this is easier said than done, but now I have an overall
aim or objective i can break it down into smaller aims,
such as how many properties do I need to manage in a
certain area before I can open up an office or how much
revenue I need to produce? How do I aim to get these
to some people they will see blind ambition and boasting
but to me I call it goal setting and objectifying the
aims of the business, which is a must for any successful
business, no matter how small they are. As Rudy Giuliani
the former mayor of New York said “change is not
a destination, just as hope is not a strategy”
have this written down in detail in my top drawer and
I constantly look at it. We all need reminding now and
again and it spurs us on to achieve our goals.
Now you have picked your niche and come up with aims
and objectives you need to become as knowledgeable as
possible on your subject. Your probably an investor
or have partnered up with some one who has dabbled in
property before but that doesn’t mean you’re
the oracle on all things letting.
I set up, I joined property associations and bought
as many books on property management as I could find.
You need to be up to date as possible on the legal aspect
of property management as soon as possible; otherwise
it could be a costly mistake.
be honest I cheated…… bit of a sweeping
remark, but I did. Instead of learning everything about
everything which is impossible, I realised where my
knowledge was lacking and plugged the holes with employees
or other members of my support network, such as solicitors,
insurance brokers, mortgage advisor, builders etc
knew the basics and understood them, but in my opinion
taking a night course in the correct way to evict someone
or dealing with selective licensing issues is not going
to make me a success, so I either employed some one
who was great at that sort of thing or started worked
closely with a solicitor with the experience I was looking
think many people fall down when they are afraid to
let go, I don’t mean delegate everything out,
just delegate the majority of things that don’t
make you money directly. Do not try and be all things
to all people, you can’t. Accept this and use
other people and acknowledge your lack of experience.
Another great way to get help is to join a professional
letting group of some sorts. The two main ones at the
moment are the National Approves Letting Scheme (NALS)
and the Association of Residential Letting Agents (ARLA).
There are others but these are by far the two heavy
weights of the industry. As members of both I am in
a unique position to comment on both of them from an
unbiased point of view.
NALS is easier to join to be honest; it’s more
like a best practice guide. You need the usual professional
indemnity cover, company insurance, separate bank accounts
but essentially any one can join. I think it’s
aimed at people new in the industry, those with little
or no lettings experience but recognise by joining an
association it will give your business a professional
advantage over the competition.
back up service from NALS is small but quite good. You
can have access to their legal service and they are
always willing to help. They stay in contact with you
quite regularly through e-mails and leaflets.
Is the largest and most widely recognised. It’s
a bigger organisation than NALS and has a bimonthly
member magazine that contains very useful updates on
legislation and best practice.
joining of ARLA is a bit more complicated. There are
a few routes in to ARLA such as being an existing member
of RICS but the most common entry route is once you
pass the Technical award in residential sales and lettings,
which is a four part multi choice exam, but well worth
Whether you’re a single landlord or a chain of
letting agents I can’t recommend joining the NLA
highly enough. The advice line on its own is worth the
joining fee on its own, which is a very reasonable £98
for the first year.
get access to so much more, such as Courses, development
manual, special rates for lenders, and as mentioned
before the advice line is invaluable. In the early days
of Castledene the NLA helped me with more sound advice
than I care to remember.
months article I will be talking about systemising the
letting agent and what most people want to here, how
to get those landlords