Are you dreaming of starting your own property agency? It's an exciting venture, but knowing exactly where to start after making the mammoth decision can be challenging.
Now you're ready to take this big step, cue lots of research! Transform your property management dreams into reality with these five simple steps.
Understand the legal framework
Ever-changing legislation can make it challenging to get to grips with the legal frameworks that agents must operate within. Most recently, the Renters' Rights Bill has swooped in with the new Labour Government and make a plethora of changes to current property legislation.
It's vital to stay up to date with what's going on in the sector; otherwise, a property manager could find themselves stuck before they even get started. For example, health and safety regulations are constantly evolving to incorporate new developments, and this can be difficult to keep up with. If a property manager is behind on this information, they could risk putting residents in danger of health violations. Alternatively, if a property manager doesn't follow regulations, they could land themselves or their landlords in legal hot water. If a want-to-be property manager ensures they are up to date before continuing in their journey to going full-time, this could save a lot of time and confusion in the future.
Develop a strong business plan
A business cannot move forward without an effective plan. A property manager must establish a suitable roadmap for the future to understand where the company will go and the heights it wants to reach. What do you want to achieve with your business? What milestones should it reach, and when? These are questions you should ask yourself when putting together your business plan.
Adjust these ideas to fit the current market situation your business will be entering into. This should be easier if you have completed enough research into legislation and the property market's state of affairs.
You should also know the sector or niche you want to enter. This could be lettings, block management, rent-to-rent, student accommodation, buy-to-rent, or commercial. Establish these basic facts before proceeding.
Find a software fit for your needs
The research continues, but this time into software. This should take some time as it's vital to ensure the software you choose matches exactly what you need to make your business a success.
Every agency operates differently, but software can be moulded to fit procedures. Arthur can adapt to how a property agency handles things like maintenance issues, contract renewals, and team performance analysis and transform these. Not having the right property management software can increase costs, demotivate staff, and hinder business growth.
Arthur can set a business apart by offering tenants and owners self-service apps while providing a second-to-none platform tailored to individual business requirements.
Want to know what else Arthur can do? Find out more about its features.
Embrace technology
Automation is a property manager's best friend. It can streamline processes and free up the manager's time. Documenting everything on paper will likely lead to unorganised work and inefficiency, so embrace technology from the start. This is why finding good software is so essential.
Artificial Intelligence (AI) can be an excellent tool as it quickly becomes a part of everyday life. Whether looking for quick answers to your questions or help with complex tasks, AI is often the first place we turn to and is now integrated with daily routines. It can specifically help with online viewings, property descriptions, content creation, and chatbots.
Establish good relationships with your tenants and landlords
Without effective communication, a property agency cannot thrive. Once this breaks down, it can be difficult to operate with the faith of tenants and landlords. Being transparent will build trust with them and lead to stronger relationships.
If the property manager is usually proactive in their communication, tenants may be much more accepting of any slip-ups or last-minute works on the building. They will also feel more comfortable coming to the manager with a problem, which can then be dealt with much quicker.
Final thoughts
By following these steps, you can establish a thriving property agency. Success in property management hinges on a deep understanding of the industry, strong relationships, and efficient operations.
Ready to embark on your property management journey? Book a demo.
