What's involved in running a letting agency

In Lettings, there are two main types of service:

“Tenant Find” also known as “Let only”

Introducing a tenant to the landlord and setting up a tenancy for a one off fee. The Landlord would manage the property thereafter.

"Full Management Service" also known as "Fully Managed"

A one off letting fee for sourcing a tenant and setting up the tenancy, then charging an ongoing percentage of the monthly rent collected.

The role of a leting agent consists of the following activities:

Promoting your services to Landlords
Providing rental valuations
Sourcing Tenants
Applicant matching
Carrying out viewings
Completing tenant referencing
Preparing tenancy paperwork
Arranging an inventory before the tenancy starts

Collecting the first months rent and bond
Checking in tenants
Handling ongoing rent collection
Sending Landlord monthly statements
Arranging for property inspections at agreed intervals
Organising maintenance should issues arise (using received rental income)
Managing compliance
Checking out tenants and re-letting the property.

What's involved in running an estate agency?

The key skill sets are the same. Your main role will be to market your clients property for sale and introduce prospective buyers in exchange for an agreed commission, normally between 1 and 1.5% of the sale price.

The role of an estate agent consists of the following activities:

Promoting your services to Vendors (sellers)
Providing sales valuations
Sourcing buyers
Applicant matching
Carrying out viewings
Negotiating sales offers

Liaising with buyers and sellers
Referring mortgage, insurance and conveyancing services
Producing a memorandum of sale
Progressing the sale to completion with solicitors
Chain management
Key handover

Do you need previous experience?

The key attributes required are; a degree of common sense, the ability to listen, learn and communicate effectively, to be proactive and to understand people from all walks of life.

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Is becoming a letting or estate agent worth it?

The role of a letting or estate agent will offer you an exciting, dynamic and well-respected position within your local community, with opportunities to meet new people on a daily basis, where no two days are the same. The financial rewards are excellent and you'll be in the driving seat of your business.