child mortarboard gbp briefcase bath coffeecup tree twitter search crosshair fax house papers sort house-pound brochure list-items notes printer video-camera video virtual-video bath bed camera floorplan heart-empty heart-filled heart-empty-thin heart-filled-thin sofa calculator compass share clock list map-pen map-pin pencil save business-card letter phone heard people pointer cross linkedin google-plus facebook arrow-right close triangle-down my-wink my-wink-thick house-circle loading-spinner bell close-circle dog link pinterest school transport wardrobe arrow-up one two three four five six seven tick

The importance of lettings

It’s very important in estate agency to do both sales and lettings. Sales bring in large sums of commission however these take longer to come through...

By Gina Piper

When opening an agency, lettings will bring in income much faster and will help with your cash flow forecasts.

A lettings business and management portfolio will also aid your agency when the market gets tough. In early 2009, after the property market crash in the UK, the Association of Residential Lettings Agents (ARLA) did a survey that found that 76 per cent of its members witnessed agents in their local areas switching from residential sales to property lettings in the last six months of 2008.

Although lettings will be a key part of your business you must ensure you have the right staff in place who are fully qualified and also keep up to date on legislation. Lettings law is constantly changing and can have huge ramifications on your business if something goes wrong. 2016 saw changes in Stamp Duty Land Tax (SDLT), right to request energy efficient improvements, Wear and Tear allowance and Universal Credit, as well as of course the ban of tenant fees.

Upon launching your lettings and management business as well as being a member of ARLA, it is also important to join regulatory body NALS (National Approved Lettings Scheme) and have Data Protection (DPA) and Client Money Protection (CMP) insurance policies in place, among others.

Lettings will help to protect your income in harder times and produce income faster upon opening, but it’s very important to get it right - right from the start.

To find out how you can become part of Winkworth contact our New Franchising team

James Campbell | Gina Piper
newbusiness@winkworth.com | 0207 355 0200

Source: ARLA

Related posts

How to write a franchise business plan

Once an agreement is made to progress a potential franchisee’s application, all franchisors will ask for a detailed business plan and cashflow forecast. Winkworth asks for a three-year business plan and financial forecast and the new franchising team can assist where possible with templates and guidance on how to complete these.

Read post

November 28, 2018

Winkworth Bath – under new management

The Winkworth Bath office has just been sold to new franchisees and partners Matthew Leonard and Lucy McIlroy, who have more than 40 years of combined estate agency experience in and around the Bath area.

Read post

November 19, 2018

Winkworth’s mini-guide to franchising

Franchised businesses have been prominent in the UK since the late 1970’s, however if you haven’t worked in the franchise industry before the model can be slightly confusing. Read Winkworth’s mini-guide to franchising below for a crash course on what to expect.

Read post

November 19, 2018

Find your Local Office

Find your Local Office

Speak to people who, quite simply, love their patch and love what they do.

Get a Free Valuation

Get a Free Valuation

Thinking of selling or letting your property, or just interested to know what it is worth nowadays?