New Letting Agent

[newbie1]

Hi all,

I am seriously considering starting a letting Agent franchise in my local area and wondered if anyone could provide any helpful advise on the below:

1) Research - Any websites, which provide reliable market stats.
2) Your View on:
(a) General market stability
(b) Has the market peaked?

3) What qualifications could i obtain to help promote professionalism?

I realise that the majority of these questions cannot be answered simply, but any advice would be most appreciated.

[Paul_f]

How well do you know your local market?
Have you undertaken an in-depth study of the competition, as one or two successful agents will be nigh impossible to dent their market share so don't try and compete?
Try and offer something different (difficult but not impossible!)
Have you compiled a thorough business plan?
Have you contacted your local Business Link/Chamber of Trade?
Have you got enough liquid capital to sustain you as well as all your business expenses for 18 months to 2 years?
The minimum you will require to obtain good premises, good promotion and good staff (because you WILL need staff) will set you back about £100,000
You will not be as successful if you work from home no matter what people say, and if you do you will always be on the job!
Minimum qualifications are the NAEA's Technical Award which will get you in as a member. It's also accepted by ARLA, but as NAEA and ARLA are in deep discussions about working very closely together, you will only need to join one. The exam will also arm you with a decent grounding of legal knowledge whereas a start-up pack will give you the materials but not enough of the legal stuff.
Are you in love because you might not be if you fail and take your partner/family with you!
You've got 2 ears and 1 mouth - use them in the same proportion!

[Worldlife]

<snip> 4. Have you compiled a thorough business plan?<snip>

Paul isn't the obvious answer to this question NO as many of the questions asked here would be resolved when setting up such a plan.

If newbie1 is setting up a franchise surely the organisation selling the franchise operation should give all the business development advice needed.

The "business plan" for all we know could be for a home based or an internet based operation.