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Starting a Letting Agent Business

C

cleaningbiz

New Member
Hi, I have been running a cleaning agency for the last 5 years now and it has been very successful! It is more or less running itself now and I am looking to expand into other things.

I have a few properties of my own that I have been managing and renting out for the last 10 years and I feel I would be more than able to do it for other people. I'm just not very sure how to go about it! I know I don't need any qualifications to open an agency but does anyone know of any courses etc in the Glasgow area that may be helpful or can anyone offer any advice and tips.

All comments appreciated!! Many thanks.
 
Mike Lewis

Mike Lewis

New Member
I guess that certain aspects will be the same as with any other business. First and foremost, you need to make sure there will be a demand for your services. Find out how many private landlords there are in your area, how many other agencies are already serving them, and what added value you can provide that will put you ahead of the competition.

Then there's the question of costs: will you be able to get enough business - at a high enough price - to cover your overheads?

These are all areas that should be covered on a course for new businesses. But you might want to think hard about these sort of questions even before you start looking for a course (assuming you have not already done so, of course).

Mike
 
Alan @ localbizmarketing

Alan @ localbizmarketing

New Member
There are various things to consider in any new venture, Mike's points are all excellent and extremely important.

Depending on the location of your business, there might be a start-up grant available from your local council. Worth checking out - go to your local council website.

I can let you have a copy of a four page report specifically on starting a letting agency business, if you would like. It will provide quite a lot of information about starting a letting agency, and most people find these reports very helpful. (I have them for lots of different types of businesses)

If you would like a copy, go to my website and fill in your details and I will email it to you. http://localbusinessmarketinghub.co.uk/contact/

Hope that helps, and if you have any more questions just ask.

Cheers,

Alan
 
M

Michael

New Member
Hi cleaningbiz,

The above comments are all very sensible. If you are planning on starting a letting agency business it also makes sense to do so with professional guidance and support. For that reason you may be interested in my company's specially developed business packages and property website packages. You can learn more about them here: http://www.lettings-opportunity.co.uk. Our products are highly successful and we have numerous testimonials. We include Scottish law and special tenancy documentation for use in Scotland.

Apart from our low price, the only other thing I would ask in return, is that you invite me up for some haggis shooting on the moors.

If you have any questions, you are welcome to contact us from our website.

Best wishes, Mike.
 
Ruth Gilbert

Ruth Gilbert

New Member
Also tenant reference checks seem to be pretty important. I recently met Lindsay who has a referencing company called Creditflow Ltd. at www.creditflow.co.uk She impressed me with the extra level of checks they do over standard ones to reduce the chances of a dodgy case slipping through. (As happened to my in-laws for the flat they let, to pretty stressful and expensive effect.)

Vetting tenants seems pretty important, especially in this market to protect the landlord as much as possible and also to protect the tenant as a duty of care to make sure they can afford the property and won't face eviction.

Apparently, a unique selling point of Creditflow is that it has a 'panic button'. Agents press it on the date of default and Creditflow start stabilising the tenants position so they pay their priority debt e.g. Rent and council tax over unsecured debt.
 

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