Hybrid letting agent!

[Newstart21]

Hello to everybody,

I am currently working as a self employed contractor for various aspects within building maintenance. I have been established for 20 years and have built up a very good reputation within my geographic area.

I would like to gradually move into an area of work that is less physical. I think that becoming a lettings agent could be a good fit for me as I am a people person with good communication skills.

I have a couple of question to all you landlords out there.

Firstly: would you take seriously a former tradesman who has swapped careers?

Secondly: would this see this as advantageous that rather than just being office based (I intend to run this from home), I had some abilities to be able to actually do some of the necessary work that may be required from time to time by a tenant?

Any further comments will be much appreciated.

Many thanks,

J

[DorothyMckenzie]

I think if you became thoroughly versed in landlord and tenant law, HMO regulations and kept up to date with all the regulations landlords have to comply with that would be the biggest advantage over many agents. Also if you were honest fair and charging fair rates to do required house maintenance then that would also be an advantage in my eyes too.

[DorothyMckenzie]

The fact that you were a former tradesman in my eyes makes you look like you ve at least been making an honest hardworking living for yourself which is more than can be said for many existing agents.

[alice123]

I wouldnt judge a former tradesperson changing careers as it would come in handy for repairs,

However , you couldnt really do this from home , you have to interview tenants and go through documents with them , this couldnt not take place in your home -

You also have to be registered and there are a lot of legal aspects to take into consideration -

You would have to really know the lettings business and there are strict rules and protocol to follow , licensing acts, landlord and tenant act, how to serve notice , how to protect the deposits, how to ensure properties are looked after , how to deal with tenants, annual inspections,

You would probably have to do some sort of property management degree and perhaps work in an estate agents office to kick start your career -

im a former landlord so dont just take my word on that but thats what i think anyway

[Newstart21]

Thankyou Dorothy, and Alice for your replys.

I’m currently signed up to some quite intensive courses. I intend to really be fully informed and qualified before I move this business forward. One thing I’ve learned about business is to be very astute and to do the groundwork before the building!

I previously, many years ago, worked as an estate agent. I really think that it’s money for old rope! The work I’ve subsequently done has been great, but I really have earned my money, and likewise consider the position of a landlord being in the same vein- if you are putting hundreds of thousands of pounds into an investment, you don’t want to be giving away part of the profit for not very much work!

I intend to be different- and to work hard and provide a really good service for my money.

it’s very encouraging to hear your views. If there were any pointers that you could give to what you feel I could say or do as a unique selling point, I’d be grateful to hear.

thanks ,

J

[Beswick]

I intend to be different- and to work hard and provide a really good service for my money.

J

It sounds great, and you're obviously hardworking. The flaw in the model, in my opinion, would be when your business gets big enough to require employees.

With the last agent I used, the manager was great but the staff were hopeless. They repeatedly ignored my (perfectly reasonable) requests, made mistakes, left lights on after viewings - even left the property unlocked overnight once ! I got the feeling that they saw it as a stop-gap job until they could get something 'better'. I didn't want to be the one repeatedly asking to speak to the manager. After previous problems with another agent making mistakes protecting the deposit, I decided that I'd never use an agent again.

[cymro123]

Nothing wrong with career changes. Before you commit to a change do some market research in your chosen area/sector and consider how changes in the future may impact your idea. Think about your USP - what makes your business unique? And if you think your idea is viable based on your research and the business can offer something truly unique develop a business plan that includes things like what training/qualifications you/employees will need. Good luck

[boletus]

Redirect:Hybrid letting agent!

I am a people person with good communication skills.

This should have been communicated on the 'Letting Agent Questions' forum.

Secondly: would this see this as advantageous that rather than just being office based (I intend to run this from home), I had some abilities to be able to actually do some of the necessary work that may be required from time to time by a tenant?

I don't understand the question.

If there were any pointers that you could give to what you feel I could say or do as a unique selling point, I’d be grateful to hear.

Perhaps don't use this as your USP;

I really think that it’s money for old rope!

[Newstart21]

Thanks for the input so far. I intend to work very hard at this new venture. Do you think it’s feasible to be running a secondary business (my original business) whilst this gets off the ground? Would that put you off as a landlord?

also landlords, what method of marketing attracted you originally to your agent?

[Beswick]

also landlords, what method of marketing attracted you originally to your agent?

I met my first agent at business networking

[islandgirl]

You have already passed the first test - ignoring the negativity in the 3rd post above mine....well done!
As for my advice - I hate using agents (bad experiences!) and I am sure I am not alone (sorry that sounded negative too but it is honest - doesn't mean you cannot change my mind!). You need to convince people like me that you will actually have my interests at heart and not your commission...I am sure you will have, it is just getting this across to people like me! At the moment I use agents merely to find tenants and then run the let myself. I hate things like agents charging huge fees to renew a tenancy after 12 months etc etc....your marketing could be based on "fine fellow fair fees"!!!