Starting a Letting Agency
A letting agency is a term of British origin, which refers to the agency as a facilitator through which an agreement reaches between a property owner and tenant for the rental of a residential property. The agency earns commissions from the process.
These commissions constitute the income of the letting agency, earned largely through the negotiating skills of the facilitators of the rental agreement.
A letting agency is an enterprise, which requires minimum investment for setting up an office as it can be opened from your own home. When dealing with a residential property owner and a prospective renter for it, you see the property owner and the one renting it at the location of the property itself as the most fastidious way of pursuing the transaction. You just make the arrangements mostly by telephone. It is therefore necessary that you invest in a good cellular phone, as it could be your main tool in making all these prior arrangements to meet the proprietor and the renter in the property’s location.
Be Abreast of Residential Properties Offered for Renting
There are no regulatory laws that you have to worry about because all you do is just to negotiate between the residential property owner and the prospective renter and help them to come to terms for the rental transaction. To have a good knowledge over this business can help you to convey the message to your clients looking for various places to rent; you must be conversant of what properties there are up for rent as well. Maybe you can join associations of letting agents or real estate agents where this kind of information is readily available for a small association membership fee. On the other hand, you must be abreast of the classified ads in your local paper on these properties available for renting.
Have Good Transportation and Communication Facilities
As these are the main tools of your trade, ensure that you have a reliable car, and as mentioned earlier a good cellular phone, so you can communicate from anywhere, even if you are not in your office, if a renter or a landlord contacts you. With these tools that make you a highly mobile person, you can even meet the people concerned with an upcoming rental transaction in coffee shops nearby for talks as the negotiations progress. If you have a laptop, you can even carry around digital copies of the documents you have for the letting or rental transactions you have pending in your files.
Starting a letting agency is actually a breeze as long as you are the kind who loves meeting and talking with people, and make some pretty commissions on the side. The need to develop your skills in salesmanship is necessary; patience and a willingness to be a good listener to both the property owner and the renter will be helpful. Learning these skills however is not expensive, just reading up on psychology books and constant practice on your part will do the trick. That way, you earn honest money from your letting agency.
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