Question
Becoming a "Letting Agent"?
I am considering becoming a self-employed letting agent and i was wondering if anyone had some insight into what the job involves. Can someone just pick it up as a career without any qualifications and earn a living? In my mind it sounds all too easy to just advertise properties, find tenants, exchange contracts and arrange a plumber everytime the pipes burst... Being without legal qualifications i'd just get a solicitor to draw up a contract and photocopy it per tenant. Can anyone in the know advise me if i have a handle on what a letting agent does and if this business concept should work out fine? I don't have to worry too much about getting business as my father-in-law already has a large property portfolio, but is sick of paying out to letting agents when i could do it for him. Thanks
2 months ago - 1 answers
Best Answer
Chosen by Asker
Are you having a laugh? If your FAIL has a portfolio, he must be able to tell you the pit falls. You have no experience, so you know nothing of Housing Law, Tenancy Law, Regulations? Its not easy to get properties, as a inexperience person you are up against a lot of other agents all bidding on the say properties. How do you find your properties? How do you approach your Landlords? What terms of business have you drawn up? What will your commission be and why? Have you go public liability Insurance? Premises? Do you know anything about client account banking? Deposits? Inventories? Do you know the difference between tenancy agreement? Do you know about court procedure? Rent arrears? And that's just to start, the best thing for you to do is go ad work for a letting agent for a few years and get some experience. Or just take over the father in laws property and hope nothing goes wrong. Im not being spiteful, but there is so much more to the lettings industry than getting a tenant in a property.
by alta
2 months ago
Asker's Rating: 