Starting a letting agency is a dream for many individuals. Some people think you can simply set up shop and the business will take care of itself. However, that’s not how it works in the real world. The life of a letting agent can be difficult, exhausting and extremely competitive. Before you decide to start your own letting agency there are some important things you should consider first.
Qualifications and Courses
It’s vital to have a full understanding of the letting industry. If you have qualifications in this area it enhances your credibility with clients. This industry is continually changing which means you should also keep up-to-date with the latest developments.
A wide range of courses are available for individuals who want to start their own letting business. Courses such as residential letting and property management course and business skills courses are available from bodies like the Association of Residential Letting Agents (ARLA).
Know the Rules and Regulations
The letting agency industry is a responsible business. Various contracts and agreements are signed and money changes hands every day in this business. This means this industry is governed by various rules and regulations which have to be adhered to. Make sure you understand all of your obligations before setting up as a letting agent.
Experience
Qualifications and courses give you a basic understanding of the letting business. However, nothing beats actually working face-to-face with clients and fellow workers.
Many people who start their own letting agency business work for other agencies first. This is where you develop a range of valuable skills you could never learn from a training course. Customer service and sales techniques are just some of the skills you develop when you work as a letting agent. These are the skills you can transfer to your own business when you decide to go it alone.
Know the Area You Operate In
As a letting agent you need to know the area you work in inside out. You should know what the local neighbourhoods are like, what transport is available, what amenities are close by, how much local rent costs and much more. This takes a lot of research and time. However, if you have all this knowledge your credibility increases and you are more likely to make a sale.
Location
The location of your office has the potential to make or break your business, long before you even start trading. You need to be in a busy area that’s easily accessible.
However, in recent years the internet has come to the rescue of many letting agencies. Posting your listings on your own website and other property-related websites gives you exposure to a large online audience.
Local Services
As a letting agent you want to be able to provide as many services as possible to clients. If there is a problem with a client’s accommodation you have to be able to react quickly. This is why you should have a list of reliable tradesmen, locksmiths such as Metro Locks and other service providers who can deal with any issue that may arise in the properties you let.
You can’t just blindly start a letting agency. You have to learn how the industry works, know the area you will work in and much more. By addressing the points above, you will be able to make a much more informed decision about whether or not you should start a letting agency.
