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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. Everytime, 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
Simon |
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Hi Simon
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.
Will
Landlord Trader |
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Cheers Will,
Nothings decided, but yes I'm still in Germany, for the time being. I want to be here till at least July really...World Cup and have tickets for Paraguay and Sweden, Paraguay match is 5 mins on the train from my house here, so if I miss this opportunity after 6 years here I'll be best pi##ed off!
The letting agent opportunity is something I was thinking about and will look into it in more detail, check some sites out etc.
My mother works for a building company, so I could possibly get some good contacts from her and her work colleagues. There could be a good number of investors buying on these sites, so there is a definite opportunity to be exploited.
Plus I'll save around 130 quid by managing my two properties in Cheshire & Manchester. So there are other incentives to this also.
I will let you know how I get on.
Cheers
Simon |
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Hi Simon, I would like to do the same in my area....would you like to ring me and we can have a chat about it..
Helen 07947 694 717 |
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Hi simon, i mangage my own and currently have 20 properties when my current sale goes through hopefully Friday. I also manage for 2 other landlords and help to expand there portfolios and can say that it is very easy, i have agency contracts if you would like them and also logos if you need any i trade as Quality Lets and you can do the same in your area. i recommend the Abbey business account as you can see all payments dropping into the account via the net. Also try and get all tenants to pay on the 28th that way you save time.
Every tenant pays an admin fee of £95 this covers contracts and admin and is payable upon renewal, if you can get a good maintanance guy then you can also make money on repairs and this can be where the bulk of you money is made. Most agents will just tell the landlord that repairs need doing and not many landlords have the time to sort this out and i do feel that this is where agents loose out on a potential income streme. Any way ive said enough could say more but dont want to bore you.
More compliance is comming in with ref to letting agency mainley landlords deposit scheme (pain in the ass)
All the best
Alex M |
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Hi Helen,
Let me know when the best time to call you is, as I can call from work?
Alex,
Many thanks for the info, that is great! I always thought my agents were making money on the repairs etc, wondered why they were so keen to carry them out.....:-(
I believe I would enjoy doing this sort of work too, as I am also interested in property. Had enough of the geeky work and fibre optics, so a change is as good as a rest I believe!
If you have any more tips, dont worry you wont bore me, or if you dont want to bore others, my mail is simon@coppingerproperties.com.
Cheers
Simon
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Hi Alex M,
Please bore away! We can all learn a lot from your experiences. I see this as a very important part of our business, thus any tips / lega tricks is an added bonus.
Thanks. Regards, Malik |
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Hi Simon
You can ring me anytime....look forward to the chat!
Helen |
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Alex.....please feel free to bore us or lets all meet up and bore each other!
Helen |
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Hi Alex,
You can bore away if you like, I would really like to hear about your experiences or hints & tips.
Cheers
Simon |
