Yet another maybe I'll be a letting agent/property manager thread

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    Yet another maybe I'll be a letting agent/property manager thread

    Thank you for taking the time to look at my post. Sorry for the text wall.

    First a little background info. I am being made redudant and while I am trying to get another job, I am finding it very difficult,although I am a very hard worker I am young and so have little experience. I was considering trying to be a letting agent locally (this forum is very usefull especially, http://www.landlordzone.co.uk/forums...nagement+agent

    I would need to earn before tax £1000 pcm (I'd be self-employed so have to pay my own NI, and have no pension contributions) to be able to continue living here. I would be cash poor but however time rich, so this is how I'd be able to compete, though I wonder if I should focus more on the physical.

    I imagine my target market would be accidental landlords/or those who invested in the area but didn't want to/didn't have time to manage properties.

    My service USP could include

    Taking prospective tennants on viewings/answering calls even on sundays and weekends. I spoke to three people last sunday looking for places to rent, just by standing outside the shut letting agency for an hour. (If most of your customers work 9-5 Mon to Fri, why in god's name would you close at the weekend???)

    Performing regular inspections to find out if tennants have subletted their room to seven travelling dwarves.

    Doing general handyman work.

    ?mowing the lawn

    I'm apprehensive about some of the more legal/paperwork area I could certainly do other management functions,(taking photos, youtube video, floorplans(I can buy meausirng tape and get software to make a floorplan,cgi model, get quotes, text, arrange work,send copies of the recipts to landlord at end of day. I have a mobile with pictures and can get wifi from mcdonalds/pub not very difficult.) and there are plenty of letting agents online. I did wonder about offering a full service for accidental landlords likley working full time and simply subcontracting out to upad or similar for what I can't do however I understand they don't accept agents; So I wonder about a "management only" service for those landlords with the knowledge able to do all the remote items but not wanting to travel?


    I read in the other thread that 7 properties would not be a full time job and three times that managable. I want a full time job(or at least the pay of it and am willing to work hard)

    So I figure £60 per property per month on between 17&24 properties. Or for the full service if I can get that to work £200 one off then £60+2% pcm.

    What do you guys think? Is there a market for either of these services? Do you think management only might be better, or maybe both with subcontracting to online sites for rightmove, etc. Can that be done or would I have to rent then sub-let? Any ideas on what insurance would be needed?

    #2
    Originally posted by JT8255 View Post
    or would I have to rent then sub-let?
    Stop !
    No way do you rent, then sub-let..........

    You will not get get landlords unless they have had a problem and want to change agents,and they will look in the papers / on-line for agents.
    You wont get landlords if you send flyers to flats as the tenants will just bin the letter / flyer.

    You say you are looking for a job, so apply to an estate agent that does lettings, so as to get experience.

    I admire your guts and determination on standing outside the agents, but then you do not have any flats to offer the passers by.

    Remember that the profitable letting agents are the estate agents that do lettings.
    They have the income from house sales, and letting is pocket money, allthough an inconvienience to them.

    You need £ 2000 per month to live and do your lettings, and your costs in time and advertising come out of that.
    You cannot do it on £ 1000 per month.

    I have the time and the money to set up a letting agents tomorrow, but it's too much effing trouble for the small return.
    ( Effing is a town in England )

    so you want to do it part time and have a full time job.
    Me thinks you would be sacked when you get too many calls about viewings, boilers, doorlocks, next door families from hell -- etc etc.

    Get experience in a letting agents first.
    You can't afford not to.

    R.a.M.

    Comment


      #3
      Thank you ram.

      OK I wont let & sub let. I am just doing market resarch at the moment.

      Sorry I wan't clear when I said I wanted a full time job I meant I was willing to put 37.5 hours a week into this idea if I could get enough money to support myself. Though it would be handy to be able to start in the evenings not essential, if I could build enough business in a month all the redudancy pay out I'll get is one months salary

      OK, So I'd need to double my prices. You say it's too much effing trouble, but I presume your not worrying about where your next meal is coming from or having to go back to jobseekers allowance.

      Belive me if a letting agency will take me on, I'll go. How do I get experience in a letting agency when all the jobs I've seen in one want experience in a letting agency? At the moment I am still working in my job so would have to do weekends evenings but could soon switch to full time days. I've been dropping CVs in local agencies doors but haven't heard back yet.

      Comment


        #4
        Originally posted by JT8255 View Post
        How do I get experience in a letting agency when all the jobs I've seen in one want experience in a letting agency?.
        Offer to work for nothing, i.e. as an intern, to get experience.

        Comment


          #5
          Originally posted by JT8255 View Post

          Taking prospective tennants on viewings/answering calls
          Tennants = A brand name for beer. Tenants = Persons renting a property.

          Recipts XX...
          .receipts.

          'I before E except after C'.

          (sunday) ( likley) (managable
          Sunday....proper names have a capital letter.

          Likely......

          Manageable.....some words do leave out the 'e', learn the difference. in this case the 'e' is left in because it modifies the sound of the 'g'.

          Seriously, if you intend to be an inventory clerk or letting agent then spelling and grammar are important.

          Comment


            #6
            Originally posted by The grammarcop View Post
            'I before E except after C'.
            Except when your weird foreign neighbours called Keith and Sheila who wear beige are running a heist, that is...

            Comment

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