Hey there! It’s a good thing you dropped by my blog this week, so you won’t miss out on the reveal of my latest blog series! After discussing some hobbies you can do to earn an extra pound or two, this time I’ll be talking about lucrative occupations in the property market and how you can get started right away.
The first occupation I’ll be discussing is pretty familiar with renters all around the country. They’re usually the people you call if you’re looking for a new property to rent. They can also help out in case of repairs or maintenance with the space you’re leasing- letting agents!
Experienced letting agents earn between £16,000-£35,000 a year, that’s why I’m not really surprised to find out that a lot of people are interested in becoming a letting agent during their free time. While there are big agencies which provide letting services, you can setup an agency in the comfort of your own home. Just remember to accomplish necessary business permits and keep a working number where people can get a hold of you anytime.
What are the tasks performed by letting agents?
First is the ‘tenant find’ or ‘let only’ service. With this service offering, you’re only limited to finding a responsible tenant for your client and introduce them to each other. After that, the landlord will be left with the administration of the property as well as collecting the monthly rent from the tenant you found.
Finding a tenant, however, isn’t as simple as it sounds. Before you can find the right tenant for a property, you’ll have to post advertisements about the vacancy, carry out viewings, review tenant applications, double check their references, and facilitate the paperwork needed for the tenancy agreement.
The second option is to provide a full-manage service. In this service offering, you can charge the landlord both for the tenant search and continuing management of the property for lease.
Managing the property isn’t an easy feat, either. Being a manager means you’ll have to prepare inventories and inspections before a tenant moves in or out, collect rental payments on a monthly basis and follow up on tenants with arrears, and look for maintenance personnel to tend to any repairs in the property.
What does it take to be a letting agent?
Newbies in the field usually start out as a trainee for agencies. Most agencies I’ve worked with aren’t specific with formal qualifications, but they do prefer applicants with a background in sales or customer service. More importantly they look for an applicant that has a friendly personality, a great deal of common sense, and good listening skills.
You can also study for the National Federation of Property Professionals (NFOPP) Level 3 Technical Award In Residential Letting and Property Management. Taking a short course for this award will give you the basics on laws covering lettings and property management, residential lettings practices, and residential property management.
Hopefully, this post gave you a bit more insight on the responsibilities of lettings agents and whether it is something you’d like to pursue!