Hi all,
I have been letting my properties out using an agent for a couple of years now and cannot believe the mistakes that these letting agents make. Every time, it seems to be the same stupid things.
I was wondering has anybody ever thought of starting a letting company up, I know this has probably been covered in past posts, but thought I'd start a new one anyway.
Anyone actually done it and made it, or tried it and thought....nah??
Anyone know where I could get decent courses for free on how to become an agent, how I would become qualified to join ARLA or similar bodies to add professionalism to it?
Would love to hear your thoughts as I am seriously thinking about this as an option, as I am perhaps being made redundant soon. So would like to get started learning the ins & outs sooner rather than later!
Cheers
Wesley

Hi Wesley,
Good to see you back on the forums. Sorry to hear about your work - are you still based out in Germany for the time being?
Letting agencies are tricky things to get right. It's not particularly high margin work, so they are trying to cut corners wherever possible.
I've seen some people with large portfolios go from running them themselves to taking other clients' properties on. I think it would take time to build up an address book of landlords to service. I have never worked in a letting agency, so maybe others can shed some light, but I'm guessing you would need numbers of properties in the hundreds to have sufficient scale to be busy / profitable.
Hopefully someone else will chip in some pearls of wisdom, but I wish you all the best mate.
Thank you
Albert

Hi

This may be an old thread but I am new and just saw it.

I have some knowledge of this and the general rule seems to be that you need a minimum of 30 properties under managemnet to be anywhere near worthwhile and many more to get rich.

Of course it all depends if you are doing everything yourself or having to employ someone with some knowledge to get it going for you.

Lots of people look at it as easy money but it isn't - you can guess that tenants can be a pain but guess what - landlords can too.

Having said all that - with the cost of property in the UK at present the rental market is always going to be busy - you just need the right property.

Oh - one other good thing for someone starting who is going to offer good/great service - lots of the big players are absolute rubbish so again - like most businesses - if you give great service then there is scope.

If this is still of interest and you want more information I can pull some out for you.

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Brian
AquilaResorts.com

I totally agree with the above - I also found that my local letting agents totally useless, so I set up my own agency, firstly to handle my own properties and also to offer a decent service to other landlords. I've been going for 2 years now and manage almost 80 properties in total. What made quite easy was an excellent business package I found from Southcourt Property, a London based letting agency. Can't post the url but just search for their name on Google. Best money I ever spent. If anyone want some advice on setting up an agency, they are welcome to pm me. Good luck!

Sorry to butt in in the forum but I am after some advice regards to the potential purchase of the "Southcourt Property" letting package. My worry is that I will spend out £595 and recieve nothing but a binder full of photocopied A4 sheets and a drab website.
Are you able to offer any re-assurance at all? Also is it something I can start around my current job; And how easy/soon can this business be started by someone of whom has no prior experience?Any advice would be greatly appreciated.

Many Thanks Hufty!

Well look at Interhome in Switzerland, they had to start somewhere and now they are Europes largest.

Like all markets, if you are good you will make money, if not, the wall beckons.

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Sorry for the delay, don't get here much, I'm far too busy. Yes you can start part time, that's what I did. As I said in my post, the Southcourt Package is the best thing I ever bought - detailed manual, documentation, software, website, and very high quality and patient phone support (email support too if required). There is a fantastic range of websites on offer. No experience required - it's all in the manual. But you have to like dealing with people, and I do so no problemo there. This business is not for dreamers, it's for doers. So just do it, you'll never look back. Good luck.

I have been looking for someone to run a letting agency from my well located commercial premises. Contact me if interested. I will not charge a rent. South Hertfordshire area.

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Been investing abroad a few years. Always amazed people invest in places that produce just a few months rent per year

If you are letting overseas you may have to regulated in the countries you are operating so make sure you comply. The UK to my knowledge you do not need to be licenced.

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sorry for hi-jacking this thread guys,

Basically i am thinking of starting up my own letting company with a close friend.I still have a full time job and would do this in the afternoons when i have finished for the time being..My question is what would i do about the tax side of it?? Would it affect my tax at my current job or could i sort the tax out separatly and not have it affect my current job??

hope you guys can help me out with my questions

many thanks

adam