waseem1978 Posted July 8, 2011 Share Posted July 8, 2011 Hi All, Is anyone on this forum an Estate agent or works for one. Im getting bored of accountancy and I have been looking into starting my own. I was thinking whether anyone could give me some pro's and con's. I have already purchased a double fronted shop on a high street in East London. Thanks Quote Link to comment Share on other sites More sharing options...
ATTAK Z Posted July 8, 2011 Share Posted July 8, 2011 Hi All, Hi Waseem How are you ? Quote Link to comment Share on other sites More sharing options...
Husky Posted July 8, 2011 Share Posted July 8, 2011 You don't like me so i'll keep this short. You bought into a London street side property without a complete business plan. This is bad business. Plan first, action second. Quote Link to comment Share on other sites More sharing options...
Sarnie Posted July 8, 2011 Share Posted July 8, 2011 I can't think of anything wrong with starting an Estate Agency with zero experience, sliding house prices and an imploding mortgage market, having already purchased a property......... Quote Link to comment Share on other sites More sharing options...
Husky Posted July 8, 2011 Share Posted July 8, 2011 Quote Link to comment Share on other sites More sharing options...
andlid Posted July 8, 2011 Share Posted July 8, 2011 I can't think of anything wrong with starting an Estate Agency with zero experience, sliding house prices and an imploding mortgage market, having already purchased a property......... IF you make it in this climate ... well you're a winner Quote Link to comment Share on other sites More sharing options...
Husky Posted July 8, 2011 Share Posted July 8, 2011 The first thing i guess you should do is look at your Rent on the property you have with the street view Obviously if it's expensive and you have no income Lots of money will be pouring away and you will be in Loss. Maybe think about your profit and loss and Slightly reducing your outgoings until the business is viable. Begin training in being as an estate agent and then start your Enterprise small working up through time, don't grow to fast. Taking on too much at the start is an easy way too kill a Reletively new company. You overextend and then Opportunities are lost as you can't cope with any more. Losses are made, you get swamped and its all over. Look for the training first and then build the business from there. Invest wiseley and you will be successful Now go forth! Quote Link to comment Share on other sites More sharing options...
captain Posted July 8, 2011 Share Posted July 8, 2011 I manage/co-manage a couple of estate agent shops. Bit late now but basically: 1 - You'll burn £50kish before you make a single penny if just residential sales so you'll need "quick win" additional income streams including lets, financial services,EPC and solicitor kick-backs etc. So look to start renting desks in your shop to an established letting agent with no shop and a FS advisor. £500 a desk each per month. They pay for their own costs etc. Make friend with local EPC suppliers and solicitors and see how much they'll give you for recommendations. 2 - Sell premium marketing "up front" so you've got income even if the house doesn't sell or you get sacked by the vendor. 3 - Don't bother with newspaper advertising. 4 - Pick your postcode area and knock on every door of every for sale board every week until they swap from their current agent to you. You need balls but it works. 5 - Visit every agent in your area and offer to do 60:40 sub-contracts on their old useless stock. Probably won't sell many but it's a good way of raising stock levels. 6 - Once you've got 30 houses on your books, book newspaper advertising 7 - Don't do cheap fees. You'll go bust. 8 - Work there yourself and employ one other experienced agent to manage it and a dolly-bird with big baps. Shag her. It'll be cheaper then paying her good commission. 9 - PM me if you want more gems. I'm a f**king legend. Good luck. Don't listen to the boo boys. I'll help as much as possible. Quote Link to comment Share on other sites More sharing options...
JetSet Posted July 9, 2011 Share Posted July 9, 2011 You forgot number 10 10 You'll need to be thick skinned Pete Quote Link to comment Share on other sites More sharing options...
Ekona Posted July 9, 2011 Share Posted July 9, 2011 I can't think of anything wrong with starting an Estate Agency with zero experience, sliding house prices and an imploding mortgage market, having already purchased a property......... Honestly Waseem, you don't make life easy for yourself do you??!! Quote Link to comment Share on other sites More sharing options...
Chris`I Posted July 9, 2011 Share Posted July 9, 2011 Not really 350z related this - moved Quote Link to comment Share on other sites More sharing options...
Ricey Posted July 9, 2011 Share Posted July 9, 2011 I'd get started on your Bankruptcy order papers early if you are expecting to set up a business with no knowledge, experience and no reputation in. I know an established estate agent with 25 years behind him in central London....... absolutely on the bones of his arse. Quote Link to comment Share on other sites More sharing options...
ATTAK Z Posted July 9, 2011 Share Posted July 9, 2011 The first thing i guess you should do is look at yourRent on the property you have with the street view Obviously if it's expensive and you have no income Lots of money will be pouring away and you will be in Loss. Maybe think about your profit and loss and Slightly reducing your outgoings until the business is viable. Begin training in being as an estate agent and then start your Enterprise small working up through time, don't grow to fast. Taking on too much at the start is an easy way too kill a Reletively new company. You overextend and then Opportunities are lost as you can't cope with any more. Losses are made, you get swamped and its all over. Look for the training first and then build the business from there. Invest wiseley and you will be successful Now go forth! I see what you've done there I did a similar thing in a letter to an old boss years ago he didn't get it either Quote Link to comment Share on other sites More sharing options...
brown7758 Posted July 9, 2011 Share Posted July 9, 2011 I see what you've done there I did a similar thing to an old boss years ago first time ive seen that good idea though... Quote Link to comment Share on other sites More sharing options...
Sarnie Posted July 9, 2011 Share Posted July 9, 2011 The first thing i guess you should do is look at yourRent on the property you have with the street view Obviously if it's expensive and you have no income Lots of money will be pouring away and you will be in Loss. Maybe think about your profit and loss and Slightly reducing your outgoings until the business is viable. Begin training in being as an estate agent and then start your Enterprise small working up through time, don't grow to fast. Taking on too much at the start is an easy way too kill a Reletively new company. You overextend and then Opportunities are lost as you can't cope with any more. Losses are made, you get swamped and its all over. Look for the training first and then build the business from there. Invest wiseley and you will be successful Now go forth! I see what you've done there I did a similar thing to an old boss years ago Took me about ten minutes to realise what he'd done Quote Link to comment Share on other sites More sharing options...
Husky Posted July 9, 2011 Share Posted July 9, 2011 Quote Link to comment Share on other sites More sharing options...
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