Want to make sure your lettings business is in healthy shape?
A recent report from Trading Standards in London showed 46% of agents were uncompliant when visited, resulting in £1.2m of fines in just 15 months.
In recent years, being a lettings agent has become ever more complicated and keeping on top of it all can be pretty challenging.
The focus is to be commercial, whilst as importantly being compliant, to be able to demonstrate you have processes in place that satisfy auditors to keep all stakeholders safe and protected, but one that allows you to run profitable venture.
Commerciality & Compliance
The challenge for lettings agents in today’s marketplace is to find commercial opportunity to make the business viable against a backdrop where legislation has made it harder for them to do so.
Compliance likewise has rightly so become a greater focus of government and regulatory attention in recent years with compulsory regulation on the way, but this should be welcomed not only to raise standards but to create a competitive edge.
Compliance is not the nemesis of commerciality as some in the industry see it, indeed it is compliance and a well-run lettings business that allows commercial opportunities to grow. Above all else, Landlords and Tenants want to use agents where good business practices are second nature, agents who they trust and have confidence in to look after their affairs safely.
How can we help?
The devil is in the detail.
Understanding the detail comes from experience built up over many years. Our greatest successes are borne from our greatest failures and its years of practice of designing, testing and, refining processes, training teams, speaking to customers, knowing what is possible that affords us this.
It enabled us to build a lettings business that not only had a turnover half a million pounds per branch but was audited at the highest level by PLC auditors, government agencies, ARLA and came through with flying colours on each occasion.
Whether your interest is to improve the commercial productivity of your lettings business or to make sure it is compliant, the two go hand in hand.
If you are looking to improve and grow your business over the coming months and years, there are several intrinsically linked areas to consider that will both increase turnover and drive efficiencies, whether designed to make it more profitable for the current stakeholders involved or maximising value as part of a planned exit strategy.
Here are the 12 essential parts of the jigsaw. Get in touch to set up an initial complimentary consultation.