Established in 2006, offering proven Letting Agency start up solutions since 2009
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Frequently Asked Questions

Below you will find answers to our most frequently asked questions about our products

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

We will be giving you a blue print of our own established letting and estate agency, sharing our step by step system to help you launch your new business in the most efficient way. We will demonstrate the most effective of marketing to help you build your landlord client base from scratch. Many of the methods we share involve no direct spend on advertising to achieve new Landlords and are the perfect way to help kick start your new business. As well as providing the full framework of the business with office set up, filing processes, procedural information, understanding of key legislation, accounts and many unique key selling points, we also provide a state of the art and modern fully responsive website system together with market leading software solutions. In terms of ongoing support, through our dedicated support hub, we will keep you up to date with industry news, any updates to the forms and documents we supply and give ongoing telephone and email support to give reassurance that you are learning in the correct way. As a nationally approved and currently trading agent, Propertynest puts you in safe hands for reassurance that you are learning best practice and benefit from the most up to date tools and systems to give you the best chance of success.

  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 common sense. Our comprehensive training material covers all aspects of the business from start to finish for both lettings and sales. To become a letting agent you simply need to be committed to industry compliance and ensure that you should learn the key pieces of legislation before trading.

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

There are a number of professional associations that you can join. The National Approved Letting Scheme (NALS) and the Association of Residential Letting Agents (ARLA) are the most popular. Although this is recommended, 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. The only requirement is that you sign up to one of three property redress schemes. The cost of this starts from as little as £15.00 per year.

  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 types of business have to deal with.

  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 need to take on new members of staff should you then move into an office. If it is practical, we recommend enjoying the flexibility and huge savings you will be benefit from by working from home. 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 or estate agency.

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

Yes, our 280+ page training/operating manual covers all aspects of running the business and is split into 14 clear step by step sections. We cover all aspects of running the business from start to finish, covering various practical issues fundamental to the start and future success of your new letting and/or estate agency. We focus on how best to organise your new letting agency and cover the most common workflows and scenarios you will face on a daily basis. Our aim is to save you hours of time and money by giving you everything you need from one source and by giving reassurance that you are following the correct process in relation to local market research, marketing strategy, office set up, filing, accounts, software and online presentation. Of course by allowing you to hit the ground running, and especially at such a crucial stage of the business, you will be able to focus on the most important thing which is to sell your services and expand your new business. We have also ensured that all of the agency documents, letter templates and marketing material we provide is continually updated and suitable for modern times. Of course, if there is also the added benefit of 1-2-1 telephone support and email support.

  There are other letting and estate agents 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. Like in any other type of business, a lot of competition shows that the market is vibrant. We will show you how to stand out from your local competition with some great unique selling points and then with your determination and a proactive method of working, your agency will take a fair slice of the local market. Remember that the average Landlord owns several properties, therefore you don't necessarily require a large client base in order to make a decent living.

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

This will depend on the individual and how quickly you study the training/operating manual and other training material we provide 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 package and in many cases our clients are up and running between 2-4 weeks.

  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 property on in order to help you get those first few important sales and build your cash-flow to expand further. Once you have got your first few sales and your business has properly taken off,you could then consider the bigger portals such as Rightmove and Zoopla. 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.

  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. Our advice is build your lettings portfolio initially and then consider sales at a later point in time. The sky is literally the limit.

  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 make borrowing more difficult, the demand for rental properties increases, and those who cant sell will instead let out their property. In any case the overall forecast for a long time shows that UK rental stock levels vs home ownership will be similar to most of Europe such as in France and Germany, where the majority of the population rent rather than own a property. We therefore feel that the industry is very secure and would advise that there has never been a better time to start a letting agency.

  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 cloud based or desktop based property software solution, which is free to use for new start ups.

  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 new letting agency.

  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 the suppliers we recommend or your own chosen local suppliers. Their fees are deducted from the Landlords rent.

  What happens if the tenant stops paying their rent?

If you follow our advice and reference a prospective tenant properly, then this is an unlikely scenario. There will be the odd occasion where you may get it wrong. This is an unavoidable risk, however with our unique rent guarantee system, your Landlords will always be protected. With a rent guarantee product, rental arrears will be chased for the Landlord and agent, and in the event a Landlord hasn't opted for rent guarantee, we provide the necessary arrears letter templates and process you will need to follow. You can also call for support should you need any free advice.

  Do you recommend a letting/estate agency business package or a lettings franchise?

At Letting Vision, we can cater for those who wish to start independently or who wish to be part of a wider network of agents trading under the same company name. Their are great benefits to both options and much also depends on ones budget and preference. The internet certainly helps agents trade more easily and on a level playing field. Whether you are looking for a letting or estate agency franchise solution or the option to start your own agency independently, we can help you. Please call for a free and friendly chat to find out more.

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