Starting your own home-based property business with low capital can be done, and this company can be built into a significant company on a fast-paced basis if you are really working on it and doing it right. If you do not have your own property, it does not matter, because we initially focus on letting someone elses property.
But first things first. You must determine the name of your business, set goals and goals, and third, you must conduct adequate market research MR. All of these are very important for future successes for your company. Do not skimp and do not rush on it. Your name first. What should you call your organization? Most real estate agencies choose either to work under the principals name, for example Jack Jones & Co. and then you can add the word Lettings or Property or alternatively a completely different name, such as Oak Properties, or Star Rentals or Hufftown Lettings. Hufftown is where you live in this article.
If you find a still available web name as you like, register it ASAP. You do not need to use it immediately, but once youve got it its yours. The names are all the time and you can be surprised at how to get the appropriate names that are still available. Once you have decided on a suitable company name, you test the market for a few people. Ask the kids or your family. They will soon tell you if its too cheesy or naff. You want a name thats easy to remember, youre comfortable with, and reflects what youre doing.
Market. What are we researching and where? These are the things you need to know. Who are your competitors? What do they charge their landlords and their tenants? Where do they advertise? Do they have a website? What properties are they currently available for rental? What rent are they? What are your competitors weaknesses and their strengths? And how will you find out these things? You enter the mystery shopper mode, so it is.
Imagine you have applied for a job on CIA or MI5 and as a test they have set you the same little task to complete, to get all that information within 3 days always and only with legal methods. You would do it or how? Your application depends on it, of course you would. Get a big paper and a ruler and make a chart. Primitive I know, but effective. Sometimes pen and paper are still better than technology.
It is normal business practice to strictly supervise the competition. Not doing it would be stupid in the extreme. Tescos monitor Sainsburys who monitors Asda-Walmart every day of the week. In fact, Tesco even boasts of its website where they advertise and compare prices of thousands of products within their competitors stores. Do you think Sainsbury and Asda willingly provide this information? I doubt it. Its a market research, and thats what you do here.
The first place to find information is on their websites. You can collect a huge amount of market intelligence through your competitor and yes these companies will soon be your rival websites. You will be able to fill in and fill in some of the boxes on your chart, but not all. You may need to put on your best shoes and smile and go down to the city and delete their stores.
Some organs will plague life out of you as soon as you enter. They want to know everything about you, you may need to be creative, while others let you get all their brochures and lists and may not even look up from their very important work. When do they tell you what do you say? Truth of course. Tell them that you are considering buying a buy-to-let property and renting it out, and have any information that you can delete and browse for your free time. Most authorities have information in spades. You will be charged with all the guffa things they will give you. Take everything, the whole blinking party and return home and read it carefully from cover to cover. You will learn a lot about property that lets through these papers alone.
Most Real Estate Agents offer two separate services. Find only a tenant, OR Find a tenant and manage the property continuously. Make sure you have the two distinct services clear in your own mind, because if you are confused, your landlord will surely also come. Service A is to locate and refer to a suitable tenant, prepare the paperwork, collect the first months rental and deposit, book them to the property, charge and Bob is your uncle, thats it. Yes, I know there are other things to consider as gas safety and gauge, but well be back to that. Its fast, its clean, and you have no ongoing worries or responsibilities. But after your one-time fee, you have no current income either.