Running a Letting Agency

What Does Running a Letting Agency Involve? 

These days with cut-backs and the high cost of business premises, many people are running a business from home or a small office, and Letting Agents are no exception.  Landlords and tenants are met at the properties, paperwork is handled by email and post, and payments can be received electronically if required.  Your website is your shop window.

The Letting Agent’s role

The letting agent’s role is to bring together the two parties – property owners (landlords), and people seeking somewhere to live (tenants). In many cases the landlord requires only a ‘tenant find’ service, but these days more than half of all landlords engage the Letting Agent to let and then ‘manage’ the tenanted property. The property itself may be anything from a studio flat to a large country house.

The qualities required

To run a letting agency you really just need common sense and people skills – being able to communicate comfortably, both on the telephone and in person is also useful. Of course a thorough knowledge of the legal side is essential, as is a full understanding of how to run a letting agency business in practical terms. These aspects are fully covered in our training and operating manual.

 

The work involved

  • Marketing your services to local landlords
  • Taking property details and providing advice where necessary
  • Advertising the properties to attract tenant applicants
  • Listing tenants requirements and matching to properties
  • Carrying out viewings of properties
  • Referencing tenants and preparing the legal documentation
  • Receiving first rental and deposit, and finalising the paperwork

 

Where you are ‘managing’ the property, you would also –

  • Check tenants in against the inventory
  • Receive ongoing rental payments and forward balances to landlords
  • Deal with any maintenance or other issue that may arise (at landlord’s expense)
  • Carry out periodic inspections of the property
  • Check tenants out at the end of a tenancy.

Running an Estate Agency

What Does Running an Estate Agency Involve? 

The estate agent’s role is to bring together the two parties – sellers (vendors), and people seeking a property to purchase (buyers).  Often the sellers are motivated by time, and are keen to sell as soon as possible.  Therefore your job is to match buyer and seller as soon as possible, while managing the expectations of the seller and agreeing a realistic price to market the property at.

The Estate Agent’s role

The qualities required to run an estate agency are similar to those required to run a letting agency. Good communication is essential, and an ability to join together the two parties, sellers and buyers effectively when they have different priorities. We cover a range of negotiation techniques within our Complete Business Package, along with how to comply with the legislation with minimum fuss.

The qualities required

To run an estate agency you really just need to be organised and have a sense of responsibility as you’ll be handling large financial transactions.  People skills and and ability to communicate comfortably, both on the telephone and in person is also useful.  Of course a good knowledge of the legal side is essential, as is a full understanding of how to run an estate agency business in practical terms.  These aspects are fully covered in our training and operating manual, and don’t forget we offer a full support service if you get stuck.

 

The work involved

  • Marketing your services to local residents
  • Taking property details and carrying out valuations
  • Advertising the properties to attract buyers
  • Carrying out negotiations between seller and buyer
  • Carrying out viewings of properties
  • Communicating with banks and solicitors
  • Handing over the keys and collecting your commission

You may also wish to gain additional income:-

  • Creating a partnership with financial advisors
  • Provide an investment advice service to investment buyers
  • Create a partnership with local insurance brokers

We Cover the Entire Process

 
In our Letting Agency and Estate Agency Training & Operating Manual we fully cover the legal aspects, and take you through the entire procedures of running a letting agency and running an estate agency step-by-step.  We also provide all the legal documents, administration forms and standard letters that you will need to run your Letting Agency business in an organised, efficient, and profitable manner. 

If you have any queries or issues that you need help on, simply use our telephone or email Support Service, and we will provide you with sound practical guidance and help based on our own extensive experience in the business. 

Remember your success is our success. 

Look No Further. Get Started Today.

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