Carrying out your research – Part 1

Part 1 of 2

Preparatory market research is necessary in the planning stage of any new venture, but for anyone starting a letting or estate agency it is especially important, as certain key factors differ from area to area. We cannot provide the answers for you, but we can tell you how to carry out the research, provide support and guidance, and how to utilise the results to your best advantage in setting up your new agency business.

You’ll need to discover the following:

  • Information about existing letting or estate agents in your area
  • Local property values for various property sizes
  • The average letting / estate agency fees & commissions that apply locally (Example:  for every house sale you can set your fees at 1%, which is £3000 for each sale, and we expect you to reach several sales per month in time).
  • Your most fruitful sources of potential customers
  • More about your area through the eyes of a letting or estate agent

In the Southcourt Business Package we show you how and where to find this information, and how to use it to learn key facts about the rental and property sales scene in your proposed working area, and in planning your working methods and marketing strategy.

We also include specially designed research sheets, one for values and the other for agency fees and commissions, to help facilitate your collection and analysis of this information. These are vital exercises for anyone planning on becoming a letting or estate agent.

Before you can start researching the necessary information, the first step is to make a list of the name, address and telephone number of every letting agent, and estate agent that offers a reasonable service in your proposed working area.

How to source the information
The web: Go to Google and search ‘letting agents yourtown’ and ‘estate agents yourtown’. The Google map shown includes a list of every agent who has a presence on Google – make a list in a spreadsheet of these. Then go to Rightmove, click on “Agents”, and search for agents in your area. Make a list of every local agent you find. Record their name, address, phone number and website address. You can do the same for Zoopla. Yell.com and other directory websites, plus Yellow Pages, Thomsons and other local paper directories: The headings to look under are: Letting Agents, Estate Agents and also Property management. List all local letting and estate agents as above.  Local newspapers: Buy a copy of each local newspaper which carries advertisements for property to let or property for sale. Make a note of any letting or estate agents not already found by the above means.

In our Business Package we provide specially designed research sheets to simplify the tasks. We also explain how to use the information you obtain though local research to benefit your business start-up.

Most importantly we explain how existing local letting or estate agents can help your new business – without them even realising it!  Indeed, the more agents there are in your area, the better!

Next Step
The faster you get moving, the faster you will develop your business.

For that reason we recommend that you get the ball rolling by ordering your business package today.

You can order from our website southcourtproperty.co.uk

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