If you are thinking of making a career out of being an estate agent, it is important to have a good grasp of what a letting agency is, its functions, and the services that you will be able to extend to your clients. You want to establish a business that will truly deliver outstanding service, while at the same time make sure that you are not going to be left wanting as far as cash flow goes too.
When opening your own estate agency, it is important not to only focus on the regular sale, but to consider offering lettings too. This is the best way to bring income faster. As a start-up, you would want to have better cash flow forecasts and settings tend to be of such a higher demand these days, this is one way of making sure that you will be on top of the game.
One advantage of having a management portfolio and a letting business is that you can trust that it will offer a big help in cushioning the agency in the event of a tougher market. When sales are dismal and there are only but a few interested sellers or buyers that want to enlist your services, it is easier to keep the company afloat through lettings.
Back in 2009, there was a crash in the property market in the UK. In a survey conducted by ARLA or the Association of Residential Lettings Agents, it was revealed that 76% of its members have witnessed other agents in their local areas who were focused on residential sales before that chose to switch to property lettings. This alone shows a lot how crucial the role of lettings is if you are to make it in such a tough, competitive business.
While lettings are expected to be a major part of the business that you are going to be running, it is important to have the right people like Danny Kelly Estate Agent in place. You need staff that is qualified and those that will also keep updated with important legislation that can affect how you run your estate agency. Law concerning lettings change constantly and not being able to follow it by the tee can have serious ramifications to the business in the event that something might go wrong.
Being part of organizations and other respected associations related to the business that you are running can help immensely too. Being a part of the ARLA is a good first step. Regulatory bodies such as the National Approved Lettings Scheme or NALS can help boost your business credibility too. In addition, you will need to have the right insurance policies as well as data protection to help rest whatever misgivings prospective clients might have concerning the legitimacy of the business you run.
Lettings play a crucial role in an estate agent business. It is a most useful shield to protect your company come harder times. It is also one way of producing income faster. One just has to remember though to get its setup right. Learn more about the importance of lettings by reading about Danny Kelly Estate Agent online.