Why starting a letting agency is the ideal business opportunity for landlords
Are you a landlord with time on your hands, and looking for a further income source? Perhaps you're a full time investor, or an employed part-time landlord seeking additional income or a change of career. Either way the skills and experience that you have gained as a landlord can easily be transferred to looking after other peoples' properties, and charging them for it! It is a well known fact that the best letting agents are landlords themselves. Make your landlord status clear in your marketing and you will find this beneficial in attracting new business. As most landlords know, finding a good letting agent is not always easy!
Let's consider for a moment why landlords generally make good letting agents:
Tenancy Law -
Through managing their own properties, landlords will have developed a good understanding of property law, from the tenant, landlord and health and safety perspectives. The motivation for this has of course come from the necessity to understand and mitigate their risk in the course of building and running their property portfolio. This is one of the fundamental areas of knowledge and experience a good letting agent needs, and one that is highly valued by potential landlord clients.
Tenant Selection -
As most landlords will testify, the secret of smooth and problem free tenancies is the careful choice of tenants. Landlords who have looked after their own properties will understand this more than most, and the referencing, judgment and selection characteristics that have been gained in their experiences with their own tenants will transfer to those of other properties. Smooth running tenancies make the letting agent's job a pleasure, therefore experience in tenant selection is paramount.
People skills, customer service and diplomacy are important attributes for any letting agent, and landlords who have built their portfolios from the ground up will understand the importance of this. As a professional landlord and letting agent, you will wish to become known for your customer-focused and dipomatic approach in dealing with both tenants and landlord clients alike. This can lead to both longer tenancies and additional business from other property owners who will value your skills.
Property Maintenance -
Although not an area generally associated with good letting agents in the UK, landlords who have run their own properties will be familiar with at least the fundamentals of property maintenance and repair. Whether internal or external, freehold or leasehold a good practical understanding of the fabric and key installations in a building is an important asset for a competent letting agent.
Business, Finance and Bookkeeping -
Most landlords will understand the importance of being organised and keeping accurate records and accounts. As a letting agent these aspects are especially important as agents handle monies from a variety of sources (tenancies) and on behalf of multiple landlord clients. No problem here, as we provide a choice of excellent letting agency management software systems that make record keeping and accounting tasks a breeze.
The Southcourt Letting Agency Business Package covers in step-by-step format all of the aspects mentioned above, and details how to put them into practice in the processes of building and running a successful letting agency.
So if you're a landlord seeking a further income stream, contact us today, and we'll help you put your skills and experience to profitable use as a letting agent.