Starting your own business can be daunting, so it’s important to have all the right measures in place, in order to achieve maximum success. If you’re thinking about starting a letting or estate agency, it’s important to get your name out there as early as possible and ensure you can cover all areas.
The process of starting a company includes the initial set-up and the growth, but there are a lot of other factors to face in between. We’ve collected our top tips on starting up a letting or estate agency which should help you kickstart your business.
1) Prepare your business
When you’re preparing to launch your business, you need to have an in-depth plan that documents what you’re trying to do and how you intend to grow. Simply Business also urges you to have an in-depth search for your business premises. You’re likely to want a spot that attracts a lot of customers, a high street or commercial area for example, as this provides you with a prime location for advertising.
However, it’s imperative that you start to build up a list of clients before investing in aspects such as a permanent business place. This ensures good things are spread about you before you begin. Help friends or family sell their homes or offer a lower cost for your services to first-time buyers and do an incredible job so that they recommend you to people they know.
Once you’ve received the green light to launch your company, getting your name out is an important aspect of the growth process. Marketing yourself can feel like a big job, so consider hiring the help of a professional agency or focusing on local customers first. Dropping leaflets, advertising in local papers and creating a social media presence to build up followers of local customers can help you get noticed in your local area.
It’s also important to consider your appearance in house and how those passing by perceive you. Invest in quality promotional posters for windows and branded advertisements for local residences. It’s also worth thinking about decking out your office with quality display stands, promotional banners advertising a deal or information about a service and point of sale displays for your brochures and informational material.
3) Find the right insurance
There are a number of types of insurance you can get as an employer, and it’s important to find the right one for you. There should be protection for yourself and your clients, including public liability insurance and employers’ liability insurance. It’s worth consulting with a solicitor to find out what kind of cover you need as a business and invest in it.
4) Build relationships with your clients
For most people, moving house is a stressful process, so it’s important that when you’ve brought a client in, you maintain a strong relationship. Once they’ve finished working with you, they’re likely to encourage others to go with your business. For example, Marc von Grundherr, head of lettings for Benham & Reeves told The Telegraph that their company will “move heaven and earth to make sure a tenant moves on the day they’re meant to.” The personal relationship is going to ensure you put your all into your customers, which is going to result in positive reviews – and at the start of a business, that is vital.
5) Think about more than just profit
Profit is important, but when you’re building a new company you need to think about more than just profit alone. In order to succeed, it’s worth prioritising other aspects such as self-promotion and relationship building rather than pure profit and investment. There are a number of things you can get involved with that aren’t profitable but will set you off to a good start, such as charities and career fairs.
Of course, these are just some of the tips that can help you when setting up your own letting agency. It’s also important that you stay up to date with the latest legislation and training in the industry and speak to other agencies that have done it themselves for advice. Enjoy the process and soon you’ll have a functioning business to grow and develop for the future.