’, in other words you receive the rent from the tenant, deduct your commission and then pass the remainder to the landlord. This means no invoicing, no late payers and a cash flow friendly way to get paid. On the rare occasions where a tenant defaults and fails to make a rental payment then we explain in the business package the exact procedure to follow in order to resolve the situation.
How expensive is advertising?
We show you the best ways to get the most from a selection of low cost yet responsive advertising and marketing techniques. In fact, an entire section of the business manual is devoted to this important aspect of the business. There is no need to spend vast amounts on advertising to make your business a success.
What if there is a question I can’t answer?
Let us help. We provide a comprehensive support service via telephone and email to help answer any queries that you may have. We provide 12 months’ telephone support from the date you purchase the business package and beyond that we provide ongoing unlimited email support for as long as you require it. This provides our clients with the peace of mind that they are not alone as they learn the business and any questions can be answered by our lettings and property management specialists.
I have seen letting agency franchises advertised, how do these compare to your package?
Whilst franchises are a valid option for anyone looking to set up and run a letting agency the price tag of £10,000 - £25,000 makes them a very expensive choice, especially when you consider that there is still no guarantee of success. Our business package is a low cost way to receive all the core information required to start an agency with far lower risk and initial investment. Also, once you have purchased our package you are free to run your business the way that you want. There are no ongoing franchise fees payable to us, we do not impose any restrictions on how you choose to operate your business and yet you still benefit from our comprehensive telephone and email support service.
Do I need a lot of experience to manage properties?
No, we provide all the know-how and inside knowledge to put you streets ahead of many agents who have been in the business for years. The business manual that we provide runs through the entire process of letting and managing property and within a short space of time you will quickly build on this knowledge with real experience of your own. This way you will be earning money whilst learning the business.
Do you include a free website or website template with the business package?
We do not include website templates with our package simply because generic templates do not give your new business a very professional look. Our aim is to keep the cost of the initial business package as low as possible to get you started quickly and keep your spending focused on the things that count at the start.
However, we have recently developed a high quality, user-friendly website solution for letting agents and estate agents. This is perfect for those who want a professional and cost-effective web presence plus no web experience is required. Visit www.websites4lettings.co.uk for further details.
Do I need to make a large initial capital investment?
No, the complete business package, comprising 240+ pages of information, accompanying CD-ROM plus telephone and email support is available for just £279.95. In regards to your start up costs, it is up to you how much you invest in getting started, but it is possible to be up and running on a proverbial 'shoestring' of just a few hundred pounds.
How do I order my business package?
For fast delivery, simply call 01722 414 300 and order your business package using your credit or debit card today.
If you wish to order online you can do so by clicking here
For payment by cheque / postal order please complete the order form that can be downloaded here. Note: For personal cheques please allow 7 working days for funds to clear before we can send your business package.
If you have any further questions please email us at info@letting4success.co.uk
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