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malcolmblake

i'm a landlord and decided to open an estate agent!!!

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So i have been a landlord for over 20 years. One om my shops became empty so i had two options do a re-rent or have a stab at the estate agent game. There's me thinking to myself that being a landlord and offering the lowest rates. that it would be easier how wrong have i been. 6 months and about 1000+ cold calls later and still only got my own properties on the books. Now i know how it feels to be on the other end of the line having the phone put down on me. So now i'm trying to find the best way to get landlords on my side. Does anyone have any ideas

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You have only confirmed my thoughts on why I never became an EA. I was advised by those who knew me that I would probably end up in jail on GBH charges. :D

Are you an Estate Agent or a Letting Agent?

If you are a high street shop EA and have no properties for sale after 6 months I would consider a change of career at worse or a change in business direction with your shop. :D

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Am I right in thinking you are trying to establish a letting agency and not an estate agency?

I thought letting and estate agents had it easy and it was money for old rope is that not the case? ;)

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In my area there has been a massive increase in letting agents - mainly small self start ups like yourself Malcolm or purhcased franchises.

Additionally there are loads on ads online for 'dynamic, driven, enterprising, etc, etc people' to cold call landlords with a view to getting their business. What bleak work that must be.

All this is driven in turn by the growth of renting as opposed to buying and the amount of single person households now created by social change.

I've worked in estate agency since the early 80's and have lost count of the amount of small agents who have come and and gone on my patch in that time. I would not like to be starting up again now.

Go and work for someone else and learn the trade.

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You have only confirmed my thoughts on why I never became an EA. I was advised by those who knew me that I would probably end up in jail on GBH charges. :D

Are you an Estate Agent or a Letting Agent?

If you are a high street shop EA and have no properties for sale after 6 months I would consider a change of career at worse or a change in business direction with your shop. :D

That is true change path of carrer is an option to make.

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Hi Malcolm,

My advice is ....don't give up .......

Creating a letting agency takes time ..... but it can be achieved ...... I should know ... as, after 10 years of being a landlord, I established my own letting agency (which I have subsequently sold for a very substantial 6 figure sum).

You need to think very long and very hard "what makes you different from the other letting agents" and "why would a landlord choose you over the competition". You need to have a compelling proposition ..... but most importantly ........ being different makes you unique .... which means you sell on your difference rather than on price.

Then you need to go where landlords go ....... you need to position yourself as the local expert ....... you need to connect with your future customers ....... I used to write a landlord column for the local newspaper (in the Property Section) ... and I used to blog on some of the Landlord web sites (including this one occasionally) ....... it's about demonstrating to your customer that you are expert at what you do .....

If you would like to chat to me about my experience (of setting up my own letting agency from scratch) then please reply to this post .... and I will make contact with you .......

All the best

Mark

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Written from your Tenerife villa Mark? :D

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Hi Mel,

Not in Tenerife at the moment although I did use some of my letting agency profits to finally buy a place in the sun ... so I will be off soon.

I didn't get a reply from this poster ... so I must assume he has given up .... which is a shame ....

Hope you are keeping well .... maybe see you out at the Principe Bahia in Tenerife over the winter?

Best Wishes

Mark

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Hi Mel,

Hope you are keeping well .... maybe see you out at the Principe Bahia in Tenerife over the winter?

Best Wishes

Mark

Just got back. Wonderful. I might have to rent a villa in Tenerife over the Winter period. I can't afford to buy one. :D

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