Is your business passing sales and income opportunities to the competition – by not offering lettings you are and may not realise. It’s believed that nearly a third of rental properties will be sold every 10 years and over the life cycle of a managed property you are giving away the opportunity of earning a further £12,000.
Landlords can and often will be investors, Buy-To–Let loans from April to June were at the highest number and value since the last quarter of 2008, in a slow sales market these potential buyers are clearly active.
In addition to missing out on additional income, lettings can raise your profile; greater board presence, increased office and web traffic. Growing a managed portfolio will create further income streams as well as creating a valuable asset.
To set up a lettings offer in your estate agency, you will need to do the following:
- Purchase of specialist property management software
- Setting up a client account for lettings monies
- Joining a tenancy deposit scheme
- Creating or purchasing landlord terms of business
- Creating or purchasing tenancy agreements
- Joining professional letting bodies
- Setting up relationships with local contractors
- Setting up a system to deal with ‘out of hours’ maintenance calls
- Client accounting to include chasing rents and paying landlords
- Client accounting – dealing with Non Resident landlord tax
With ARPM you can have all of the benefits mentioned with none of the hassle and cost.
Don’t just take our word for it;with the sales market becoming increasingly hard through the summer of 2008, we knew that we needed to accelerate our plans to open a lettings department. Without the necessary skills and knowledgewe were faced with the prospect of needing to employ at least two new, experienced staff to launch effectively. With timing and funds an issue we concluded that there must be another option and with a bit of research we found ARPM.
With ARPM’s support we have been able to successfully start and grow our lettings side of the business without the need for employing more staff. We have the reassurance of professional support regarding all aspects of the management side and legislation, leaving us free to go out and generate more leads.
We find ARPM professional, prompt and extremely efficient in the handling of our properties. They have extensive knowledge coupled with a “can-do” attitude. When looking for a business partner, we ensure that our clients will be well cared for; we feel we offer a high level of service and are delighted that the feedback we get from our clients shows that ARPM share the same ideals.
Essentially ARPM have allowed us to start and grow a profitable lettings arm in a short space of time. They have efficiently taken over the complicated and time consuming part of the set up and we are delighted to have them as our complete management solution. We would not hesitate to recommend them to any firm wanting to centralise management of their properties
For more information on how ARPM could help your business please call 01923 775705 or email info@arpm.co.uk
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