Sole Trader Letting Agent

[Louis252]

Hi i am new to site & looking for advice setting up as a sole trader Letting Agent.

I am going to be looking after a property for a friend as he is moving away to work in spain. Talks of this have lead to me getting a further 3 properties offerd to me by work collegues of my friends, these collegues have said providing I do a good enough job they will recommend me to people they know who have local rental property. So it may turn out to be a nice little earner for me in the future?

I have letting agent experience & currently let a property of my own by the way.

Was wondering how may others on here are small sole trader agents, how many properties you let/manage (how many do you advise you can let on your own?) & your sucess stories.

How do you keep up with the big high street agents & do your landlords prefare the "personal touch" you can offer them compared to the bigger high street agents.

Look forward to hearing from you!

[Paul_f]

I've sent you a private message.

[mind the gap]

I've sent you a private message.

And the point of telling us that was...?

[johnboy]

You cant resist it can you?

[ram]

How do you keep up with the big high street agents

We say we are open 7 days a week, you won't get an answering machine after 5:30pm and saturdays and Sundays. You can park right outside to see us, and can always park outside and for free, are accessable after hours.

You can sit on a nice sofa to discus details, and not on a hard backed chair in a estate agents corridor, or tiny desk. You can visit us in the evenings after work.

We don't sell houses, as most of the letting agents do, so we wont be distracted trying to get a commision sale on a house, at the expense of ignoring you.

can see an AST, AND it will be modified for your property, and not be just a standard one.

We have dismmissed Managing agents for breach of contract, ( yes, i know there are good ones on here ) and had Managing agents ( a while back ) wanting to get out of their contract with us !, as they were just not up to the job, and that was one of the largest chains !

We research your property, get to know all that you know, the previous problems to look out for. etc because we take an interest.
We use the ARLA code of practice, and you don't have to be a member to work to that code of practice, and from my experience, not many members of the ARLA observe or work to that code of practice ( in my opinion, and via dealings with agents who belong to the ARLA )

Just some things we tend to offer, but working from home gives the above advantages that high street offices cannot offer.
There are many other things you will be able to think of, no doubt.

R.a.M

[Louis252]

Thanks RAM some good points there I hadnt thought of.

I was planning on doing tenant sign-ups at the property that way we can run through the Inventory together (which I know a lot of bigger agents "dont have time to do")

Thanks Paul F, sorry I have only just seen the message. I cant PM back by the way not allowed as only a newby to the forum.

[Poppy35]

I too am a LA, we too are open 7 days a week

You also wont get an answer machine after 5.30 pm (you will after 6.30pm tho!)

Seriously though, I set up my own business 10 years ago after working for a few independents. I got town centre premises immediately (not high st location but on the road leading to all the local solicitors and estate agents so a good foot flow past our office and very pretty location!)

Between myself and business partner we easily managed 150 properties and I even took a day off in the week when we were not too busy.

We got business by word of mouth, old landlords whom I had dealt with over the years followed me and it went from there. We then acquired another business in 2007 (adding over 250 more houses to portfolio), moved to bigger premises and then aquired another business in 2008. We have 4 staff but 6 of us altogether. Its hard work and long hours. Financially its not big money as big overheads with office leasing, staff, cars, advertising, insurance etc etc.

When we got bigger I spoke to my clients and reasurred them that the service they received from me would not change as we were growing and I would like to think that has not changed too much. It has changed slightly as always I was the one speaking to them and now its sometime one of the team but we have a good team so I know my clients are in good hands when I am not there.

Good luck!

[Louis252]

Can you Private message me your company name Poppy? just so I can see who you are & how far you have come. You really sound like you have got things right & taken off in your area.

I am seriously thinking of going into this full on & looking for extrenal landlords as thinking back the big agents I worked for in the past used to get things so wrong sometimes (as in let Landlords & tenants down) I always remember they NEVER cared. Plenty more tenants/landlords in the sea type of attitude.

Thanks for the responses fokes!

[Louis252]

Another question I had was what type of insurance liability cover will I need?

I wont have staff but do I need cover for when I an showing people round properties?
Do I need insurance if I am allowing people to call in at my home?
Do I need insurance to cover anything to do with the Landlords?

[cymro123]

Briefly, the key types of insurance you may encounter as a LA are:


Buildings and Contents - if working from home inform your insurer otherwise your policy is void. If working from an office office contents insurance is available from a commercial broker.
Business Interruption
Professional Indemnity
Public Liability - you could be liable for anything that happens to the public e.g. during a viewing or visiting your office
Employers Liability - when you start to employ people
Key Employee
Client Money Protection
Vehicle Insurance e.g. for conducting viewings


PL and PI insurance are not currently mandatory but recommended.

To register with the Property Ombudsman they require you to have PI insurance with minimum cover £100,000 and a excess of no more than £1000. The requirement to have PI insurance is also contained in the ARLA Code of Practice if you are thinking of joining ARLA.

Hope that helps

[Paul_f]

You cant resist it can you?Ha! Ha! Ha! Ha! My thoughts entirely.

[owen]

Hi i am new to site & looking for advice setting up as a sole trader Letting Agent.

I am going to be looking after a property for a friend as he is moving away to work in spain. Talks of this have lead to me getting a further 3 properties offerd to me by work collegues of my friends, these collegues have said providing I do a good enough job they will recommend me to people they know who have local rental property. So it may turn out to be a nice little earner for me in the future?

I have letting agent experience & currently let a property of my own by the way.

Was wondering how may others on here are small sole trader agents, how many properties you let/manage (how many do you advise you can let on your own?) & your sucess stories.

How do you keep up with the big high street agents & do your landlords prefare the "personal touch" you can offer them compared to the bigger high street agents.

Look forward to hearing from you!

I am a sole trader letting agent, it came about in much the same way as you - i have a few properties of my own which i let out, and through this got talking to other landlords who asked me to manage their properties. As i am also a builder it ties in well, as i am able to sort out general maintenance issues quickly and have also got quite a bit of refurbishment work through it, new kitchens/bathrooms etc. I now look after 8 other properties, and whilst it doesn't bring in a huge amount, it is easily managable along side my building business.

I only deal with students, as my own properties are student lets and it is an area i know a fair bit about having been one myself. I am also aware that i have been very lucky so far, with few problem tenants. However, reading this site is making me realise the gaps in my knowledge!

[owen]

I would also be very interested to hear from simliar people, like i said in the post above, i know i have a great deal to learn on the subject, but it is heartening to hear of other people in the same boat, with the same queries and problems!