FAQ's

Q1. How will Letting Vision help me start a letting agency business?

We will be giving you a blue print of our own established letting agency. We aim to pass on our own knowledge, website template, forms and legal documents as well as tried and tested systems in sales, networking and marketing that really work and won't cost you a penny. We will show you how to make use of free advertising to quickly kick start your new letting agency business. Our 260 + page training manual is detailed and covers all aspects of property management as well as detailing our own experience on how you should approach setting up a letting agency in the 21st century. We are effectively giving you a fantastic lettings opportunity to follow in our footsteps. You can be sure to be in safe hands as Anthony and Co Ltd is a nationally approved letting agent, and therefore can demonstrate a reliable and good working practice within the industry, something that you will naturally benefit from when making use of our free telephone and email support.

Q2. Do I need any qualifications when starting a letting agency?

At present, no qualifications are required to start a letting agency. Ideally you should be comfortable dealing with people from all walks of life, have a decent telephone manner, and a certain degree of intelligence when reading through the training manual.

Our comprehensive training and operating manual will guide you from start to finish through the stages of setting up and managing a tenancy, providing our own trade secrets, essential tips, processes, procedures and important legal knowledge you will need when to become a letting agent.

Q3. Do I need a license in order to become a letting agent?

There are various professional associations that you optionally join e.g. the national approved letting scheme (NALS) and the association of residential letting agents (ARLA). Although this is good for industry practice, there is no legal requirement to join their schemes. Given that you are able to comply with the relevant legislation, act honestly and fairly with your clients, then you are perfectly free to become a letting agent without any laws being broken.

Q4. How does a letting agency collect their fees from landlords and tenants?

All fees are collected either immediately from the tenant or from the tenant's rent before you forward the remaining balance to the landlord, therefore you won't ever need to invoice or chase for late payments. This not only takes away the risk and stress of non payment, but it also saves time and administration costs, meaning that more of your time can be spent on building the business rather than chasing late payments or debt which most other companies have to deal with.

Q5. Should I start my business from home?

Yes, wherever possible, you will need to keep your overheads to a minimum, especially when you are just starting a letting agency with no other stream of income. Once you have built a large enough property portfolio and are able to support the cost of an office, this is the time to consider the option; in the meantime you should enjoy the flexibility of working from home if you can. Should you already have an existing concern that enjoys the benefit of an office, then of course we would recommend that you utilise this space to accommodate your new letting agency.

Q6. Is the lettings training/operating manual and support you provide easy to understand and follow?

Yes, we have taken much effort to make our training/operating manual and support as clear as possible by splitting information into eight clear sections. We explain in a step by step format on various practical issues fundamental to the start and future success of your new letting agency. You will learn exactly what do in the many situations that may arise and the various legal aspects of the job to be considered. We also concentrate on how best to organise your letting agency and in particular the steps and procedures involved in relation to filing and accounts, learning when and how you should do this so that you have more time to build your agency further. We have also ensured that all of the agency documents, letter templates and marketing material we provide are easy to understand and use as well as being well designed and modern. Of course, if there is any 1-2-1 telephone support your require on any issue, this is included for free when you purchase the package.

Q7. There are other letting agencies in my area already. Will this be an issue when setting up?

As the market enjoys sustained growth, there will be an ever growing demand for more letting agents and therefore starting a letting agency should have no bearing on how you fair against the competition. There is enough business out there to go round, and you do not need that many clients on your books to enjoy a very good living. Also, by there being a lot of agents in the area shows that there is a high demand for rental properties so do not be put off. We will show you in detail how to work into the existing market and highlight in detail the advantages a smaller agency will have over a more established one. If you are determined and approach the market in the same way we did and adopt our proven working methods, there is no reason why you can't take a fair slice of the market share in your local area. Remember that given the average number of properties a landlord owns, you will only require a very small percentage of local trade to produce great results for your new business.

Q8. How long will it take me to start a letting agency?

This will depend on how quickly you study the training/operating manual you will receive with the business package. Once you feel confident and ready, you can begin the step by step process of our rapid start up plan found within the manual and be up and running between 2-4 weeks.

Q9. Do I need to spend a lot of money on advertising?

No, you can kick start your agency without spending a penny on advertising. The majority of people now search online and there are plenty of free property websites you can advertise a landlord's property on in order to help you get those first few important lets and build your cash-flow to expand further. Once you have got your first few lets and your business has properly taken off you could then consider the bigger portals such as rightmove and findaproperty.

We will detail a variety of effective and proven low cost marketing methods and provide you copies of all of our marketing material. We will show you how and where to obtain properties from local landlords without advertising at all. Our most effective methods of promoting your new business are virtually cost free.

Q10. Is becoming a letting agent worth it?

Yes, definitely. In one of the very few recession proof markets to begin a business, the role of a letting agent will offer you an exciting, dynamic and well respected position within your local community. It offers new challenges and the opportunity to meet new people on a daily basis, where no two days are the same. The financial rewards are excellent with no need to invoice or chase your fees. There are no dead ends or closed doors. You are in complete control of your own future and success. The sky is literally the limit.

Q11. Has the recent recession affected the letting industry?

Firstly, it is important not to confuse the sales market with the rental market. In times of recession, the general trend has shown that as the banks stop lending, the demand for rental properties increases, and therefore placing further demand on letting agents. This has allowed for the booming letting industry that we are currently experiencing today. In any case the general forecast shows that we are following in the footsteps of our European neighbours such as France and Germany, where the majority of the population rent rather than own a property. We therefore feel very secure in this industry and would advise that there has never been a better time to start a letting agency.

Q12. Is using property management software absolutely necessary?

Using property management software isn't essential, however in our opinion; you should learn how to use it as the benefits are significant. You can safely store your property data, and accurately report on your accounting. This in turn saves time that can be concentrated on other areas of the business i.e. sales and business development. As part of our business package, we supply a market leading property software solution that allows the user to freely manage their first 10 properties. When your business has taken off and you are ready to upgrade, the full unlimited property version of the software can be unlocked for an exclusive half price offer, only available to Letting Vision customers.

Q13. How long am I entitled to free telephone and email support?

As it stands, there is no limit on how much support we will freely give you. This is a big selling point and means you can at anytime ring or email us for our professional guidance and advice on issues that arise whilst starting and operating your letting agency.

Q14. Does a slow down in the property selling market affect the potential business for letting agents?

Firstly, it is important not to confuse the sales market with the rental market. In times of recession, the general trend has shown that as the banks stop lending, the demand for rental properties increases, and therefore placing further demand on letting agents. This has allowed for the booming letting industry that we are currently experiencing today. In any case the general forecast shows that we are following in the footsteps of our European neighbours such as France and Germany, where the majority of the population rent rather than own a property. We therefore feel very secure in this industry and would advise that there has never been a better time to start a letting agency.

Q15. Who pays for the maintenance and repairs at a tenanted property?

Whilst the letting agent will arrange works on behalf of the landlord, it is the landlord who pays for any maintenance or repair required at the property. As part of setting up your new letting agency, you will have made arrangements with your chosen local suppliers to be ready to deal with any potential issues that may arise. When the time comes and you need to instruct a particular tradesman to carry out work at the property, you can arrange to deduct their fees from the monthly rent of the property in question and forward any remaining balance to the landlord.

Q16. What happens if the tenant stops paying their rent?

If you follow our advice and reference and credit a prospective tenant properly, then this is an unlikely scenario. There will be the odd occasion however where you may have carried our references on a particular tenant properly, however later down the line you experience that they may fall behind with their rent. This situation can be an issue to any letting agent and is part of the risk of becoming a landlord. If you have carried out references properly and the landlord has given the go ahead, you shouldn't be criticised. There are of course various rental guarantee insurances that you can offer landlords to cover such an eventuality. In the event of rental arrears, we give you the set and straightforward procedure to follow which is detailed clearly within the training/operating manual. You can also call for support should you need any free advice.

Q17. Why do you offer a letting agency business package and not a lettings franchise?

This is mainly down to what budgets people have to start a letting agency. There are many who have the ability, however lack the finances to give them that much needed opportunity. The market has changed massively, allowing agents to work easily from home and take advantage of the fact that the majority of people now search for their homes online.. As this is a people business and because all agents can now trade on a level playing field, it gives the perfect lettings opportunity to someone who wishes to set up a letting agency on a very low budget and in modern times. A franchise will still typically sell for between £10,000 and £25,000, and the franchisor will usually insist that you work from an office, a cost which is not included within the franchise fee. You will also need to pay a percentage of your turnover (sales) to the franchisor, which typically ranges from between 8 and 12%. We therefore give the opportunity for someone to set up independently and build their own business without restrictions and very high fees, yet still giving them the same opportunity in terms of success. This is what we did with our business, and now you can do the same.