A letting agent acts as a facilitator for private owners to rent and manage their properties. Currently, the UK does not have strict requirements governing the letting business. However, there are some critical steps anyone aspirating to get into this industry should follow for them to succeed. But first, let us look at what it takes to start and run a letting agency.
What running a letting agency involves
Nowadays, most people run their business from their home office as a cutback measure and letting agents are no exception. Landlord and tenants can be met at the property, emails can help you with paperwork, and payments can be made electronically. Ideally, this implies that your website can double up your business window and an office.
The role of a letting agent
Ideally, the role of any letting agent is to bring property owners and tenants together. Landlords have the options of having their property “Let only” or “Fully managed.” The plan chosen depends on individual needs on the landlord or what the letting agent can offer. Professional letting agents can handle anything from a country house to a huge apartment.
What it takes to become a letting agent
You need to get some training/experience in areas like business management, accounting, marketing, and law to become a letting agent. Without prior training/experience, sign up for a letting agent course to gain in-depth understand the letting business well. Here are some aspects common to this profession.
- What a letting agent does
- Marketing services to local landlords
- Advisory role to both landlords and tenants
- Advertising property attract tenants
- Conducting viewings
- Preparing legal documentation and finalising paperwork
To run a letting agency, you need to be organised and responsible. Interpersonal skills and sound communication skills are also useful in this profession. Of course, you need be knowledgeable on the legal side. These attributes go a long way in helping your run the letting business in practical terms.