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How to start a letting agency in the UK

Are you looking to start your own letting agency in the UK?

If so, you’ve got a challenging and rewarding path ahead of you…and you might also be wondering where you should begin with it all.

In this guide, we will walk you through 10 critical steps to set up a successful letting agency business from scratch – from your initial business plan to kickstarting your marketing efforts.

1 Research and create a business plan

You’ll need to create a business plan that outlines your agency’s mission, goals, and strategies. This will define how you will start your business, finance it, and continue to run it to make a profit. While it’s not mandatory to have a business plan, all banks and lenders will require one if you seek a loan to kickstart your business.

Before diving into the world of letting agencies, thorough research is vital. You’ll need to understand the local property market, demand for rental properties, and your competition. For example, if you’re starting a letting agency near London (or another large city), you’ll be facing lots of competition from established agencies – so you’ll need to position yourself carefully in the market.

2. Consider the team you need to build

Depending on your background and situation, you may have a small team to start off with. It’s critical to fill any gaps as soon as possible so that your operations run smoothly and satisfy clients.

When you create your business plan, you’ll need a clear idea of what you can and can’t do – and anticipate the help you’ll need and the kind of team you’ll need to build.

As a letting agency owner, you will need to have:

• A strong personality – to handle demanding clients, make complex decisions and interact with many people.
• Patience – It can take time to bring landlords and tenants on board. Even if you’re organised, you must bear with their slower pace and maintain consistent contact.
• Persistence – You must intentionally chase tenants, landlords, solicitors, guarantors and more – even when they fail to respond.
• Sales intelligence – You need to be good at selling. You must convince landlords and tenants that your services are better than your competitors.

3. Decide on the direction of your letting agency

You’ll have to decide: Residential lettings, commercial lettings, or both? These options are substantially different and will affect the way your business operates and the services you offer. Depending upon your experience and your team, one may suit you better than the other.

Starting a residential lettings agency

Residential estate agents let properties on behalf of landlords and manage communication with tenants, compliance admin and maintenance tasks.

Depending upon your service, this can be more or less ‘hands-off’. Your responsibilities will usually include finding and vetting tenants, providing them with crucial information, continued communication – and handling any issues which arise during the tenancy. You must be exceptionally organised and people-oriented to succeed since you’ll interact with many people daily – from troublesome tenants to solicitors and guarantors.

Starting a commercial lettings agency

As a commercial letting agent, you’ll deal with commercial properties on behalf of landlords and renters.

Commercial estate agents have a wide range of responsibilities, depending upon their properties – this could include the management of buildings being converted into business premises to unusual letting opportunities such as forests or theme parks. Equally, commercial letting agents must be well-versed in property, planning and tenancy laws. This is because they’re expected to give clients extensive and accurate advice.

4. Register your agency with the Companies House

Once you’ve put your business plan together and decided on your direction, register your business with Companies House . This is an online hub created by the government to manage different aspects of business compliance – including business registration.

When you do this, you must be confident about the legal regulations and rules for starting a letting agency. For example, you’ll need to prepare a memorandum of association and select a guarantor if you’re setting it up as a limited company. Equally, you’ll need to take advice on the best company type to set up from a qualified solicitor.

5. Join letting agent professional bodies

Joining a professional body is more than just an inconvenience or tick-box exercise. They lend credibility to your letting agency and signal that you stick to a trusted code of practice when dealing with tenants and landlords. It’s a good idea to see if you can sign up with one (or more) of them as you start up your letting agency.

You can then display their logos on your marketing materials and website to signal this partnership and share their credibility.

Here are three prominent organisations you can join:

• Propertymark’s ARLA membership – This professional body provides training, qualifications, HR support and a code of conduct to follow.
• Safe Agent’s NALS membership – this independent licensing scheme ensures members adhere to a code of practice and meet specific criteria. For example, members must provide client money protection and possess professional indemnity insurance.
• The Property Ombudsman – The Property Ombudsman is another independent organisation which offers free and impartial dispute resolution services. Members must follow a code of practice and meet various requirements (e.g. having purchased professional indemnity insurance).

Finally, you must look at the local rules for letting agencies. Some councils require agents to join a particular body before setting up shop, ensuring they deliver a high-quality, regulated service.

6. Choose your letting agency premises

If you haven’t already, you’ll need to rent an office for your business. This should be strategically placed where many people can pop in and view available properties in the shop window.

Out of all your start-up costs, this is the most expensive. Many letting agents feel the need to set up in a prime location to get more footfall and increase brand awareness – this is a costly undertaking. For this reason, you’ll need to pick the spot carefully and be prepared to invest a lot of money into it.

7…Or don’t

It’s entirely impossible to start a letting agency online – the question is whether you want to. If you do, you’ll only need a computer, an internet connection and (ideally) a vehicle to visit clients.

The most significant benefit is eliminating office rental costs, which can be an enormous kick to your finances when you start a letting agency. While you can’t start a letting agency for free just because it’s online, you will reduce many of the typical costs.

However, there are several other challenges you will face: you eliminate any visibility on the high street, you need to invest lots more money in online marketing, plus the service is less face-to-face and personal.

8. Invest in letting agency insurance

There are several forms of insurance you’ll want to consider. This will protect you and your business from legal claims and costs.

The three big ones are:

• Public Liability Insurance – This protects your finances from a range of compensation claims made by the public. The insurer will pay compensation or court expenses if necessary.
• Professional Indemnity Insurance – This covers situations where your actions damage a client’s business, for example, if you provide incorrect advice.
• Employers’ Liability Insurance – This covers you if an employee gets ill or injured because of your business operations.

There are many, many more forms of insurance you can take out according to your business needs. For example, Business Interruption Insurance and Building Insurance – take a look at the options and select the ones that suit you.

9. Set up critical software

At the bare minimum, you’ll need to select a Customer Relationship Management software (CRM) that helps you keep track of everything going on in your business.

Letting agency work involves many moving parts – landlords, tenants, solicitors, new legislation, inspections, EPCs…and more! For this reason, it’s critical to choose the best possible property management software for letting agents.

Our advice is to choose the CRM software that suits you best – not just the cheapest or most expensive. Different companies aim their services at different business sizes, so pick the one that suits you. This requires balance. The better you can predict your business growth and goals, the easier it is to select a CRM that’s small enough to handle but big enough to grow into.

For example, you may pay for features you won’t ever use if you choose an oversized CRM. There is no use sinking stacks of money into corporate-level management software meant for thousands of properties when you’re only letting a few!

10. Set up your letting agency marketing

This is a critical step. Your business can only get off the ground once people know it exists. So, this means investing in various marketing techniques and strategies.

Before you do this, you’ll need to have some design work done to create your branding materials. For example, colour schemes, logos, letterheads, business cards, leaflets etc. After this, you can begin to decide on your core marketing activities.

Depending on your requirements, you might need to invest in a web design agency , marketing company or graphic designer to kickstart your marketing.

For example, you might want to:

• Create an SEO-optimised website to increase visibility and leads
• Consider Pay Per Click (PPC) ads on Google
• Consider Facebook, Twitter, Instagram and Tiktok advertising
• Research PR promotions in local newspapers and magazines
• Consider radio or TV advertising
• Consider doing a promotional leaflet drop in your local area

Leafletting is one of the cheapest and easiest ways to promote yourself at the beginning, and is far less complex (and costly) than the other options available. This is an ideal solution if you want to raise your profile within the local area at short notice.

And Finally…

Is this all there is to starting a letting agency? Yes – and no. Each step will require a significant investment of time, money and energy. So, while this is a simple process, there’s no doubt that each of these steps requires much consideration before you begin your adventures as a letting agency owner.

But if you’re determined to follow the process – then yes – you’ll come out the other side as a brand-new letting agency, ready to hit the rental market.

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Business Start Up Package

Starting your own letting agency or estate agency .

Start from home or office. Work part or full time with an uncapped earning potential.

Having started and built our own agency from home in 2007,   we've created unrivaled start up solutions to give ambitious people from any working background the opportunity to start their own successful letting agency or estate agency business. Like us, you can start from home or you can operate from an office space. 

We offer the following three business start up package options

Included in the business package.

Detailed Training Operating Manual

400+ pages, step by step covering every aspect of starting and operating your agency. Covers both lettings and sales.  

Digital Online Learning Portal

Gain instant access to our online learning portal, which provides our lettings and estate agency training course in an easy to follow digital format. 

Letter, marketing & legal templates

Enjoy our full suite of 200 process driven agency templates immediately downloadable, in a modern and customer friendly format

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1-2-1 telephone & email support. Access preferential rates with industry-leading suppliers, and for direction when you need it the most 

Rapid Start-Up Marketing Plan

We demonstrate proven methods used to successfully start and grow our own estate agency business, including your key selling points.

Agency Software

Use our advanced letting & estate agency software with exclusive free set up or our lettings only software with free 10 property starter version.

Our business start up package, giving you all the systems, processes and support that you’ll need to get started.  

• One off cost
• Lettings & estate agency training & operating manual
• Provided in both online & printed formats
• Online portal and support hub
• 200 + letter, marketing, legal, stationery and agency agreement templates
• Access to our online learning portal & support hub
• Rapid start up marketing plan
• 1-2-1 telephone and email support
• Marketing assets library 

£396  inc VAT

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Looking for just the website and digital platform? Get started with our estate agent website and digital solution.

• Full set up included
• Modern, multi platform responsive website with 12 ready made options
• Ready in 5 days
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• Upload to all major property portals
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• Client login area
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• Includes SSL certificate (worth £100)

£594  inc VAT

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The Complete Business Package 

The all-in-one start up and digital solution including all the benefits of our business, website & software package, plus... 

• 3 months social media management 
• Promotional video & advertising graphics
• Google ads set up
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Having researched the market thoroughly, we found Agent Vision. The software and website system you receive is absolutely fantastic, with the package itself giving everything you need, being very easy to use with some great advice, know how, tips, and marketing presentation. The support is excellent, with direct contact with the trainers. Also, as an already currently trading letting agency themselves we were reassured that all their material would be modern and entirely up to date, which it is. This has helped us enormously. This package is a definite must have for people who want to do well in this industry.

We have recently begun utilising your business package and so far very impressed with its effectiveness of bringing on new business. If we carry on at the pace we are experiencing, then we will be very happy. Thanks again for your support.

Within our current business plans, we needed to extend our market portfolio to include property lettings. Having researched the market thoroughly for the best training, operating manuals and documents available for purchase, we decided to choose Agent Vision. As an operational agent we felt reassured that all of their material and systems would be up to date, modern and of a very high standard and suitable for current times. We would like to congratulate Agent Vision on a great product that comes with an excellent professional service

A fantastic product and fantastic service!! We have been very impressed by the ongoing professional support that we have received and thanks to your product our business is quickly going from strength to strength.

I purchased both the website and the back-office system from Agent Vision both of which I would recommend. The service levels for both are great, all queries have been answered within 24hrs (maximum). Agent Vision provided both a fast and flexible service, so far I have not incurred any extra costs, and logos have been uploaded within hours of request. The LV Web feed has been recognised by all major property portals and all of my properties have been uploaded without a hic-up! Regards

Hi there just a quick email to confirm I received the business package a few days ago in the post, thank you for such a quick delivery. I shopped around quite a lot before deciding on the package from yourselves and I have to say I am so pleased I decided on Agent Vision! The business package is so well presented and easy to read, yet covers pretty much everything you will need to know about running your own lettings or estate agency. Having worked in local government property management for a number of years I cannot stress to any potential purchaser of the package how informative and in depth this easy to use guide is! Even if you don’t think you need it – you do. The sections on business preparation and finances/accounting have enabled me to set up much more streamlined procedures which will save me time and stress in the future! The letters and docs templates are invaluable too. I would highly recommend this package, even if you are experienced in the field of property management as I am. Excellent value for money, thank you! In fact I am so impressed with the package I would like to enquire about the options to add the website package on also? Many thanks for a great product and service.

We would just like to say a big thank you for your fantastic product. Having considered other agency training services and business packages available, we believed that working with an actively trading agent was the best way forward. The business package you provide is the perfect solution to setting up a letting or estate agency quickly and efficiently in today’s market. The training/operating manual, letter templates and supporting material is easy to understand and follow, being modern in its approach and very detailed, not to mention the back up of your professional and prompt email and telephone support. If we meet anyone who wishes to start up a letting agency, we shall definitely be recommending you. Thanks again and all the best.

Absolutely amazing!! The package was a breath of fresh air and explained everything from a-z on how to get started. The package included all the documentation we needed, know how, fantastic and up to date marketing techniques, marketing presentation and all the knowledge needed to comply with legislation. On top of this, a great looking website that sets us apart from the local competition. It doesn’t stop there, the help and support we received from Vincent was priceless. The website is incredible and the whole package came together really well. Our letting agency keeps going from strength to strength. This is a must have package for anyone serious about getting started. Best estate agency package ever!! Thanks guys. Great job!”

I am very impressed with the contemporary web designs and easy to follow training manuals. Such good value for money, I don’t know how you can do it. Keep up the good work and I will keep you posted on progress. Best Regards.

We are very pleased with your service and ongoing support. Your response times are very quick and you are always very professional and attentive making us feel more like colleagues rather than just clients. The package is presented well, easy to follow, being very informative and telling you everything you need to know about setting up your own agency and has obviously been written by people who know the business inside out. This has been invaluable to us setting up our business and we regularly refer to it when we are not sure about something. The website is beautiful and every single person we show comments on how nice it is. It is modern, easy to navigate, uploads properties and allows complete control over e.g. adding new pages and sub pages to suit giving a bespoke design, which comes at no extra charge. Above all, this can easily be maintained and updated by someone with little or no experience of web design. We chose providers for different services very carefully when setting up our agency and made some mistakes along the way. We are pleased to say that on this occasion we made the right choice first time.

After extensive researching we are delighted that we found Agent Vision. Not only have they offered us unrivaled value for money, but a high level of expertise coupled with a professional and innovative approach. Their outstanding support has proved invaluable in helping us to significantly expand our business, which is going from strength to strength. We would like to thank Agent Vision for their help and support.

We have received the most professional and efficient service. Excellent value for money and ticks all the boxes.

I have had the aspiration to set up a letting agency for a long time. We came across Agent Vision and I must say how impressed we are. The service and the back-up / advice is second to none. The staff are friendly and know what they are talking about and always call you back if they can’t speak to you straight away. All in all it’s a great product at a great price.

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Estate and Letting Agent Business Plan

Here’s exactly how you, too, can quickly and easily complete your estate agent business plan to raise finance and maximise your financial results

A robust business plan is essential to raise finance and maximise profits. But creating a business plan that achieves those goals can seem a daunting and arduous task. However,  every business needs a business plan , and here’s why:

Unlock The Full Profit Potential of Your Estate Agent Business

Are you starting an estate agent business.

Before starting a new estate agent business, it’s essential to have a well-defined business plan in place. This plan will help guide your decisions and actions, ensuring you have a solid foundation for your business.

Get the knowledge you have down on paper, and you’ll be able to see what it takes to maximise your financial results.

Does Your Estate Agent Business Need Finance?

Every bank requires a business plan before they even entertain the idea of lending finance. What if you could go to your bank with your business plan already written?

You’ll be confident of your financial projections, and inspire your bank manager with your business acumen. You’re more likely to receive funding if you prepare in advance.

Are You a Frustrated Estate Agent Business Owner?

If your estate agent business is not performing to your high expectations then re-planning your business objectives and plans may help improve your results.

This method highlights new customer and market opportunities from providing renewed focus on generating additional profits. We’ve made this an easy and straightforward task for you with our business plan package.

Are You An Experienced Estate Agent Business Owner?

It doesn’t matter how many years you have been in business, once you’ve gone through this Estate Agent Business Plan and learned how to improve customer targeting, you’ll be able to improve your profits and build your business even further.

The Six Key Problems With Most Business Plans (and how to eliminate them)

Here are some of the common mistakes people make when completing their business plans:

• Mistake 1:  Incomplete financials.  Finance is perhaps the most important section of any business plan. Lenders want to know when they will have their loans repaid and assess the risk. You need to produce commercial accounts that accountants will endorse without question.
• Mistake 2:  Over-ambitious projections.  Everyone thinks their business will grow exponentially in the first 12 months but in reality, this is rarely the case. Your business plan must show a realistic path to profitability that proves your actual revenues and profits are comparable to your written plan.
• Mistake 3:  Leaving something out.  Every business plan follows a defined structure. Lenders and professional readers look for 3 or 4 aspects of your project. You need to ensure you have these elements correctly written in the right area of your business plan.
• Mistake 4:  Incorrect format.  Your readers do not expect a 100-page novel nor a 1-page overview. Getting this fundamental area wrong will show your readers just how inexperienced you are.
• Mistake 5:  Poor understanding of marketing.  Communicating your products to your prospects is a critical success factor for every business owner. You need to show you understand your target customers, what their needs are, why they will buy from you and how you will communicate with them.
• Mistake 6:  An inability to sell your plan.  Having an accountant prepare your plan may save you a headache, but it’s you who needs to explain to your lender or investors every question they have about your business. You need to understand everything that your plan contains.

How To Ensure You Don't Make Those Mistakes By Using This Estate Agent Business Plan

You can now complete your estate agent business plan in the knowledge that you won’t make any of the mistakes above. You can download a fully completed estate agent business plan right now and simply tailor it for your own business.

By using this already completed plan you can:

• Save time and money  because you can start your own plan right now based directly on an industry standard and completed business plan.
• Immediately see the exact contents  required in your own business plan.
• Accurately present your plan  in the correct format banks prefer for loan and overdraft applications.
• Quickly prepare accountant endorsed  financial forecasts and plans, and eliminate potential errors.
• Learn profit improving strategies  specifically developed for a real estate agent business.
• Start your business plan immediately  because you can access this plan online right now.

“I Completed My Business Plan In Less Than 24 Hours” “I needed to put together a business plan quickly. The plan was specific to my industry, so it was easy for me to edit and personalise. Your product saved me time and meant I could get the plan in front of my lenders within 24 hours.” – James Squires

Written By A Leading Business Plan Writer

This Estate Agent Business Plan has been written exclusively for Teneric Business Plans by Peter Hale, one of the UK’s leading business plan experts.

Peter has been writing successful business plans for over 30 years and is the former Global Business Planning & Strategy Director for DHL.

He has written this plan  specifically  for an Estate Agent Business to raise finance and forecast the business for the next three years. This plan, together with his professional business planning wizard tools, can be downloaded online right now.

Everything You Need Is Already Completed In This Estate Agent Business Plan

• Industry Specific
• Table of Contents
• Description of Business
• Product Summary
• Business strategy
• Financial Summary
• Market Trends
• External Research
• Market Estimates
• Management Team
• Business Location
• Business Organisation
• SWOT Analysis
• Competitive Analysis
• Target Customer Groups
• Customer Demographics
• Sales Strategy
• Pricing and Positioning
• In-depth Marketing Plan
• Advertising and Promotion
• Next 12 Month’s Action Plans
• Resource Allocation
• Budget Allocation
• Staffing and Employees
• Startup Budget
• Forecast Profit & Loss Account
• Forecast Balance Sheet
• Forecast Cashflow
• Sales & Profit Forecasts
• Sales Charts & Graphs
• Monthly cash flow Analysis
• Monthly Profit and Loss Analysis
• Monthly Sales by Product
• Monthly Costs and Margins by Product
• Monthly Balance Sheet
• Bank Preferred Format
• Instant Download
• 100% Editable
• Suitable For PC and Mac

“I Received Funding Straight Away” “I haven’t had a chance to let you know how I got along with your business plan. I’m delighted to tell you that I got the funding from my bank straight away. They said it was one of the best plans they had seen for years. Before using your business plan format, I was turned down by four different lenders. This time round I had four offers – all unsecured!” – Trevor Lightburn

“My Loan Was Approved” “I wanted ideas for the type of information that needed covering in a business plan, and this gave me a template for the document I submitted to the bank. The business loan we were after was approved. If you have never written a business plan before, then I would recommend your product.” – Gordon Mitchell

Download Today, And Receive Five Free Gifts

We’ll also include a comprehensive  Bonus ‘Toolbox’ of FIVE additional business planning products  free of charge for the next 100 people who download the Estate Agent Business Plan. Here’s what you receive:

BONUS 1 – Fast-track Business Plan Guide

Our business plan guide comes highly recommended from small business owners and has won praise from the UK Government’s business advice service.

• Proven step-by-step business plan guide
• Over 250 examples you can use in your plan
• Marketing plan guide
• Develop your action plans

BONUS 2 – Business Plan Template Wizard

So you can produce your plan in the correct format we provide you with an  interactive planning template that you just fill in your data and print off your completed plan. It comes complete with charts, graphs, ready-made cash flow, profit and loss, and balance sheet statements.

BONUS 3 – Financial Planning Wizard

The easy to use financial planning wizard forecasts your business for three years on a monthly basis. It manages your sales, costs and profits for up to 12 products or services (more if required) and fully accounts for all your tax payments.

From your basic information, the wizard  automatically produces  your Cashflow, Profit and Loss and Balance Sheet. You can keep updating the spreadsheet until your forecast profits are right for you.

BONUS 4 – 25 Proven Marketing Campaigns

To successfully launch and develop any business you’ll need an effective marketing plan. We have detailed the  25 most effective marketing campaigns  that you can implement for free to get more customers and  more profits.

>BONUS 5 – Business Start-up Guide

We have the essential guide to everything you need to know to start your own business that includes:

• Financing your business
• Finding and securing premises
• Registering your business
• Taking on staff
• Tax regulations

How Much Is a Winning Business Plan Worth To You?

By using the Estate Agent Business Plan on your business, you can benefit from  30 years  proven experience of perfecting business plans that always secure finance and improve business performance.

To get access to all this crucial information and the benefit of years of research and experience would  normally cost hundreds of pounds.

An accountant will charge upwards of £750 because that’s what people will pay for specialised knowledge and instruction. That’s why the Estate Agent Business Plan Package is such an affordable investment in your business for just £49.95.

Special Anniversary Offer

We have just completed our 22nd year of trading on the internet; and to celebrate this achievement, we’re offering the complete Estate Agent Business Plan Package for a low discounted price on a stepped scale as follows:

• The first 25 people get the package for just  £25.95  –  Sold Out
• The next 50 people get the package for  just £29.95
• The next 50 people get the package for just £33.95
• The next 50 people get the package for just £37.95
• The next 50 people get the package for just £42.95

Once these discounts have expired, the price reverts to £49.95.

100% No-Risk, One-Year Money-back Guarantee

Order and download the Estate Agent Business Plan today completely risk-free and start using it on your business. Then, if for whatever reason you can not raise any finance or improve your business results, simply send your plan to us, and we’ll give you a full refund – no questions asked.

Use the Estate Agent Business Plan for a week or try it for a month.

Try it up to one whole year

We know it can take time to close a finance deal or to put plans into action. That’s why we give you a whole year, just in case you need it.

Download the Software

The Estate Agent Business Plan and all bonus products can be downloaded online right now.

Special offer: Only £29.95

Customer Testimonials

“I needed to put together a long-term business plan to cover all aspects of my new venture. I read a lot of books and attended courses, but I was struggling. Then I came across Teneric and suddenly it was all there in a format I could use and in terminology I could understand. After that, it was plain sailing to the Business Department at my local HSBC Bank”

Jill Shilcock, Managing Director, SEAS Education Advisory Service Limited.

“I wanted ideas for the type of information that needed covering in a business plan, and this gave me a template for the document I submitted to the bank. The business loan we were after was approved. If you have never written a business plan before, then I would recommend your product. It was very straightforward and offered some good advice.”

Gordon Mitchell, UK

“I needed a business plan quickly. The template was easy to use, just fill in the blanks on the wizard and refer to the help guide if I wasn't sure. Your system is good value, and I would recommend them to everyone needing a plan. Attached is the basic plan I threw together in a day for the bank. They specifically wanted cash flow projections, and the Excel spreadsheets were really what I was after from your product.”

John Waterhouse, UK

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Strategy, Legal & Operations

The changing landscape of the property market means that more people now rent privately than […]

Thinking about setting up as a landlord or letting agent? To help you, we have created this landlord and letting agent checklist so you can think about what you should consider before starting your business, what the roles involve, what your financial responsibilities are and more.

The changing landscape of the property market in the UK means young people are more likely to rent that buy their homes, while figures have doubled for those who are middle aged and renting .

This means there could be a real benefit for you to become a landlord or set up a letting agency.

Why rent out your property?

There are lots of reasons why it is has such appeal:

• It’s an investment, to top up your pension and savings in your later years
• You’re moving house and want to rent out your current property to pay your new mortgage
• You’ve inherited a property and want to keep it in the family
• You already rent out one or more properties and you are taking advantage of house price rises slowing down to add more properties to your portfolio.

What should you consider before you start out as a landlord or letting agency?

There are some important things you need to do before you start:

• Research the local area. Are you likely to be able to attract a good stream of quality tenants to your property? You don’t want it sitting empty.
• Check out the competition. Property has always been a competitive industry – will you be able to compete?
• How are you going to market the property and what will it cost to use a popular service such as Rightmove or Zoopla?
• Are you actually allowed to rent the property under the terms of your mortgage agreement? Check with the bank first.
• Talk to your insurance company about your building and contents cover.
• Research the legalities of renting out your property. Which has great tips on tenancy agreements, deposits, and safety checks on gas and electrical appliances.
• Find out what tenants expect from you. Look at the Department for Communities and Local Government’s guide, How to rent: A renting checklist for England .

What does being a private landlord involve?

Depending on how involved you want to be with the running of the property, you might choose to rent it out yourself or use a letting agent.

Renting it privately

This means you get to keep all the rental income. But there will be a cost to your time – you will need market the property, find new tenants, potentially chase them for rent and deal with any repairs and maintenance yourself.

Using a letting agent

Typically they will take upwards of 10% for managing and marketing the property but this can be a good peace of mind option, particularly if you don’t live locally.

However, if you have a bit of experience in property management and have a good plumber and handyman on speed dial, you might prefer to let the property yourself.

And if you have several properties on your books and this is bringing in more and more income, you may consider becoming a letting agent yourself…

What does becoming a letting agent involve?

Letting agents are responsible for managing rental properties on behalf of clients. As well as marketing the properties and looking after the paperwork, you will be on call when your tenant has a broken toilet, lost their key or their fence has blown down in the middle of the night. Expect to be kept busy.

Becoming a letting agent is a good option if you have:

• experience in the property market, an understanding of the complexities involved and a good reputation in the local area
• a large property portfolio – you have enough properties to make enough from rental income to run it as a full-time business, rather than alongside your main job
• great sales and customer service skills, plus a knack for multitasking and being organised

Becoming a letting agent means keeping on top of:

• marketing the properties, arranging viewings and negotiating the rents
• checking tenants in and out of the property and creating inventories of contents
• dealing with financials such as deposits, chasing rent and arranging transfers to landlords
• dealing with queries from landlords and tenants
• repairs and maintenance, end of tenancy cleaning and related jobs
• inspecting the property to ensure it meets health and safety requirements

What are your responsibilities as a landlord or letting agent?

There are naturally lots of regulations to keep on top of when you let property. You must:

• keep it safe and free from health hazards
• ensure all gas and  electrical equipment  is safely installed and maintained
• follow fire safety regulations
• provide an  Energy Performance Certificate for the property
• protect your tenant’s deposit in a government-approved scheme
• place your tenants’ deposits in a government-backed tenancy deposit protection scheme
• ask a solicitor to draw up a tenancy contract if you are a private landlord, or join a body such as the Association of Residential Letting Agents

How should you market your property?

Like any business, it’s essential to make sure you have a steady flow of customers . In property terms this means tenants – in particular, tenants who pay their rent on time, keep the property in good condition and stay on good terms with the neighbours.

You will need to budget for marketing. Online property search platforms offer membership deals to agents and developers.

If you’re a private landlord, you could do an internet search on a term such as ‘list private property for rent’, or promote your property in newsagents and local papers.

Always give as much information as possible, with plenty of high-quality images to tempt the tenants in. Ideally you want lots of viewings so you can pick and choose between the best tenants.

What are your financial responsibilities as a landlord or letting agent?

The rules relating to letting property are subject to change. So it pays to find a good local accountant or bookkeeper to help you stay on top of the latest regulatory changes and to use trusted online accounting software  so you know that all your records are in order.

When you start renting out property, you must tell HMRC about the situation and register to fill out an annual Self Assessment tax return. Don’t forget to put aside money each month so you can pay your tax bill at the end of the year.

As a landlord, you will have to pay:

• Income tax  on the profits you make from your rental income
• Class 2 National Insurance if the work you do renting property counts as running a business

You can deduct a lot of costs, however, on:

• repairs and maintenance
• letting agent fees
• landlord insurance
• travel to and from your property
• utility bills and service charges
• mortgage interest

If you sell the property you will be liable for capital gains tax.

If you are a letting agent, there are different tax rules for:

• residential properties
• furnished holiday lettings
• commercial properties

Look at the Gov.uk article on Renting out your property (England and Wales) for detailed information.

Landlord and letting agent checklist

• Have you researched the market? Look at tenants, as well as the competition in the local area
• Get your marketing plan ready
• Check with the bank if you can let out your property or properties, find out what insurance cover you need and what legal guidelines you must follow
• Find out what tenants can legally expect from you as a landlord or letting agent
• Get good online accounting software for landlords or letting in place
• Register with HMRC and find out about your tax liabilities
• Build good relationships with people who can help with repairs and maintenance on your properties

Make sure you have plenty of budget to pay for any emergencies, as well as your tax bill and deposits on new properties you want to add to your portfolio.

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10 Tips for Writing an Estate Agency Business Plan that actually wins

• By Art Division
• Updated On: 11th August 2023
• Category: Digital Marketing

A guest post by Simon Whale from  Kerfuffle

Creating an estate agency business plan doesn’t have to be difficult or tedious, and it doesn’t have to take days or weeks, either. 

By using the tips in this article, you can create a comprehensive business plan that gets your plan off on the right foot by giving you a clear idea of what your target market is and identifying your strengths and weaknesses, as well as opportunities and threats that may affect your business.

And all this will help you meet your goals faster than ever before! So don’t delay! 

Read this guide to learn 10 tips for writing an estate agency business plan that actually wins.

1. introduction

If you're thinking about starting an estate agency , the first step is to write a business plan. This may seem like a daunting task, but with these ten tips, you'll be well on your way to creating a winning business plan.

2. Write Your Mission Statement

Your mission statement is the foundation of your estate agency business plan. It should be clear, concise, and describe what you do and who you do it for. Keep it short- sweet, and to the point.

For example: We help small businesses in the estate agency industry succeed through social media marketing.

3. Complete a SWOT Analysis for Your Business Strategy

A SWOT analysis is a valuable tool for any small business owner, but it's especially important for real estate agents.

Because the real estate industry is constantly changing, and what worked last year might not work this year. Plus, there are so many variables to consider when selling a home - from the condition of the property to the strength of the local economy. 

By taking the time to do a SWOT analysis, you can identify your company's strengths and weaknesses, as well as any opportunities or threats that exist in your market.

Here's how to do it:

4. Set Specific Goals for Your Estate Agency Business 

As a real estate agent, it's important to have specific goals for your business. This will help you measure your success and set a plan for marketing and growth. Some things to consider when setting goals include:

• The number of homes you want to sell in a year
• The average sale price of those homes
• The types of homes you want to sell
• The areas you want to specialise in
• Your income goals
• Your target market
• How you will reach your target market (e.g., through social media, letter dropping, digital marketing etc.)

special offer

GET A NEW ESTATE AGENCY WEBSITE

PLUS , CLAIM A FREE MODULE WORTH £250

quote: freeMODULE

5. Plan Your Marketing Strategy

You can’t just set up a website and wait for the leads to come in.

You need to have a plan for how you’re going to generate and nurture leads. 

That starts with understanding your target market and what they want, and then creating content and offers that speak to their needs. 

But it doesn’t stop there. You also need to have a plan for how you’re going to get your content in front of them, whether that’s through SEO , social media, paid advertising, or some other method.

And finally, you need to establish metrics to measure your success so you can adjust your strategy as needed.

6. Explore the Competition in Your Area

It's important to know who your competition is when you're starting any business, but especially an estate agency. After all, selling homes is a competitive industry! By understanding who your competition is, what they're doing well, and where they're falling short, you can create a business plan that will help you win in the market. Here are a few tips to get you started:

Know who your competition is.

This seems like a no-brainer, but it's important to do your research and really understand who you're up against. Not only should you know their names and businesses, but also their strengths and weaknesses. This will help you create a plan to target their weaknesses and capitalize on their strengths.

Understand their marketing strategy.

7. Establish Metrics to Measure Success

Without specific, measurable goals, it's impossible to determine whether or not your estate agency business plan is successful. What gets measured gets managed, so be sure to establish metrics early on and track your progress regularly. Some key performance indicators (KPIs) you may want to track include:

• Number of leads generated
• Cost per acquisition
• Source of leads

8. Create a Plan for Generating & Nurturing Leads

It's no secret that generating leads is essential for any business, but it's especially important for estate agencies. After all, your livelihood depends on selling properties. The good news is, there are a number of things you can do to generate leads.

Here are seven tips to get you started:

• Look at your target market and identify their needs. Segment your key demographics and curate content for them.
• Set specific goals for your estate agency and reward staff for innovative ideas in helping come up with ideas to land busines. Create a team culture of marketing competitiveness. Exclude no one, the best creative idea we had one year came from our accountant ! Unfortunately it didn't work so well when I tried to do the books .....
• Plan your marketing strategy and allocate a budget for it. Double down on those that work until such time as you see diminishing rewards.
• Explore the competition in your area, R&D their best ideas and constantly evolve new ways to get your target markets attetion.
• Establish metrics to measure success. Don't feel tempted to be generous to one methodology of marketing just because its your favourite. Believe me I'm a huge fan of Tik Tok but as of yet no ones bought anything of us for me doing the Macarana.
• Use digital marketing techniques to generate and nurture leads. Do not fall into the trap of believe technology is impersonal. Done properly it adds more connections and ability to scale.
• Opt for out of the box tools wherever possible. The graveyard of most agents tech stacks is littered with great products that were a nightmare to onboard.

9. Schedule Times to Revisit Your Plan

A business plan is not a document you create once and then forget about. As your business grows and changes, so too should your business plan.

At a minimum, you should revisit and update your business plan once a year.

And remember don't forget to hold a mirror to yourself and your business.. The world is now scattered with Purple Cow's, what do you do to stand out today?

ABOUT THE AUTHOR

Art Division is a boutique digital marketing & web design agency specialising in the UK property market. We help estate & letting agents grow with profit by attracting and converting more clients (vendors, landlords, buyers, tenants or investors) through effective digital marketing and cutting edge, marketing-ready websites.

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The award winning southcourt business package is built on the foundations of our own successful london based agency. we include full training, expert support, full contracts and document pack, professionally built websites and innovative software for your agency. the uk property market is booming this is an excellent opportunity to start your own independent estate or letting agency..

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Key benefits of starting your own estate agents!

Full or part-time, from home or office.

Many people are working from home part time or full time. Payments are online, and your website is your shop window.

Immediate start up and cash-flow

Follow our advice you can be up and running within days. Our training and set up procedures are quick and efficient.

Telephone & email support

Experienced advice is just an email or phone call away if required.  Our Agents Support Hub is available 24/7.

Well established, growing property market

The UK property market is stable and growing year on year, with many factors having a positive effect on supply and demand.

No experience or qualifications are required

All the necessary know-how is included in our  letting agent training  and our  estate agent training .

Trade under your own chosen name

Unlike an estate agent franchise , you have full business control. You pay us no commission and retain 100% of your profits.

A valuable business to sell

If you wish to sell your business, the going rate is about 1.5 times annual turnover, on average about £250,000.

Reliable income even when you’re on holiday

Commissions from managed rental properties come in automatically every month, your income increases with each one

What does our Business Package contain?

Comprehensive training system.

Step-by-step expert guidance every aspect of setting up your agency.

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Call or email for professional support on any agency question, from our expert team.

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Immediate access to 26 training Sections across 128 modules and 168 topics.

Boost-Start Action Plan

Proven, powerful and highly effective ways of locating and signing new clients.

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All required agency documentation, Ready to personalise & use.

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Multiple options for your software provision with free set-up, to assist your agency.

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How to Start a Letting Agency or Estate Agency

Start up an estate agency guide.

Starting an estate agency can be an exciting and challenging venture.

There are many things to consider, from fulfilling the necessary regulatory requirements to finding the right location and marketing your business.

This guide will provide a comprehensive roadmap to starting an estate agency.

Research and Planning

Before starting any business, it is essential to conduct thorough research and planning to ensure a clear understanding of the industry, your target audience, and your competition.

This is no different when it comes to starting an estate agency.

Conduct Market Research

The first step in starting an estate agency is conducting market research to determine the demand for your services and identify potential competitors.

You can gather market data from various sources, including online research, industry reports, and government statistics.

Create a Business Plan

A well-crafted business plan is essential for any business’s success.

Your plan should include a detailed description of your services, target market, marketing and sales strategies, financial projections, and other relevant information about your estate agency.

Legal Requirements

Once you have completed your research and planning, you must meet all the legal requirements to start your estate agency.

Estate agents are now regulated businesses. As you read this blog, further information is below.

Register Your Business

You should also register your estate agency as a business entity, like a limited company.

Seek advice from your accountant about the advantages of doing this. This will provide you with legal protection and enable you to conduct business under a formal legal structure.

Location and Office Setup

The location of your estate agency is crucial to your success.

Your office should be accessible to your target audience and provide a comfortable and professional environment for your clients and employees.

Find the Right Location

When choosing a location for your estate agency, consider factors such as foot traffic, parking availability, and proximity to public transportation.

You should also research the surrounding area to ensure demand for your services.

Set Up Your Office

You must set up your office once you have found the right location. This includes purchasing office equipment, furniture, and supplies and setting up your computer systems and internet connection.

Marketing and Sales

Marketing and sales are critical to the success of your estate agency.

You must develop a strong brand, establish relationships with clients and other industry professionals, and create a marketing strategy targeting your ideal customers.

Develop Your Brand

Your brand is how your clients and potential customers perceive your estate agency. It is essential to develop a strong and consistent brand that reflects your values and services.

Establish Relationships

Establishing relationships with clients and other industry professionals is critical to your success.

To build your network, attend networking events, join industry associations, and participate in community events.

Create a Marketing Strategy

Your marketing strategy should combine online and offline tactics to reach your target audience.

These can include social media marketing, email marketing, direct mail, and advertising in local publications.

Starting an estate agency can be a rewarding and profitable business venture.

You can succeed in this competitive industry by conducting thorough research and planning, ensuring that you have met all legal requirements, finding the right location and setting up your office, and developing a strong marketing and sales strategy. 

Do estate agents in England need to be regulated?

Yes, estate agents in England are regulated by the government. The Property Ombudsman (TPO) is the regulatory body overseeing estate agents.

The TPO is an independent organization that ensures that estate agents comply with the relevant laws and regulations, including the   Estate Agents Act 1979 , the Consumer Protection from Unfair Trading Regulations 2008, and the Money Laundering Regulations 2017. 

Estate agents who fail to comply with these regulations may face disciplinary action, including fines, license suspension, or even prosecution.

Therefore, it is essential for estate agents in England to stay updated on the latest regulations and comply with them to avoid any legal issues.

Estate agent statistics in England

According to the National Association of Estate Agents (NAEA), approximately 13,000 estate agent offices operated in England as of 2020, and these estate agents employed around 50,000 people across the country.

In terms of the property market, the NAEA reports that the average house price in England was £269,000 as of February 2021, a 6.9% increase from the previous year.

The number of property transactions has also been rising, with the NAEA reporting a 50% increase in sales agreed in January 2021 compared to the same month in 2020.

The COVID-19 pandemic significantly impacted the property market in England. At the beginning of the pandemic, the market was largely shut down, and estate agents were unable to conduct viewings or facilitate sales.

However, the market had since recovered, with many people taking advantage of the temporary stamp duty holiday and low-interest rates to buy and sell properties when they became available.

Overall, the estate agent industry in England plays a vital role in the property market, helping people buy, sell, and rent properties nationwide.

How many estate agents are in England?

According to the National Association of Estate Agents (NAEA), as of 2023, approximately 13,000 estate agent offices operated in England.

This figure includes both high-street and online estate agents.

How many estate agents are in Wales?

According to the National Association of Estate Agents (NAEA), as of 2023, approximately 950 estate agent offices operated in Wales.

These estate agents employ around 3,000 people across the country, and it’s worth noting that this figure includes both high-street and online estate agents.

What does an estate agent do?

An estate agent is a professional who helps people buy, sell, and rent properties.

They typically provide various services, including valuing properties, marketing properties, arranging viewings, negotiating prices, and handling paperwork.

Do estate agents need to be licensed in England?

Estate agents in England must not be licensed but must be registered with a government-approved redress scheme, such as the Property Ombudsman .

How do estate agents get paid?

Estate agents typically charge a commission on the sale or rental of a property. The commission is usually a percentage of the final sale or rental price and is negotiated between the estate agent and the client.

How do I choose an estate agent?

When choosing an estate agent, research and consider their experience, reputation, and fees. You may also want to ask friends or family members who have used estate agents for recommendations.

How long does it take to sell a property through an estate agent?

The length of time it takes to sell a property through an estate agent can vary depending on factors such as the location, condition, and state of the property market. On average, however, selling a property in England takes around 12 weeks.

Are estate agents regulated in England?

Yes, estate agents in England are regulated by the government. The regulatory body responsible for overseeing estate agents is called the Property Ombudsman.

Can I sell my property without using an estate agent?

Yes, selling your property without using an estate agent is possible. This is known as a private sale. However, using an estate agent can help streamline the process and increase your chances of finding a buyer.

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This post is for general use only and is not intended to offer legal, tax, or investment advice; it may be out of date, incorrect, or maybe a guest post. You are required to seek legal advice from a solicitor before acting on anything written hereinabove.

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How to start a letting agency from home

If you are looking to set up a letting agency from home in the UK, there are several things you need to consider. In this article, we will guide you through the process of starting a successful letting agency, whether you want to specialize in residential or commercial properties.

Create a business plan

The first step to starting any business is to create a comprehensive business plan . This will help you map out your goals, target market, financial projections, and the resources you need to get started. Your business plan should include details about your selling points, such as your expertise in property management or your ability to quickly and efficiently match landlords with tenants.

Register your business

Once you have your business plan in place, you need to register your letting agency with Companies House. You will also need to obtain any necessary licenses or permits, such as an estate agency license. Make sure you understand the legal and regulatory requirements for running a letting agency in the UK.

Set up an estate agency software

You will need to have estate agency software that allows you to list and manage properties on behalf of your clients. Many software options are available in the market, choose the one that suits your needs, and budget. This software will help you manage all aspects of your business, including property listings, tenant screening, rent collection, and maintenance requests.

>> Check out this list of the Best CRM Software Providers for Property Management in the UK

Build a website

Your website is the face of your agency business. It is where potential clients will go to learn about your services, view your property listings, and contact you. Make sure your website is professional, easy to navigate, and mobile-friendly. You can hire a web developer or use a website builder platform to create your website quickly and efficiently.

Market your agency

Once you have set up your agency, you need to start marketing your services to potential clients. This can include advertising on property portals, social media , and local newspapers. You can also network with other residential and commercial estate agents to generate leads and build your reputation.

Provide exceptional service

Providing exceptional service is crucial to the success of any letting agency. You need to build trust with landlords and tenants by communicating clearly, responding promptly to inquiries and issues, and being transparent about your fees and services. You should also be willing to meet with clients face to face, whether it’s for property viewings or to discuss contract terms.

Join a governing body

As a letting agent in the UK, it is essential to be a member of a professional body that promotes best practices, provides training and support, and represents the interests of the industry.

Here are some of the main governing bodies that letting agents can join :

• National Association of Estate Agents (NAEA) – The NAEA is a professional body that represents residential estate agents in the UK. They offer training and qualifications, industry updates, and a code of conduct that members must adhere to.
• Association of Residential Letting Agents (ARLA) – ARLA is a professional body that represents residential letting agents in the UK. They offer training, qualifications, and a code of conduct for members to follow. ARLA also provides a dispute resolution service for landlords and tenants.
• The National Approved Letting Scheme (NALS) – NALS is an independent licensing scheme that sets the standards for the UK lettings industry. Members must adhere to a code of practice and meet specific criteria, such as providing client money protection and having professional indemnity insurance.
• The Property Ombudsman – The Property Ombudsman is an independent body that provides a free and impartial dispute resolution service for consumers and agents in the property industry. Members of the scheme must follow a code of practice and meet certain requirements, such as having professional indemnity insurance.

Joining one or more of these governing bodies can help you demonstrate your commitment to best practices and professional standards, as well as providing you with access to training, support, and dispute resolution services.

• It is also worth noting that some local authorities may require letting agents to be a member of a professional body to operate within their area, so it is worth checking the requirements in your local area.

In conclusion, starting a letting agency from home in the UK can be a rewarding and lucrative business venture. By following these steps and focusing on providing exceptional service to your clients, you can build a successful agency that specializes in residential or commercial properties.

Remember, the key to success is to stay up-to-date with industry trends, regulations, and best practices to remain competitive and grow your business.

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Business Ideas

How to start a letting agency from home.

This may seem initially like an absurd premise but with the popularity of property websites like Right Move, Zoopla and SpareRoom.com where could be better to start your career in finding people homes than in your slippers and PJs in your own house.

Starting your own digital letting agency from the comfort of your own home allows you to take all of the advantages of the antiquated piece of A4 paper in a shop front window technique and combine it with the best bits of the newer slightly cold and desolate web of property websites. Doing this, we end up with a user experience that is more accessible, tailored to the individual customer but remains in the 21 st  century.

Now that you understand the benefits of this new-fangled business venture. Let me take you on a guided tour of what you need to set up a top- class Letting Agency.

• 1 What is a Letting Agent
• 2 Use your experience
• 3 Write a Decent Business Plan
• 4 Where is your business
• 5 Marketing
• 6 Registering as a business

What is a Letting Agent

We’d best cover this for the really ambitious of the bunch, who have decided they want to start a career path without knowing what it is. A letting agent.

A letting agent facilitates the agreements between landlords and tenants for the rental of a residential property.

Often the professions of letting agent and estate agent are seen as interchangeable, however if you want to get really picky -and I do- a letting agent deals with rented accommodation and an estate agent traditionally deals with selling properties.

A letting Agency is the collective noun used to ascribe a business of Letting agents.

Good job. Next Step.

Use your experience

To become a letting agent you do not require any prior accreditation, qualification, certification or experience. However, the latter would be advisable.

In an ideal world you have already been a letting agent and a good one at that. However, if that’s not the case there’s still hope. Perhaps you have already worked in a similar sales role, or have experiencing managing staff in a retail environment. If you have any form of formal business degree of qualification, now would be the time to use it.

With enough research and experience, it is perfectly possible to graduate to step three. However if you’re still insecure about your ability I would recommend either doing work experience or seeking out a specialist qualification, like ProperyMarks qualification in Property Management. It’s important that you have an awareness of the laws and regulations that go into working in property.

Write a Decent Business Plan

Before you go running off to companies house you need to sit down and outline a business plan, especially if you are planning on co-owning a company. A business plan should be a concise and compelling document justifying the existence of your company. What makes it special? What are its strengths and weaknesses? What’s your target demographic? Don’t be afraid to put in a graph or two and present it nicely. As your business grows a clear business plan that you and your partner are both onboard with and can pitch to potential investors will be an asset.

The most important thing is that it’ll give you a sense of direction for your business.

Where is your business

Obviously, you don’t have a shop, your shop is on the web, but you need to know the area you’re planning on managing property in. You need to know the following things.

·      Can you get easily around the area? Do you have a car?

·      Do you hold legitimacy with the locals of that area?

·      Are the houses in that area an attractive proposition for your business?

·      Do you the selling points of the neighbourhood? How easily could you point your perspective tenants to the nearest corner shop, sports centre or train station?

The freedom of not having a shop might make you feel like you can let property anywhere, and why you might be able to exchange your range a little, be realistic about which areas you are already familiar with and what the expense of travelling further out will be.

You need to find a way to catch people’s attention and tell them you’re the ones to come to for help with their accommodation needs. Branding is key for this.

Sadly in this day and age consumers don’t have time to learn how great a service is and do huge amounts of research to get the best deals. We rely on our intuition, which is why you need to choose a name that is attractive, trustworthy and reflects what makes your letting agency special.

And once you have your branding you need to put it places where people can find it.

The first step is getting a domain name so that you have a location people can go to find all of the information about your business the website needs to be professional and user friendly. Make sure that you have testimonials visible from happy tenants and landlords and try your best to take advantage of search engine optimisation where possible.

It’s possible to do a lot in the way of engaging with the public through social media without spending a penny. By manipulating Instagram, Facebook and Twitter’s algorithms you can drive more traffic to your posts and ultimately to your website whilst strengthening your brand.

Once you’ve tapped all of those resources, buying advertising space is a great way to reach a bigger audience.

Registering as a business

In the UK to open a business you need to be registered with certain national institutions.

·      Companies House

·      HMRC

This requires some research and paperwork. Both these institutions require annual accounts, Companies House also requires a few additional documents. Since 2012 a letting agency must also be part of a redress scheme in accordance with Consumer Protection Regulation. These are bodies that uphold safe and fair practice In the property market. You get to choose which one you join though.

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Letting Agent Business Plan

If you're looking to secure finance for your letting agent business, then you'll need a robust business plan.

Every lender requires a business plan from you and the Business Plan Academy has made this task quick and easy for you. Through our 20 years business planning experience, we've worked with many banks and perfected the 18-page letting agent business planning system.

At the heart of this system is an already completed letting agent business plan with every section your lender requires already completed.

Simply enter your own business data to tailor the narrative to your business. Then use the "Financial Forecasting Wizard" to create all your financial plans.

The Benefits of This System

• Specific for a letting agent business.
• Every section already complete.
• Easy to tailor to your own business.
• Specially formatted for banks.
• Hundreds of examples to help your own thinking.
• No special software required (uses Microsoft Word).
• Downloadable online so you can start immediately.
• Saves you time as you can start from a completed plan.
• Guaranteed to get you finance - or your money back.

Business Plan Contents

• Executive Summary
• Description of Business
• Product Summary
• Business Strategy
• Financial Summary
• Market Research
• Market Trends
• External Research
• Market Estimates
• Management Team
• Business Location
• Business Organisation
• SWOT Analysis
• Competitive Analysis
• Customer Segments
• Customer Demographics
• Sales Strategy
• Pricing Strategy
• Marketing Plan
• Advertising Plan
• Objectives & Plans
• Resource Allocation
• Budget Allocation
• Startup Budget
• Forecast Profit & Loss Account
• Forecast Balance Sheet
• Forecast Cash Flow
• Sales & Profit Forecasts
• Sales Charts & Graphs
• Bank Preferred Format
• Suitable For PC and Mac

Additional Guides Also Included

The letting agent business plan also comes with the following comprehensive business planning tools at no additional cost to you:

Fast-track Business Plan Guide

This step-by-step guide takes you through every element required for your plan. It includes over 250 examples to make completing your business plan a simple task.

Business Plan Template

You can choose to edit the sample letting agent business plan directly or use this template to add in your details. The template structures your information into the correct format for final preparation.

Financial Forecasting Wizard

Completing financial statements is one of the hardest things to do. Therefore, you'll receive the Financial Forecasting Wizard. This interactive spreadsheet model automatically calculates your Profit & Loss, Cash Flow, and Balance Sheet from your base business data.

Free Online Support

With your business plan, you receive unlimited access to our online business community. Here you can make partnerships, discover new ideas, discusss joint ventures or get immediate solutions to any challenge you may face.

100% No-Risk, 90-Day Money-back Guarantee

We're confident that this Letting Agent Business Planning System will enable you to quickly complete a robust business plan for your business. We also guarantee it will secure the finance you require, or we'll refund your purchase in full within 90 days.

How To Download

The complete system is only £29.95 including VAT.

As you are ordering over the internet, you can order and download 24 hours a day. You can select the secure servers or Worldpay or Paypal to process your order.

Click here to download The Letting Agent business plan and business planning tools

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Top 4 Legal Requirements to Open an Estate Agency in the UK

The opportunities and flexibility in the real estate business are unparalleled. However, it wouldn’t be a cakewalk to start an estate agency. The growing competition, unclear legal and client liability, as well as other miscellaneous complexities in setting up an estate agency in the UK require you to plan, research, and structure your venture properly to avoid failing like 20% of startups within the first year, and 90% ultimately over time.

A good starting point is understanding the legal requirements to open an estate agency in the UK to keep you up-to-date with UK laws while you plan and strategise in the business aspect. That’s why we have prepared this guide to help you understand your legal obligations and requirements and show you how to start a successful real estate agency in the UK should you still be unclear about it.

4 Legal Requirements For a Real Estate Agency in the UK

The legal requirements for a real estate agency set-up in the UK require you to fulfil two major conditions:

• The legal considerations or requirements
• The business structure or planning.

Both considerations are intertwined to keep your estate agency running and prevent you from falling into the bad books of the UK government. So, let’s discuss the legal conditions and how exactly the business structure fits into the puzzle.

Certification and Qualifications

No law compels you to have qualifications or be certified before setting up an estate agency in the UK. Also, you do not need to join any society, agency, or body before you can start an estate agency. However, due to the competitive nature of the real estate business in the UK, having a qualification or licence or joining a real estate organisation helps you to stand out in the industry.

Some benefits of joining an estate agency membership organisation include:

• Getting a business licence or active emblem.
• Networking and reaching a broader community or prospects.
• Staying up to date with the legal requirements for an estate agency in the UK.
• An estate agency membership offers you consumer protection. It can also assist you in resolving disputes that may arise while doing business, provided you comply with their regulations of running an estate agency in the UK.

That said, any of these membership organisations can offer you the above-mentioned benefits:

• National Association of Estate Agents (NAEA) Propertymark.
• The Guild of Professional Estate Agents.
• The Property Ombudsman (TPO).

Real Estate Licence Procurement

If you become a member of any of these organisations mentioned in the previous point, knowing how to procure your real estate licence in the UK will be easier. Joining any of these organisations is as simple as creating an account through their website and completing KYC. After proper review, you can collect your licence physically from any of their offices worldwide or in the UK, or opt to receive it via post.

Getting an estate agency licence has its perks:

• A licence boosts your business profile and legitimacy.
• It helps you to build trust with existing or potential clients.

The Real Estate Acts in the UK

One of the most important real estate laws in the UK is the Estate Agents Act of 1979, which ensures estate agents function in the best interest of their clients and property owners and do not go beyond their job description. An estate agent has no right to:

• Draft contracts for the purchase of properties.
• Receive money on behalf of a client from a buyer (unless authorised by the parties involved).
• Sign contracts on behalf of a client (unless properly authorised by the parties involved).
• Draft statements that a client or buyer must abide by when purchasing or selling properties.

All these are the duties of a conveyancer or solicitor. Apart from this Act, you need to understand the Land Registration Act of 2002 and its requirements. All these are relevant for anyone working towards becoming an estate agent in the UK.

Contract Laws and Fiduciary Duties

Fiduciary duties include situations that involve trust between you and your client. A typical example is a situation that requires you to hold client money. In this case, the client must authorise you to do so, which you must do outside your personal accounts. To avoid complications, it’s best to register your business as a Limited Liability Company (LLC).

Also, as part of the legal requirements for real estate agency set-up, you should not profit from the trust and relationship with your client on grounds beyond the mutual business scope. In fiduciary situations, you should be professional and have financial insurance to safeguard you from losses from unforeseen events or risky schemes involving you and your client.

7 Tips on How to Start Your Own Estate Agency in the UK

After getting acquainted with the legal requirements on how to start a real estate business in the UK, you can now plan your estate agency properly. Here are seven tips you could follow to set up an estate agency in the UK:

1. Do Market Research

A CB Insights report revealed that 42% of startups fail because they couldn’t find a market need for their products or services. This could have been avoided if they had dedicated more time and resources to adequate market research. There’s no better way to say it; if you want to know how to be an estate agent, you must understand the real estate market and learn about your competitors and potential limitations.

This will give you a fresh perspective on your region's real estate market and help you brace for the hindrances that may arise when you want to start an estate agency; you also learn about the cracks and trends your competitors might be overlooking.

2. Create a Business Plan

Anyone looking for how to become an estate agent in the UK requires a business plan to ensure success. Your real estate business plan should cover your goals, potential strategies and business structure, budgeting, branding, etc. It’s the blueprint of everything you set to achieve in your real estate business, how to achieve it, and when you expect results to start trickling in.

3. Set a Budget

The fact that 61% of small businesses don’t have a formal running budget sheds so much light on why half of them fail within their first five years. You may not have enough funds to start a real estate agency in the UK, but you can determine how well you spend the limited funds.

That is why you should set a budget to help you avoid unnecessary expenses. Try highlighting the essential or most pressing areas that need funding. For example, a large chunk of your budget will cover getting office space, insurance, marketing and promotion, among other things. But you can cut this cost by getting a virtual office space in London from The Hoxton Mix.

4. Register Your Estate Agency Business

Registering your business adds more credibility to your brand and enables you to create a corporate bank account. Every legitimate business in the UK must be registered at Companies House. Once done, you can go ahead and list your business for tax accounting with HMRC.

5. Get an Office

Everyone looking for how to get into real estate in the UK needs an office space, as it can be an avenue to advertise your business traditionally. Although with the paradigm shift in internet usage and dependency, you could also promote your business through display ads, social media marketing, or digital marketing.

That said, getting an office involves negotiating a commercial lease because you’ll be using the space for commercial purposes. Ensure you fulfil and document the rental or lease terms properly before paying for the space. Alternatively, you could opt for virtual office space and cut down on the rigorous negotiating process.

6. Get Insurance

According to the Estate Agent Act, you must obtain insurance when setting up an estate agency. As such, you will be liable if you lose client money while fulfilling your fiduciary duties.

For a start, recommended insurance for your real estate includes financial insurance and occupiers' liability insurance in case of potential injuries or damage claims within your office premises. You should also get indemnity insurance, specifying the amount you will pay for any damages caused through your service.

7. Marketing and Promotion

One of the most important tips on how to be an estate agent in the UK is to engage in relevant and aggressive marketing campaigns. You can choose between traditional marketing methods or embrace digital marketing strategies. For best results, digital marketing, especially social media, is your best shot at reaching a wide array of people.

Consider The Hoxton Mix as Your Trusted Partner

As mentioned earlier, you can’t start an estate agency in the UK without an office address. With The Hoxton Mix, you can obtain and set up professional virtual office space with a prime London address and avoid the hassles of negotiating a commercial lease. Also, The Hoxton Mix offers mail-handling services, allowing you to receive your office post at any location of your choice. Alternatively, you could request your post scanned to your email or walk into the Hoxton Mix office in London and get your post at your convenience.

What about physical meetings? You can rent a meeting room at The Hoxton Mix for a quick meeting with your clients for as low as £35. Coupled with a London 020 phone number, you’ve got all you need to set up a real estate agency in the UK. To get started, visit our official landing page and have yours set up in less than 10–15 minutes.

Final Thoughts

One point to pick from this article is that you do not necessarily need any qualifications to start an estate agency in the UK. However, to beat the competition and stand out in your real estate business, you should get a licence, join a membership organisation, get an office, get insurance, register your business, and above all, have a digital presence where you can promote and educate your prospects on the necessary information on becoming an estate agent in the UK. All these and the various legal requirements for an estate agency in the UK should keep you in check, help you network, increase profitability, and shield you from legal negligence.

Can you establish a real estate agency business and make decent money?

Of course. Aside from the money you will earn from an estate agency, you get flexibility and the opportunity to visit different places, network, and meet other people who could connect you to different ventures over time.

What are the main regulatory and licensing requirements for an estate agency?

There are no direct regulatory or licensing requirements to start an estate agency. However, you must register your estate agency as a business, get an office space, and register for taxes to be on the good books with the UK government.

Is obtaining a licence necessary to be an estate agent in the UK?

No, it’s not mandatory to obtain a licence to set up an online estate agency in the UK. Joining a membership organisation or getting a licence is just icing on the cake, and it comes with some perks.

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ESTATE AGENT BUSINESS PLAN: How to Write an Estate Agent Business Plan

• by Kenechukwu Muoghalu
• August 11, 2023
• No comments
• 6 minute read

Table of Contents Hide

What is a real estate agent business plan, why do you need a business plan, #1. executive summary, #2. company’s corporate structure, #3. analyze your target market, #4. analyze your local competition, #5. establish your sales and marketing strategy, #6. financial plan, #7. appendix, #8. follow up, estate agent business plan template, are you having difficulties writing your real estate agent business plan, conclusion , how long should a real estate business plan be, how do i become a successful estate agent, do estate agents make good money uk.

If you are thinking of being a real estate agent in 2023, then you should consider starting with a business plan. It’s no secret that the real estate market is highly competitive, and to scale off as an agent, you need to come up armed with a business plan. A business plan can guarantee your business a great chance of success and also help you track your activities to detect when a change needs to be made. This article will further buttress the benefits of having a business plan and also guide you on how to write a plan for your real estate agent business. As a bonus, you will also be getting a current 2023 real estate agent business plan template checklist.

If this process feels overwhelming already, you can stick to our pre-made real estate agent business plan and start that business today. 

When a business plan is involved, you will get to understand that it is a document that covers the “what,” “why”, and “how” of your business. What do you want to do with this business? Why do you want to do it? How do you plan to achieve it? These questions, in general, are called “business plans.”

A proper business plan should cover your niche, business goals, target audience, and market research, among others. That is why you need to learn how to write a business plan for your real estate agent company. Understanding how it works will help you capture the strengths and shortcomings of your company so that you can set achievable and measurable goals. Starting a real estate agent business this 2023 without a plan is something you should avoid. 

Aside from helping you identify your strengths and weaknesses, a business plan will also give you an overview of where you stand in the industry and how you can make amendments. If you’re also looking to secure finance for your estate agent business in 2023, then you’ll need a robust business plan. This is because your lenders would like to analyze what your business is all about and determine if they can benefit from investing in it. 

A business plan will serve as a companion and a road map that can easily help you reach your destination. Learning how to write a plan for your real estate agent business with this tough competition will also give you an edge over other brands. With a business plan, you will be able to set goals and attain them.

How to Write a Business Plan for a Real Estate Agent

Writing a professional business plan requires some level of procedure before your goals can be achieved. For a business plan to be complete, you will need to include a detailed outline of some essential sections. 

An executive summary is the first component of a business plan. In summary, this section should contain who you are, the services you offer, who you serve, and where you currently work from. While writing, you need to start with an introduction to your business plan and its outline. 

Although this section should be the first to appear in your plan, it is advised that you complete it at the end. When you apply this method, you will find that it’s easier to draft this section after dissecting the whole plan. 

As a real estate agent, you should have a management team that you work with. In this section, you will need to make a list of all the members of your team. While doing this, they include their personal information, skills, education, experience, and different roles. If you have any extra skills that you think might improve the growth of your business, then you should mention them as well.

The essence of a target market is to begin your branding process from their perspective. And to achieve this, you will need to identify your target audience by doing in-depth research on who they are and how best to attract them. Understanding your market niche will help you decide how best to attract them with your branding and how to serve them.

Once you have an idea of what services your company would provide, identify your real estate clients. While on this, do not try to appeal to all property sellers and buyers because it will be hard to stand out from the crowd. With smaller potential customers, you will have less competition and a greater chance of making tremendous sales. 

In this section, you will research your competitors , identify your primary competition, and study what they are doing. Learning about their weaknesses and strengths will help you identify the gaps in the market so that you can set yourself apart and outperform them in the industry. 

Your next move is to actualize what your sales and marketing strategy is going to be. Marketing your business will help attract potential customers, which will lead to sales. To achieve this, you need to make a list of the real estate marketing strategies to use. You can choose to open a website, run social media ads, and engage in referrals and content marketing, among others. 

Read Also: ESTATE AGENT INSURANCE: Coverages, Quotes & General Requirements

This is the most critical part of your real estate agent business plan. You will need to assess your start-up and recurring financial requirements to create a budget. This section should include your cash flow statement, income statement, and balance sheet. Remember, you also need a financial reserve to cover unexpected future costs. 

This should include any additional legal documents that your readers might request. It can be a financial document or even a legal qualification. You can also show off your license and permits here.

A real estate agent’s business plan is a living and not a static document. Being a living document requires that you review it regularly and alter changes if needed. As you keep experiencing growth in your business, you should also update your plan. 

Once you have written your solid estate agent business plan, you will also need to make use of a template. A template will help keep your activities in check while reminding you of some actions that are yet to be achieved. To make full use of this estate agent business plan template, it is best to follow this guide accordingly to reach the desired result. 

• Formulate a plan
• Brand building
• Getting insurance
• Legal qualifications
• Reviewing financials
• Marketing and advertisement
• Team building 

If you have spent hours trying to compose a business plan, then you should curb the stress and try out our professional pre-made Real Estate Agent business plan .

Creating a business plan can be a fun but hard task, especially when you are a first-timer. At BusinessYield Consult, we have succeeded in creating professional business plans for startup entrepreneurs like you. Rather than wasting hours and days trying to write a business plan, you can easily get this ready-made plan here and spice up those ideas. 

The real estate agent market in the UK is highly competitive and disruptive and starting up a business comes with its challenges. However, with the right attitude and support of a business plan, any new estate agent can stand out from the crowd and be successful. It is also important to note that for a business plan to spice up your business ideas, it needs to be well-written and planned. If you know you are not capable of creating a plan that will meet these standards, you should go for this premade real estate agent business plan . 

A business plan does not have a specific number of words or length of content because most of the time, the length can vary from one another. The only common ground in a real estate business plan is that they are generally outlined between one and five years. It is from this factor that you will be able to detect the length that works for any year. 

Before you start on this new venture of yours, there are some basic skills you must have. You should have marketing, communication, and negotiating skills. You should also start with a growth mindset while understanding that your business requires hard work. Always put your customers first by getting sellers the best deal and funding buyers a perfect home. 

A normal trainee estate agent earns £14,000 to £20,000, while an estate agent with experience can earn up to £25,000 to £60,000 plus commission. A well-experienced and successful agent can earn up to £50,000 to £100,000. Considering these values an average estate agent will earn £42,392. 

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Kenechukwu Muoghalu

Kenny, an accomplished business writer with a decade of experience, excels in translating intricate industry insights into engaging articles. Her passion revolves around distilling the latest trends, offering actionable advice, and nurturing a comprehensive understanding of the business landscape. With a proven track record of delivering insightful content, Kenny is dedicated to empowering her readers with the knowledge needed to thrive in the dynamic and ever-evolving world of business.

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How to Start and Grow a Successful Estate Agency Business in the UK

Launching a new estate agency can be an exciting yet daunting endeavour. With the UK real estate market valued at over £1 trillion, the opportunity is immense for ambitious agents looking to set up shop. However, the road to establishing a thriving, reputable brand in this competitive sector is paved with challenges. Over 12,000 estate agencies currently operate across the UK, leaving ample room for new players while also raising the bar.

Success requires extensive preparation, industry knowledge, and the ability to creatively differentiate your services. The rewards of building an esteemed, client-focused agency from the ground up can certainly outweigh the risks and hard work involved. This comprehensive guide shares insider tips and strategies for starting and subsequently growing a best-in-class estate agency business in the UK.

Let’s Explore How You Can Start and Grow Your Own Estate Agency:

Launching and growing a thriving estate agency business in the UK requires strategic planning, industry expertise, and the ability to differentiate your services. This comprehensive guide provides tips on critical steps like crafting a detailed business plan, researching the local property market, building a strong online presence, networking extensively, delivering exceptional customer service, and implementing targeted marketing campaigns . It also covers advice on staying updated on industry trends, utilizing digital ads, gaining testimonials, tracking website metrics, and responding to reviews.

How To Start An Estate Agency Business

Starting an estate agency requires extensive preparation and a strategic approach. Crucial steps include researching your local property market dynamics, creating a detailed business plan and financial projections, establishing a strong online presence with a modern website and social media profiles, networking extensively within the industry, developing exceptional customer service capabilities, and implementing a comprehensive marketing strategy. 

Create a Detailed Business Plan

Having a clear vision and goals is crucial when starting an estate agency business. Your business plan should outline your objectives, target market, services offered, competitive advantages, estimated startup costs, and strategies for growth. Defining these elements will help provide direction as you establish your new estate agency franchise and run your business. Outlining your business goals and how you plan to promote your business will be key.

Your business plan for your new estate agency should cover things like:

• Your business premises and required legal considerations
• Services you plan to offer to help sellers sell properties and buyers purchase them
• Your target customer demographics and how to reach potential buyers and sellers
• Analyzing competitors’ fees and offerings to differentiate your business
• Marketing strategies to promote your services to potential clients
• Estimated startup costs involved in an estate agency business
• Longer-term strategies to help you grow your estate agency business

Having this detailed plan will provide a roadmap as you work to set up your new estate agency business in the UK industry.

Research the Local Property Market

Before launching your new estate agency, it is critical to thoroughly research the dynamics of your local real estate market. You’ll need to analyze property values, inventory, demographics, competitors’ offerings, and consumer preferences. This market research will help you effectively position your agency and set appropriate service fees.

Specific areas to research include:

• Average property and land values by type in your desired area
• Number of properties being sold annually, to gauge overall demand
• Inventory levels, i.e. how many residential properties are currently listed for sale
• Demographic data like income and age ranges for your target area
• What services do competing estate agencies in your area offer and their typical commissions
• Recent property value growth trends that may affect your business
• Planned new property developments coming to the market

Gaining intimate familiarity with your local housing market and consumers will enable your new estate agency to advise sellers on appropriate listing prices and help potential buyers make informed offers. This research is crucial in order to effectively launch and position your business within the competitive real estate industry.

Build a Strong Online Presence

In today’s digital era, having a professional website and a broader online presence is essential for any new estate agency aiming to reach modern sellers and buyers. Key elements you’ll need to invest in include:

• A modern estate agency website to display property listings and market your services
• Search engine optimization to help potential clients find your business online
• Active social media profiles to promote your agency and listings
• Video content like neighbourhood tours to engage potential customers
• Email newsletters with home buying/selling tips for subscribers
• Online review management on sites like Google to build credibility

Taking time to build a strong online presence and utilize estate agent digital marketing will help your new estate agency business attract more site traffic, generate leads, and build trust with potential clients. This is one area new agencies need to prioritize when starting up in the UK’s competitive property industry.

Network Extensively Within the Industry

Networking extensively within the industry is a crucial activity for any new estate agency looking to grow its business in the UK property sector.

Taking time early on to join relevant industry groups and connect face-to-face with professionals like local estate agents, letting agents, brokers, mortgage lenders, solicitors, and tradesmen will allow you to build relationships and gain valuable referrals and partnerships. Attending industry events, conferences, and mixers provides opportunities to connect with the range of players involved in residential and commercial real estate transactions. 

Having these connections established during your startup phase will prove invaluable as you work to increase your client base and establish your reputation and credibility within the highly competitive property industry.

Deliver Exceptional Customer Service

Delivering exceptional customer service is how your new estate agency can stand out from the crowded competition. Be diligent and responsive when communicating and transacting with both buyers and sellers. Provide transparent guidance and expertise throughout the process, from listing to offer to closing. Go above and beyond by celebrating successful deals with gifts or cards and supporting clients if a deal falls through with market updates.

Take time to explain each step clearly to first-time buyers. Your aim is to exceed customers’ service expectations, leading to loyalty, positive word-of-mouth, and repeat or referral business down the road. This outstanding service will become your competitive advantage, fueling sustainable growth for your agency.

Develop an Estate Agent Marketing Strategy 

Developing a comprehensive digital and print marketing strategy should be a top priority for any estate agency looking to actively promote their services, and listings and grow their business. Your plan should leverage traditional tactics like print ads in local publications and direct mailers to targeted households, as well as digital channels like social media ads, email campaigns to your subscriber list, partnerships with complementary local businesses, and video walkthroughs to showcase listings on social media. 

Aim for an integrated mix of high-visibility tactics like Google Ads along with very cost-effective options like organic social media posts. Consistently marketing across multiple channels will help more potential buyers and sellers in your area find and choose your agency when seeking to purchase or list residential or commercial property.

How To Grow Your Estate Agency

Expanding a successful estate agency requires continuously educating yourself on industry trends, asking clients for testimonials, leveraging Google Ads, sharing engaging social media content, running targeted Facebook ads, forming partnerships with complementary businesses, hosting in-person networking events, closely tracking website metrics using Google Analytics, and actively managing your online reputation. Combining digital marketing tactics with relationship-building opportunities allows agencies to boost their reach, conversion rates, and bottom line.

Stay Updated on Industry Trends and Shifts

The property industry is constantly evolving, with new technologies, regulations, economic factors and consumer preferences impacting real estate. It’s critical for estate agencies to continuously educate themselves on emerging industry trends and market shifts in order to provide clients with valuable insights and make informed strategic decisions. Useful ways to stay updated include:

• Attending relevant seminars, workshops and conferences held by industry bodies
• Reading trade publications and blogs covering the latest real estate news
• Following key property indexes and economic indicators for your region
• Getting alerts for changes to key regulations affecting home buying/selling
• Meeting with mortgage advisors and developers to learn of new offerings
• Polling clients to gain feedback on their pain points and desires
• Analyzing consumer data and search trends for changes in demand

Keeping pace with changes allows agencies to adapt their services, leverage new technologies, adjust business plans, and have meaningful discussions with clients. In a dynamic sector like real estate, those who actively monitor and learn from market shifts will maintain a competitive edge.

Ask Clients for Testimonials

Positive testimonials and reviews from satisfied clients provide immensely valuable social proof and build credibility for estate agencies competing in a crowded industry. When a client has had an excellent experience, it’s worthwhile asking them to provide a brief testimonial that highlights why they’d recommend your services.

With the client’s consent, publish these on platforms like your website, Google My Business page, and social media. Link to and excerpt full reviews on Zoopla or Rightmove. Testimonials and ratings reassure prospective buyers and sellers that your agency delivers on promises and meets their needs, increasing conversion rates. They help build trust and differentiate you from less client-focused competitors.

Utilize Google Ads

Google Ads provides a valuable opportunity for estate agencies to appear prominently at the top of page 1 right when local home buyers are searching for properties for sale. Google Ads allows businesses to target relevant keywords like “estate agents near me” and pay only when users click your ad.

By consistently showing up above organic results, your agency remains top of mind for prospective clients. Useful tips for success include tracking clicks and conversions to gauge ROI, creating localized ads, displaying a good variety of listings in the ad, keeping text crisp, and integrating with a Google My Business profile. When optimized well, Google Ads complement organic SEO, increasing overall visibility and lead generation.

Post Engaging Social Media Content

While having active social media profiles is useful, simply existing on platforms like Facebook and Instagram isn’t enough – you need to consistently publish valuable content followers genuinely want to engage with. Share local market updates, area guides, sold price data, home styling tips, quizzes and polls related to buying and selling. Respond promptly to any comments or questions.

Content that entertains educates or inspires a reaction helps boost reach and keeps your agency top of mind when people are considering buying or selling property. Make use of listing videos, live Q&As, employee takeovers, and user-generated content. Enriching your followers’ feeds builds relationships and recall.

Run Targeted Facebook Advertising

With billions of users worldwide, Facebook and Instagram provide immense opportunities to connect with local home buyers and sellers through targeted estate agent paid advertising . Create customized ad sets aimed at specific demographics likely to buy or sell property soon.

Target by factors like income, home type, age range, geo-location, interests and behaviours. Retarget past visitors to your site or followers who have engaged with posts. Evaluate cost-per-click and conversion rates to identify winning approaches. The hyper-specific ad targeting options on Facebook platforms make it possible to cost-effectively reach your ideal clients.

Partner with Complementary Local Businesses

Strategic partnerships with relevant local businesses can create opportunities to mutually refer clients and increase leads for your estate agency. Consider developing relationships with providers like mortgage advisors, solicitors, removal companies, tradesmen, and even businesses your clients frequent like coffee shops or restaurants.

Offer clients incentives like discounts or added services for using select partner businesses you trust. For instance, provide a 10% dining voucher if they get pre-approved with your preferred lender. These partnerships strengthen your local ecosystem and client offering.

Host In-Person Networking Events

While online marketing is essential, in-person events provide invaluable opportunities to build relationships, showcase expertise, and connect face-to-face with home buyers and sellers in your area. Open houses, exclusive property tours or presentations, broker networking events, seminars, and client appreciation mixers are all great options.

These events allow potential clients to meet your team in person and get a feel for your agency’s professionalism, market knowledge and commitment to service – building vital trust and credibility. They help convert prospective leads into clients for life.

Track Key Website Metrics with Google Analytics

Monitoring key metrics like website traffic sources, top landing pages, conversion rates and referrals provides invaluable insights that can help continuously refine and optimize your estate agency’s online marketing. Leverage free tools like Google Analytics to track:

• Traffic sources – best channels for driving visits
• Landing pages – most effective at converting visitors
• Bounce rates – pages causing exits
• Conversions – from listings views to contacts
• SEO performance – rankings for target keywords
• Referrals – links or sites sending traffic

Regularly analyzing website data identifies successful initiatives to build on as well as underperforming areas needing improvement. This allows for a sharper digital marketing strategy.

Respond to Online Reviews

Actively managing your online reputation by responding promptly and professionally to any reviews on sites like Google, Facebook and Trustpilot is now essential. Thank happy clients for positive feedback and apologize for negative experiences, outlining how you’ll improve.

Addressing critiques publicly demonstrates you take customer service seriously and are committed to constructive feedback. Over time, cultivating more 5-star online ratings establishes credibility and trust for potential buyers and sellers researching agencies. Aim to resolve issues but don’t get defensive – positive responses to bad reviews can enhance your reputation.

By combining industry knowledge, customer service excellence, and targeted digital/print marketing , your estate agency can expand its reach, reputation, and bottom line. Consistent effort and innovation are critical for continued growth and standing out from the competition.

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Business Plan for Estate Agents

Posted on 27/10/2021 by pat

Why business plans matter

What’s the very first question a business coach asks you? Yes, that’s right – ‘Have you written a business plan?’ It’s a question they ask or a very good reason –

No business plan = no direction = no focus = (ultimately) no business

Business plans matter to all businesses. But – in a sector that’s as competitive as estate agency, they don’t just matter. They’re critical. To give your business the greatest chance of success, you need a well-defined business plan to –

laser-focus your strategy

define your success

detail your growth plan.

4 Estate Agent Business Plan mistakes

Before we look at the key steps towards creating a successful estate agent’s business plan, let’s examine 4 common business plan mistakes. In other words, here’s what NOT to do –

1) Excess ambition

Setting up an Estate Agency is exciting. You may have the qualities of passion, energy, skill and know-how. But keeping calm and realistic are equally important. Don’t set unrealistic targets that create pressure, stress and hassle.

2) Vague financials

Finance is arguably the most important element of any business plan. Don’t be vague. Work out your predictions carefully and be prepared to produce evidence for them. Don’t say, ‘we’ll need to borrow about £X,000 and our first quarter income will be about £Y,000, with overheads of maybe £Z,000. Inevitably, some of your predictions will be wrong. That’s OK – but lenders need to know you’ve made the effort to calculate your figures with care.

3) Ignorance of your target audience

Marketing will be a key element of any Estate Agent’s business plan. Be clear about your target audience. Never begin with the word ‘Anyone …’. If you target ‘anyone’, there’s every chance you’ll finish up with ‘no one’!

4) Lack of structure

Scribbling a plan on a sheet of A4 and leaving it in a desk drawer to gather dust will do you no good at all. For an Estate Agent’s business plan to work, it needs to be well-structured and make sense to your accountant, your bank manager … and to you!

How to put together an Estate Agent’s Business Plan

1) identify your vision.

This is your ultimate goal – not for the end of your first year or even five years. Decide what for you is your Holy Grail. Include a time frame and make the vision measurable. You could express this vision in terms of selling the business, a turnover target, or even in terms of ‘X-shire’s best-loved Estate Agent’ (to be measured in terms of positive reviews).

2) Define roles clearly

Be clear in your mind about who will be responsible for which activity and who will be answerable to whom.

3) Do your research

Be absolutely clear about the customers and the properties you’ll be targeting. Build these into your business plan. The more you focus on your target market, the greater success you’ll achieve. Get to know the area well. Be sure you know which postcode areas are on the up and which to avoid.

4) Check out the competition

Knowing who’s doing what and how well they’re doing it will help you with point 3. Follow your competitors on social media. Who are they marketing to? You’ve already identified your specific market. So, carry out a targeted search for homes in that range.

5) What services will you provide?

This is linked to points 3 and 4. Are you planning to deliver every service for every market? Will you include lettings? Perhaps you’ll focus on apartments? Or maybe properties above a certain market value? You might decide to target first-time buyers. Which sector(s) you go for doesn’t matter. What counts is that you are 100% clear about where your focus will lie.

6) Include a SWOT analysis

SWOT—Strengths, Weaknesses, Opportunities, and Threats. Analyse and include this in your business plan. You may feel that this is ‘old hat’. But SWOT analyses always get mentioned because they matter and they work. You need to be completely clear in your own mind about where your Estate Agency sits in the marketplace.

7) Goals – business and personal

It’s vital to identify and state your goals – turnover, nett profit and, just as important, personal. You need to come up with clear and measurable goals for each of these elements – goals that you can come back to and refer to at any specific point in your business journey.

8) Your start-up and ongoing financial requirements

You might need support from your account with this part of your Estate Agent’s business plan. Be clear about your operating expenses, including all your employment, marketing and lead generation costs.

9) Re-visit your Business Plan

Without this final step, you might as well not bother with creating a business plan for your Estate Agent business. Check back at least every quarter and see how your efforts are measuring up. Don’t be afraid to amend your plan accordingly. Treat it like an organic, living document, not something set in stone.

Business Plans for Estate Agents

Setting up a Business Plan is a vital first step for anyone setting up an Estate Agent business. But it is only the first step. Next comes your strategy – a detailed outline of the steps you’ll be taking to satisfy the business plan.

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Setting up an Estate Agency Business

All you need to know about starting and running your business.

In this article

What is a Estate Agency Business?

More than 1.1 million properties were sold in the UK in 2022 and 4.6 million properties were rented privately in England alone. Despite financial uncertainty, the property market in the UK remains strong and house prices continue to rise.

Although there are approximately 22,000 estate agents currently in operation in the UK, the strength of the housing industry means there is still high demand for more estate agents, making now a great time for you to set up an estate agency business.

An estate agency is a company or business that sells or rents out homes, buildings and land on behalf of its clients. Although the term estate agency typically refers to a business that sells properties, it can also encompass the term letting agency (a business that rents out and manages properties), particularly because many estate agencies offer both sale and rental properties.

If you set up an estate agency business, you can operate as the sole estate agent, managing all of your listed properties, or hire other estate agents to work for your business.

When starting up an estate agency business, you will need to decide the type of property you are going to specialise in. There are multiple types of properties that your estate agency business could sell or rent out, including:

Residential Property

This refers to any properties that are used for residential purposes (to live in).

Some examples of residential properties include:

• Terraced, semi-detached and detached houses.
• Flats and duplexes.
• Student properties (rental).
• Individual rooms (rental).

Commercial Property

This refers to any properties that are used for commercial (business) purposes.

Some examples of commercial properties include:

• Office buildings.
• Retail properties, including individual shops and shopping centres.
• Hotels, B&Bs and other holiday properties.
• Restaurants, cafes, bars and pubs.
• Gyms, swimming pools and sporting facilities.
• Healthcare properties, such as hospitals and clinics.
• Cinemas and theatres.
• Petrol stations.

Industrial Property

This refers to any properties that are used for industrial purposes, including:

• Manufacturing.
• Production.
• Distribution.
• Development.

Common examples are factories and warehouses.

Land Property

This includes both developed and undeveloped land, whereby the land is the main feature of the sale or rental, rather than any buildings that sit on the land. This could be because the buildings do not increase the value of the land or because the land is undeveloped.

Some examples include:

• Vacant land, e.g. fields.
• Agricultural land e.g. a farm or orchard.

Special Purpose Property

This is property or land that has a special purpose and is generally used by the public. The property may be owned by the government or the local council or may be privately owned.

Some examples of special purpose property include:

• Places of worship (e.g. churches, mosques and synagogues).
• Cemeteries and graveyards.
• Libraries, community centres and youth centres.
• Government buildings.

An estate agency is a unique type of seller as they don’t sell something they own; instead, they are selling something on behalf of the owner. Your role is to act as a representative of the seller and the property and to act as an intermediary between the seller and potential buyers.

There are many responsibilities associated with setting up and running an estate agency business, including:

• Viewing and inspecting properties.
• Collecting information about a property, taking photographs and taking measurements.
• Talking to sellers about the property and any special features.
• Creating client contracts.
• Assessing the value of a property.
• Marketing and promoting properties.
• Liaising with both the seller and the buyer, offering professional advice and negotiating sales and lettings.
• Organising and providing advertising materials, such as ‘For Sale’ signs.
• Organising viewings of the property.
• Representing the seller in any negotiations with prospective buyers.
• Handling payments and commissions.
• Organising a property survey (although the survey will be completed by a qualified professional).
• Monitoring any sales as they proceed.
• Liaising with other professionals, including mortgage advisors and brokers, solicitors and surveyors.
• Collecting references and doing credit checks for renters.
• Ensuring any rental properties meet legal standards and comply with health and safety requirements.
• Creating tenancy agreements to be signed by both parties.
• Organising or collecting rental payments.
• Acting as a property manager and resolving any issues.
• Advertising and marketing your business.
• Managing staff.
• Completing business and administrative tasks.

If you are thinking of starting up an estate agency business, you will be pleased to know that the barriers to entry are relatively low. In the UK, estate agents are not currently required by law to be licensed or qualified. Depending on where in the UK your business is located, much of the sales process will be handled by other professional bodies (for example, in Scotland, a solicitor manages the majority of the sale). That means your business can primarily handle the marketing and selling of the property, rather than worrying about surveys, contracts and mortgages.

To make your business succeed, strong interpersonal skills, a friendly and personable manner and good communication skills are key. You will also need to be highly organised and have good negotiation skills. The ability to work well under pressure and to adhere to targets and deadlines is also required. As the business owner, a solid business plan and a well-developed strategy for growth will also be beneficial.

Types of Customers

The types of customers your business attracts can depend on multiple factors, such as:

Whether you provide property sales or rentals

You may opt to only list ‘for sale’ properties or to work with both sales and rental clients. Customers usually know whether they want to sell or rent out their property and will make this decision before approaching an estate agency. Equally, a prospective buyer or renter will look for an estate agency that is offering the specific service they are looking for.

The types of properties you focus on

You could choose to focus on residential, commercial, industrial, land or special-purpose properties. To focus your business and target your chosen niche, it is recommended that you only concentrate on one type of property (e.g. residential properties). The type of properties you choose to focus on can significantly impact the types of customers your business attracts.

The value of the properties

You may opt to list properties of varied values to target a wide range of customers, or you may opt to focus on properties of a specific value (e.g. multimillion-pound properties). The value of the properties you focus on will be one of the most important determiners of your typical customer base.

Your location

Particularly when your business first launches, you will likely focus your business in a specific location (e.g. a specific town or area of a city). Your typical customer base will, therefore, be primarily made up of people selling and buying properties in this area. As your business grows, you may choose to branch out to other locations.

Whether you operate an in-person or online business

Many estate agencies choose to operate both in-person and online. You may choose to have an estate agency website where you list all of your properties, with their photographs and information, whilst also running an estate agency shop or offering in-person meetings and viewings. Alternatively, you can choose to focus your business and only operate in-person or online. Some customers (for example, those who do not live in the area or have limited time) may prefer to work with an online business, whereas other customers may prefer to visit a shop and talk to the estate agent in person.

Equipment You Will Need

Equipment is an essential purchase, as without it you will not be able to operate your business. The type of equipment you require will depend on whether you run an online or in-person estate agency.

Below is a list of equipment typically required by an estate agency business:

An estate agency website

Your website will be an important advertising and sales tool. It should be professional, functional, attractive, easy to use and fit for purpose. Your website should include professional photographs of each property (including each room and the outdoor spaces), a specific location, a description, the price and any additional information about the property that a potential buyer could need. You should also include your contact information.

A computer or laptop

You will need a high-specification, reliable laptop that can handle the amount of time you will be using it each day and all the programmes and software you will need to install. Alternatively, you could opt for a desktop computer, although they are less ideal if you need to use your laptop away from the office.

A Customer Relationship Management (CRM) system

This is an important tool for estate agents and can help to automate a lot of usually time-consuming daily tasks and can help you to manage your customer database. A CRM can help you to stay organised, monitor your client relationships, manage lead generation, set follow-up reminders and move sales through your pipeline.

A lead generation tool

An increase in leads can result in an increase in listings, increased sales and higher revenue. Your leads can come from multiple sources, including visits to your website, through your marketing and advertising strategies and via recommendations. By using a lead generator tool, you can identify leads and convert a prospective customer into a real customer.

A lead generator tool can help you to:

• Create organic advertising and paid ads.
• Improve lead generation via emails and social media.
• Improve your business-to-business (B2B) marketing.
• Set up property enquiry forms specific to the type of customer (e.g. rental or buying).
• Automatically organise prospective customers.

An email marketing system

This is another important tool that can help you to increase your listings. It can help you to promote your business and promote any existing listings, by sending out automated emails with minimal effort from you.

A professional camera

Unless you hire a professional photographer who provides their own camera, you will need to purchase a high-quality professional camera to take photographs of your listings. Each property will require a minimum of 20 photographs, including the front of the property, the outdoor spaces, different angles of each room and any special features you want to highlight.

A video camera

If your camera does not come with a high-quality video option, you will also require a professional video camera to allow you to take videos of different areas of the property or film a walk-through of the property.

Although this is an optional piece of equipment, it is recommended if you plan to list large properties and pieces of land and high-value properties. A drone allows you to get aerial shots, so prospective buyers can see the scale of the property. Using a drone can also help your business to appear more professional and can make your estate agency more attractive to sellers who are searching for the perfect agency to list their property.

Video editing tools

Videos can be utilised as a way of allowing buyers to tour the property from their own homes. You can also use videos to film client testimonials or to introduce your business to potential clients. To ensure your videos appear professional, you will need to utilise a video editing tool, allowing you to make and edit your videos more professionally and effectively.

Measuring equipment

You may want to confirm dimensions that are on the property deeds or that are not included in the original floor plan, for example, if the seller has installed a driveway or a swimming pool or added an en-suite bathroom. These measurements may be important in your property listing and can help you to attract buyers. You may require measuring equipment, such as a measuring tape, a laser measuring device and a measuring wheel.

Electronic signature tool

To create a faster and more streamlined service, you will need an electronic signature (e-sign) tool. Having this tool will save you a significant amount of time compared to physically mailing each document when a signature is required. An e-sign tool allows you to email documents that need signing to your clients and receive an electronic signature immediately. Electronic signatures are legally recognised in the UK.

A secure storage system

Many of the documents you work with will contain highly sensitive information that you will need to store securely at all times. You will also have detailed pictures and videos of clients’ homes and personal information about your clients’ finances. The vast number of sensitive files will likely require you to invest in secure Cloud storage. You should ensure the storage you opt for is password protected and encrypted. You should also ensure everything is backed up externally to protect the information in the event of a technological issue.

Scheduling tool or software

Scheduling tools allow you and your clients to make appointments and meetings without needing to waste time trying to find an available date and time. The software links to your calendar and recognises your availability. If a client books a meeting with you via the software, you will receive an automatic confirmation email and the meeting will appear in your calendar.

Digital invoice software

This can help to make your life much easier. Rather than dealing with paper receipts or clients that instantly request an invoice, digital invoice software allows you to keep electronic copies and store them safely. You can send clients their invoices via email. This can help to save you time.

An email service

Setting up your own email service using your own domain may be beneficial as your business grows. A business domain can make your business seem more professional and official. Using a public email domain such as @google or @hotmail can look less professional compared to using your own business domain. You will need to make sure your email service is fully secure and encrypted and abides by email security policies in the UK.

High-speed Wi-Fi

Regardless of whether you run an in-person or online estate agency, you will need to ensure your Wi-Fi is reliable and high-speed. You will likely be using the internet for much of the day and will need to ensure it doesn’t cut out in the middle of a meeting with a client or when uploading a new listing. Contact the available providers in your area and ask for an approximate speed per second for uploads and downloads before choosing your Wi-Fi provider.

Advertisement boards

If you have an estate agency shop, one of the most important features will be the window display, featuring full-sized advertisement boards. These boards will have photographs of each property, the location, a brief description and the sale or rental price. These boards will need to be updated regularly, as properties sell and new properties become available. Ensure your boards are changeable and are sturdy and look professional.

‘For Sale’, ‘For Rent’ and ‘Sold’ signs

These signs will be an essential part of your advertising and marketing. They will be placed on the property (usually at the front so that they are viewable to passers-by) and will feature your business name and logo and your contact information. Your signs should be branded, be the same colour and be highly recognisable as belonging to your business. The signs should also be weather-proof and sturdy. You will need a large number of these signs to ensure you have enough for every property on your books.

Brochures are another important advertising tool. Although less popular now with the rise of the internet, some prospective buyers still prefer to look through a brochure. You can also post your brochures to potential customers as a way of advertising your business.

Business cards

Business cards are an important marketing tool and can be given to new or existing clients. Your business cards should include your business name, contact information, location and the types of properties you list.

Business phones

Each of your employees (and you) will require a business phone so that they are easily contactable for clients. You could also choose a main office phone with a main number that you use on your advertisements and that any customer can contact. Ensure your office phone comes with a reliable answering machine to record clients’ voicemails.

Office or shop furniture and accessories

Investing in high-quality, comfortable furniture can help to protect you from strain or injury. Ensure the furniture is an appropriate height and doesn’t require you to strain your neck or back. The amount of office furniture you require will depend on the size of your premises and the number of employees you hire.

Some equipment you may require includes:

• Office chairs.
• Secure filing cabinets.
• A printer, scanner and fax machine.
• A paper shredder.
• Stationery, such as pens, pencils, notepads, diaries, highlighters and Post-it notes.
• A water cooler and tea and coffee making facilities.

A CCTV system

Because you will be storing expensive equipment and sensitive information, CCTV can protect your business from potential break-ins and theft. CCTV can also protect your business in the event of an accident, an incident or an allegation. You can choose the specification of the equipment and how many cameras you require.

Typical Costs

When you are creating your business plan, an important consideration you will need to make is your expected start-up costs and running costs. Calculating your expected costs allows you to determine your initial investment requirements, your pricing strategy and your profit goals.

There are multiple costs associated with setting up and running an estate agency business. Some of these costs will be one-off initial costs that you will need to pay when you are setting up your business. Other costs will be ongoing costs you will need to pay regularly – usually weekly, monthly, quarterly or annually.

Although the costs can vary depending on the type of estate agency business you set up, some of the typical costs you can expect are:

Your business premises

If you opt to set up a physical estate agency, your premises will likely be your biggest expenditure. You will need to rent your premises on a monthly or annual basis. Rental prices can vary significantly, depending on the location and the size of the premises. City centre locations and newly built premises usually have the highest rental costs. Rental costs are often calculated per square metre and can range significantly, from £500 to £15,000 per square metre annually. Your rental costs may also be higher if you are renting an already established or equipped estate agency. Alternatively, you could opt to purchase your premises upfront or take out a mortgage. Keep in mind that many estate agencies capitalise on local foot traffic, so a city centre location or a busy area can help to increase your sales.

Refurbishment and installation costs

Unless your premises previously operated as an estate agency, you will need to refurbish or convert your premises to install the equipment you need for your business and to make your premises fit for purpose. Luckily, an estate agency has limited layout requirements and can be set out any way you choose. You may be able to do much of the work yourself, although you may need to hire professionals for jobs such as improving the lighting, installing a bathroom and installing equipment and furniture. Refurbishment and installation costs can start at as little as £500, depending on the scale of work required.

Your equipment is an important purchase. Although equipment costs are not usually high for an estate agency, ensuring you have the correct equipment is essential. Consult the list above to determine the type of equipment you require. The cost of your equipment can vary significantly, depending on the specification of your equipment and how much equipment you need. The bigger your premises is and the more employees you hire, the more equipment you will likely require. You may opt to purchase less equipment initially and then expand your equipment as your business grows. Equipment for an estate agency typically costs between £2,000 and £20,000.

Maintaining, repairing and replacing equipment

Repairs, maintenance and replacements are ongoing costs you will need to factor into your budget. Although some of your equipment will come with warranties or guarantees, repairs and replacements are inevitable because much of your equipment will experience frequent usage and technology, such as laptops and phones, generally only have a lifespan of a couple of years. Maintaining equipment and ensuring it is used correctly can extend its life, but potential repairs and replacements should still be factored into your budget.

Monthly and annual equipment costs and subscriptions

Your monthly and annual subscription costs could include your Wi-Fi, website, email service and your secure storage. Depending on which subscriptions you require and the specifications of the ones you choose, expect to pay between £40 and £150 per month.

Your job may require a lot of travel, as you will be visiting a variety of properties regularly. You could choose to use your personal vehicle or purchase a specific vehicle to be used for business purposes. The cost of a vehicle can vary, depending on whether your purchase a new or second-hand vehicle. Prices typically start at £5,000 for a second-hand vehicle and £20,000 for a new vehicle. You also need to incorporate your vehicle running costs into your budget, including your vehicle insurance, petrol, MOT, services and the costs of any repairs. These costs can vary significantly, depending on the age and condition of your vehicle, the level of insurance you choose and the amount of travel you need to do. Typically, you can expect to pay between £50 and £200 per month.

Your business website

A business website is an essential advertising tool, as it allows potential buyers (and sellers) to find your estate agency online and view your available properties. You should ensure your website is attractive to customers and use search engine optimisation (SEO) so that your website ranks highly on search engines, such as Google. Your website will need regular monitoring, updating and upgrading. You also need to make sure your website is secure, particularly if you will be collecting any customer information or banking details. You may choose to set up and run your website yourself or hire someone to do this for you. You can expect to pay between £20 and £100 per hour for someone to set up and run your website.

When creating your brand identity, consider how you want your business to be perceived by potential customers. When creating your brand, consider the type of estate agency you are setting up, the types of properties you will focus on and your target clients. Branding can include creating your business’s visual identity, design and aesthetic, your business name and logo and your website. You could hire a professional to help you with branding or do some or all of the work yourself. Branding can cost between £500 and £10,000, depending on the level of work required.

Marketing and advertising

To ensure your estate agency business attracts customers and creates maximum profits, you will need to spend money on advertising and marketing. It is recommended that you spend between 1%-3% of your annual turnover on marketing. For example, if your annual turnover (or your desired annual turnover) is £100,000, you should spend between £1,000 and £3,000 on advertising and marketing. You may need to invest more money when you initially set up your business or when you are trying to grow your business. To reduce your costs, capitalise on free marketing strategies, such as through your ‘For Sale’ signs, on social media and in your local community.

You may initially operate your business independently and then hire more estate agents and other staff as your business grows. If you hire staff permanently, you will need to pay them at least the national minimum wage (although more qualified and experienced staff will expect a higher wage) and account for other expenses such as holiday pay, sick pay and maternity/paternity pay.

Business insurance

There are several types of coverage you could choose for your estate agency business.

Some coverage options available to you are:

• Professional Indemnity Insurance.
• Employers’ Liability Insurance.
• Public Liability Insurance.
• Cyber and Data Insurance.
• Office Insurance.
• Equipment Cover.

Prices can vary, depending on your insurance provider and the level of coverage you require. Prices typically start at £10 per month.

Safely Running an Estate Agency Business

Safe practices in your estate agency business can help to protect the health, safety and well-being of you, your staff and your clients (sellers and potential buyers). Safe practices can also help to protect your business. Safe practices can vary, depending on whether you have a physical business premises (i.e. a shop) or an online business.

Some ways you can safely run your estate agency business include:

Ensure properties are safe for potential buyers to visit

There are several potential hazards that customers could be exposed to when visiting a listed property. Even if you are not handling the visit, it is still your responsibility to ensure that both sellers and buyers are protected.

Some ways you can ensure a property is safe to visit includes:

• Check that nobody who lives at the property or is visiting the property is showing symptoms of Covid-19.
• Ask the seller to confirm that no potentially dangerous individuals are present at the address or no criminal activities are taking place at the address.
• Request that pets (particularly dogs) are restrained or away from the property during the visit.
• Ensure you record the time and date of the visit and the details of both parties.
• Confirm that the building is not condemned or that there are no other threats to safety.

Report any concerns to the police

During your line of work, you may come across information or have suspicions that a crime is taking place. If you witness or are suspicious of a crime (for example, when visiting a property), you should report your concerns as soon as possible to the police.

This is particularly important for crimes relating to:

• Drug dealing or trafficking.
• Money laundering.
• Child abuse or neglect.
• Sexual abuse, rape or domestic abuse.

Obtain qualifications and training

Although formal training and qualifications are not legally required to work as an estate agent, they can help you to run your business more safely and effectively and can make your services more attractive to potential customers.

Some qualifications you could obtain include:

• Estate Agent Diploma.
• Estate Agent at QLS Level 5.
• Estate Agent Apprenticeship.

Obtain health and safety training

Obtaining health and safety training can ensure that you and your employees follow safe practices at all times.

Some training courses you could opt for include:

• Covid-19 Awareness.
• Workplace First Aid.
• Assessing Risk.
• PUWER Awareness.
• Fire Safety Awareness.
• Office Health and Safety.

Keep detailed and accurate records

To prove that you are complying with all legal guidelines, it is recommended that you keep detailed and accurate records, particularly pertaining to procedures you have implemented and the ways you are ensuring compliance with any laws and regulations.

Properly maintain and set up equipment

If you open a business premises, you must ensure any equipment must be properly maintained, correctly set up and safe to use. You must protect yourself, your employees and your customers from accidents or injuries caused by equipment. You should also perform regular equipment inspections to ensure your equipment’s safety and help extend the lifespan of your equipment. Maintenance includes cleaning equipment regularly and checking it is functioning correctly.

Check and maintain electricals

Not only can this save you money by avoiding damage, repairs and replacements, but checking and maintaining electricals can help to protect your equipment from faults and protect the health and safety of everyone who visits your business. Implement a system for regularly checking electricals and ensuring they are up to code.

Install anti-virus software

If you use a computer or laptop in your business, anti-virus software can detect and remove malicious codes and intrusions on your computer or laptop. This can protect you and your business against viruses and malware. If your laptop becomes infected with a virus, this can cause irreparable damage to your equipment, can delete your computer’s data and cause you to lose money and business. A virus on your laptop could also be sent to your clients via email which could affect your business’s reputation. Anti-virus software should be installed on all of your devices and your Wi-Fi.

Carry out risk assessments

Risk assessments are a legal requirement for businesses with more than five employees. However, even if your business has fewer than five employees, risk assessments are still recommended to ensure the safety of you, your staff and your customers. Risk assessments can help you to identify any potential hazards and risks in your business and how these can be reduced or eliminated.

As part of your risk assessment, you should:

• Identify hazards.
• Determine who could be at risk.
• Evaluate any potential risks.
• Implement relevant safety measures.
• Record the results of the risk assessment.
• Review the risk assessment regularly.

Keep a fully stocked first aid kit

If your estate agency has a physical premises, having a first aid kit onsite is recommended. If a customer or employee has an accident or injury, it may not be serious enough to warrant medical intervention. Instead, you may be able to offer treatment yourself. Having a first aid kit that is checked and replenished regularly and is easily accessible is recommended.

Implement security measures

Security measures can be implemented to protect your business. Your business may store expensive equipment (such as computers and laptops), property keys and confidential files that could attract thieves. Some ways you can protect your equipment and materials include installing a CCTV system, using secure and reliable locks and installing an alarm system.

Legal Requirements

Complying with legal requirements is essential when setting up and running an estate agency business. Legal guidelines can vary depending on the type of estate agency business (e.g. property sales vs property rental) you choose to set up.

Some of the legal requirements you should be aware of include:

General Estate Agency Legal Requirements

Comply with the Estate Agents Act (1979)

The Estate Agents Act regulates the work of estate agents in the UK. It has several specifications, including:

• Estate agents must act in the best interests of their clients.
• Buyers and sellers must be treated honestly, fairly and promptly.
• You must provide clients with information on their prospective liabilities and be upfront with any charges.
• Potential clients must be provided with your terms of business, including any agency fees.
• You must not make misleading statements, show bias or provide a false description of a property.
• Photos of a property should not be doctored in any way.
• You must declare to a buyer or seller if you have a personal interest in a property (for example, you are selling on behalf of a relative).
• You cannot work as an estate agent if you have undischarged bankruptcy.

Failure to comply with this Act could result in you being banned from working as an estate agent.

Comply with the Consumer Protection from Unfair Trading Regulations (2008)

These regulations apply to a variety of businesses, including estate agents. It controls the descriptions used by estate agents and letting agents (e.g. you cannot provide false information) and ensures you do not engage in unfair commercial practices when attempting to sell or rent out a property.

Use legally binding contracts

Estate agents should sign a legally binding contract with a client if they are selling their home. You must also ensure you comply with the terms of the contract.

There are different types of contracts, including:

• Sole Seller Agreement.
• Sole Agency Agreement.
• Multi-Agency Agreement.

Your contracts must include a 14-day cooling-off period. You should also include a tie-in period, a sole agency agreement time limit and any fees your customers should be aware of.

Present all offers to the seller

Any offer you receive on a property (even if the offer is significantly under the selling price or doesn’t fit in with the seller’s terms) must still be presented to the seller. You are legally obligated to ensure that all offers are presented promptly and are presented in writing to the seller. These obligations apply right up until contracts are exchanged. Keep in mind that if the seller is using your services as an estate agent, all offers must be made through your agency.

Ensure your sellers or landlords have an Energy Performance Certificate (EPC)

An EPC is required whenever a property is built, sold or rented. Any client that intends to sell or rent out their property through your agency must order an EPC before you list their property.

An EPC should contain information such as:

• Information about the property’s energy use and typical energy costs.
• Recommendations about how to reduce energy and save money.
• The property’s energy efficiency rating (ranging from A to G).

If the property is located in Scotland, the EPC must be displayed somewhere on the property.

Comply with Consumers, Estate Agents and Redress Act (2007)

Under the Consumers, Estate Agents and Redress Act, your business must be a member of a redress scheme. This provides regulations to estate agents in the UK and requires you to keep records and allow trading standards officers to inspect your business.

The two approved schemes in the UK are:

• The Property Ombudsman.
• Property Redress Scheme.

If your customers are dissatisfied with your service or any part of the sales process, they can escalate complaints to the redress scheme you are registered with. Failure to comply with this Act can result in a Penalty Charge Notice of £1,000.

Ensure you belong to a Client Money Protection (CMP) scheme

If you operate as a letting agency, you must ensure your business belongs to a government-approved CMP scheme. This scheme reimburses landlords and tenants in the event that the letting agency (you) misappropriates their rent, deposit or other client funds. The rules regarding CMPs can vary depending on where in the UK your business is located. To comply, you must hold your clients’ money in an account with a bank or building society that is authorised by the Financial Conduct Authority. You must also get a certificate confirming your membership. Failure to join a CMP scheme could result in a fine of up to £30,000.

Register for money laundering supervision with HMRC

Any business operating as an estate agency must register with HMRC for money laundering supervision. You will need to update your registration every year and pay an annual fee.

Your fees will include:

• An annual registration fee for each premises.
• A fit and proper test for each person tested.
• An approval process fee for each person tested.

To comply with requirements, you must specify the customer identification procedures you follow and keep records of these procedures, you must specify your internal reporting procedures and ensure your employees are trained in these procedures.

Comply with the Auctions (Bidding Agreements) Act 1927

This Act applies to any estate agent businesses that conduct or take part in real estate auctions. It regulates the way in which these auctions are conducted.

Obtain a Basic DBS Check Certificate

As an estate agent, you will need to apply for a basic-level DBS check.

The type of check you require depends on the country you live in:

• England: Disclosure and Barring Service (DBS).
• Wales: Disclosure and Barring Service (DBS).
• Scotland: Protecting Vulnerable Groups (PVG) Scheme.
• Northern Ireland: AccessNI.

Comply with the General Data Protection Regulations (GDPR) and the Data Protection Act (DPA)

You must comply with both pieces of legislation when storing or sharing personal information, such as your customers’ personal information, contact details and banking information. You must also apply for a Notification to Process Personal Data Licence. You will also need to apply for a licence with the Information Commissioner’s Office and renew your registration every year.

Comply with employment legislation

If your hire any employees to work for your business, you must ensure you follow employment legislation, including the Employment Rights Act (1996 ) and the National Minimum Wage Act (1998) . You must also comply with legislation relating to recruitment, working hours, sickness, discrimination, dismissals, and maternity or paternity pay.

Register your business

You must register your business with HMRC before you begin operating. You can register as a sole trader or as a limited company. You will need to register your business name and any other relevant information.

Register for self-assessment tax

This allows you to calculate and pay your own taxes each year. You will need to track your finances every month and submit any expenses as part of your tax assessment.

As part of your tax responsibilities, you must:

• Record all forms of income and expenses.
• Complete an annual self-assessment tax return.
• Register for VAT if you earn above the threshold (currently £85,000).
• Pay National Insurance contributions.
• Keep a record of your business accounts for the previous five years.

An Estate Agency Premises

The following legal guidelines apply specifically to estate agency businesses that open a physical premises (i.e. an estate agency shop):

Comply with fire regulations

As the business owner, you are responsible for fire safety measures on your premises.

There are multiple fire regulations you must ensure you comply with, including:

• Conducting a fire risk assessment.
• Complying with the Regulatory Reform (Fire Safety) Order 2005 .
• Implementing any necessary fire safety measures.
• Implementing emergency procedures and ensuring these are clearly displayed.

Comply with the Electricity at Work Regulations 1989

The Electricity at Work Regulations state that any workplaces that use electricals must construct electrical systems in a way that prevents danger. You must also maintain electrical systems to ensure they are safe, ensure electrical equipment is checked by a competent person annually and conduct Portable Appliance Tests (PAT).

Comply with gas safety regulations

You will need to have your boiler and any equipment that uses gas inspected by a gas-safe engineer. If your equipment is deemed safe to use and complies with government requirements, you will be issued a Gas Safety Certificate. You will need to display your gas certificate clearly on your business premises.

Comply with the Reporting of Injuries, Diseases and Dangerous Occurrences Regulations (RIDDOR) 2013

RIDDOR states that you must report all injuries, diseases and dangerous events that occur in your business. Reports must be made to the Health and Safety Executive (HSE) using an appropriate recording document. These regulations apply to any incidents that involve employees or customers and that occur on your business premises or when you are showing a client around a property.

Comply with the Provision and Use of Work Equipment Regulations (PUWER) 1998

PUWER regulations apply to you and any employees you hire. You must ensure any equipment used in your business is fit for purpose and is maintained and inspected regularly. You must also ensure that health and safety risks are minimised to an acceptable level, that you have the correct knowledge and training to use the equipment, and that protective measures are put into place. Equipment should also be used under appropriate conditions. These guidelines are applicable to equipment such as laptops and computers and any furniture you have in your premises.

Prepare a health and safety policy

The law states that every business in the UK must have a specific policy for managing health and safety. Your policy should state exactly how you will manage health and safety in your business, who is responsible for specific tasks and how and when these tasks are completed.

Comply with the Workplace (Health, Safety and Welfare) Regulations (1992)

Under these regulations , if your business has five or more employees you must ensure you conduct appropriate risk assessments, minimise any risks and maintain all equipment. You must also make sure high levels of cleanliness are maintained.

Appoint a competent person

A competent person should be appointed to help your business meet your health and safety legal duties. You can act in this role yourself or appoint another person to fulfil this role. The competent person should have the skills, knowledge and experience to identify any hazards in your business and put controls in place to protect people from harm.

An Online Estate Agency

The following legal guidelines apply to estate agency businesses that operate online:

Ensure your website is disability friendly

Under the Equality Act (2010) , all websites in the UK must be accessible to people with disabilities. If you set up a business website, you must make reasonable adjustments to your website to ensure it is accessible, for example, having text-only versions of each page so that they can be read by text converters.

Ensure your website complies with the guidelines

If you set up a website for your estate agency, there are several guidelines you need to comply with, particularly relating to:

• Privacy policies.
• Cookie legislation.
• Service descriptions.

Keep in mind that your business will be subject to additional legal guidelines if you (or anyone in your estate agency) offers services such as:

• Conveyancing.
• Financial services.

Positives of Owning an Estate Agency Business

Running an estate agency business can be rewarding in many ways.

Some of the main pros associated with this type of business are:

High commission

Estate agents can earn a high commission on top of their set salary. Commission amounts typically vary from 0.75% to 3.5% of the property’s sale price. If you sell a property for £290,000 (the average house price in the UK), the commission could be as high as £10,150. Even if this commission needs to be shared with other agents, you can still earn an impressive income from commission alone.

An exciting career choice

An estate agent can be an exciting career choice that allows you to look around a huge number of properties of different values and come up with new and inventive ways to maximise the potential of the property and attract buyers. The huge success of property TV programmes such as Escape to the Country, Selling Sunset and Under the Hammer shows just how much many people love to look around other people’s homes. Doing this for a living can be fun and rewarding.

Helping your clients

As a real estate agent, you will be an important part of your clients’ lives. You can help them buy their first home, their dream home or their forever home, invest in property or sell their home for a profit. Seeing the joy on your clients’ faces when they buy or sell a home and seeing the difference you have made can give your career a sense of purpose and help you keep motivated.

A flexible schedule

You will have complete control of your schedule and can pick and choose your working hours. If you need a specific day off or want to finish early, working in real estate gives you much more flexibility compared to traditional 9-5 office jobs. You can also control your own workload, choosing how many properties you want to list at one time. As your business grows and you hire more employees, you could also choose to take a step back and hand over a lot of the day-to-day responsibilities to your staff.

Opportunities for growth

An estate agency business is highly scalable, with great opportunities for growth. You can start off as the sole estate agent, working for yourself, and then grow your business by hiring more estate agents, branching out into more expensive properties and offering your services in multiple locations. Because you will already have a solid business plan, a good reputation and an established platform, you can easily adapt your business to take on more properties or handle increased market demand. You can easily increase your revenue without significantly increasing your costs.

Client recommendations and referrals

Unless your clients are investors who purchase multiple properties, they are unlikely to use your services repeatedly. However, if they have a good experience and you are able to help them buy or sell a property, they may recommend you to their friends and family. This can help you to grow your client base and take on more properties.

High demand

Despite consistent predictions that the housing market would decline, the market remains consistently strong, house prices continue to rise, and the number of buyers and sellers remains high. Having a high demand for your services makes it more likely that your business can grow and succeed and can help you to maximise your profits.

Design your dream business

You can set up your dream estate agency and make the best decisions for you and your business. You can choose the types of properties you want to focus on (e.g. commercial properties, high-value residential properties or rentals) and can decide how you want to run your business (e.g. online or in-person). Designing your dream business can be very rewarding.

Free advertising

Estate agencies get a lot of exposure from online property searches, social media and by having a ‘For Sale’ sign outside the property with your business name, logo and contact information listed. These free marketing methods can help to bring a lot of business to your agency and can help you to sell properties with very little effort.

Connect with other people in the industry

You can build connections with other people in the housing industry and even your customers. Building both professional and personal relationships allows you to stay up to date with new ideas and selling strategies and create useful business connections that can help you to grow your business. You can spend time with like-minded people, learn new skills and gain knowledge from them.

Do what you love

If you love the property industry and are passionate about selling houses and helping people to fulfil their dreams, then an estate agency business can be very rewarding. Genuinely loving what you do can make your business feel less like work and more like a vocation. Being passionate about your business can also make it more likely that your business will succeed.

Every day is different

Running an estate agency will never get boring. Every day will be different and will present new challenges and different customers. You will be touring different properties, dealing with a variety of clients and handling different tasks related to the properties and your business. A varied working week helps to keep your job interesting.

Create a positive work environment

An estate agency can be a great place to work. You will likely be working with different estate agents and other staff who all bring different skills, knowledge and experience to your business. You will also be spending extended periods of time with your customers, which enables you to build positive relationships and create a positive work environment.

Be part of your local community

You will likely run your estate agency in your local area (as you will already be familiar with the area and the property types and values). Helping people to buy, sell and rent property in your area allows you to connect with people from your local community, both personally and professionally. You can also give back to the community, by donating to charity and getting involved in community events. Your business could become an important part of your local community.

Face-to-face interaction

If you are an outgoing person and you enjoy speaking to people from all different walks of life, you will likely enjoy working in a customer-facing business. You can get to know your customers and spend time talking to them every day. Because you will be spending a lot of time with individual customers, you can build strong relationships with them.

Unlimited income potential

The more exposure your estate agency gains and the more properties you sell, the more successful your business will be. As your business grows and you develop a good reputation, you will see your profits grow. You can even charge higher prices for your services and hire more staff and expand your business to increase your profits. Real estate can have a high-income potential and your profit margins are likely to be high. With a good business plan and strategy for growth, your business could have unlimited income potential.

Be your own boss

There are multiple ways you can run your business and maximise your profits. As the business owner you decide the type of estate agency business you set up and your primary selling strategy. You can choose the employees you hire and the properties you accept, choose whether to expand your business and decide exactly how to run your business. You can make the best decisions for you and your business.

Negatives of Owning an Estate Agency Business

Although running an estate agency business can be rewarding in many ways, there are some negative aspects of this type of business that you should be aware of:

High responsibility

You will be dealing with properties of high value and helping your clients to buy or sell their most valuable assets. You will also be responsible for valuing properties, creating contracts, managing negotiations and handling large sums of money. As the business owner, you will also be responsible for complying with legal requirements, managing your estate agency and your staff and ensuring the success of your business.

Inconsistent business

There may be times when your agency is extremely busy and you have a lot of listed properties and other times when the market is quiet and you have few properties. Having inconsistent business can result in irregular income and can make it harder to create your business and personal budgets and plan your staffing requirements.

Irregular working hours

You will likely need to meet with clients, visit your properties and do showings at times when your clients are available, which usually means at the weekend and in the evening. Although you will have some control over your schedule, failure to work during these peak times can make it more difficult to sell houses and can affect your income. However, working irregular hours can have a negative impact on your personal life.

Each client requires a high time commitment

Buying or selling a property is a long and arduous process which requires dedication and a high time commitment from you. From touring, valuing, photographing and listing a property, to showing it to potential buyers, answering their questions and concerns and dealing with any issues that arise, it can take a long time to sell each property and it can be a stressful process.

Difficult clients

Some clients can be difficult and demanding and have unrealistic expectations of you. For example, they may expect you to sell their property in an unrealistic timeframe or expect unrealistic discounts. Dealing with these clients can be stressful and time-consuming and can take your time and attention away from other clients. They can also negatively affect your business, for example, if they withdraw their property from the market or write a negative review.

Repeat business is rare

Many businesses capitalise on and succeed because of customer loyalty and repeat business. However, this is rare in the estate agency industry, as the majority of buyers and sellers stay in one house for years. Being unable to rely on repeat business can make it more difficult to grow your business and increase your revenue.

High competition

There are already many successful estate agencies in operation, including online, low-commission agencies. If these agencies are already operating in your area or in your chosen niche, this can make it more difficult for your business to grow and succeed and can reduce your overall profit margin.

A lot of skill, knowledge and experience is required

To help your business succeed, you will need to be highly proficient in a variety of skills (e.g. negotiation and property valuation) and will need to have a lot of experience working in the real estate industry. You will also need a high level of knowledge about a variety of properties and a strong understanding of the legislation. It can be time-consuming to gain the appropriate skills, knowledge and experience to make your business succeed.

Complying with legislation

There are many different pieces of legislation and legal guidelines you will need to comply with. Not only can this be complicated and time-consuming, but any non-compliance (even if this is accidental) can be punished with a fine or the forced closure of your business. Some types of legislation also require you to go through specific training and/or gain a qualification, which can be costly and arduous. This can be very stressful.

Issues out of your control

This can be one of the most frustrating aspects of running a business, as things that are out of your control can delay projects and have a negative impact on your profits. For example, a property you are just about to sell could be taken off the market or one of your properties could fail its survey. These issues can result in unhappy customers and a loss of income.

It can be stressful and demanding

Not only will you have a high number of responsibilities, but you will also be responsible for keeping your clients happy and ensuring each property sells. Running an estate agency business can be stressful, particularly if you also have to manage employees and you are listing multiple properties at one time. You are also solely responsible for the success of your business, which can be stressful.

Your business could fail

Starting up your own business can be risky. Many new businesses fail which could result in you losing money or getting into debt. Your business could fail for several reasons, such as high local competition, an ineffective business plan, if there is another recession or a period of financial difficulty or if mortgage rates continue to rise.

Staffing challenges

There are many staffing challenges you could face, such as a lack of staff motivation, customer complaints about staff and staff not fulfilling their expected duties. It can be difficult to create and maintain a positive work environment when working in such a busy, competitive industry. You will also have lots of responsibilities related to your staff, such as hiring staff, staff training, day-to-day management, staff rotas and staff payroll. While your business and your profits are growing, you may have to undertake many of these responsibilities yourself.

Bad reviews

Although the majority of customers leave honest reviews, some customers are difficult to please and will leave a negative review because of the smallest complaint (even if it is something outside of your control, such as a property failing an inspection). Sometimes a fake customer also leaves a fake review, which can be extremely difficult to disprove and remove. Negative reviews can be extremely damaging to your business, particularly if your business is new or you’ve had relatively few reviews.

No benefits

As you are self-employed, you won’t receive benefits such as pension contributions. You will also be responsible for doing your own taxes and organising your National Insurance contributions. You will also have a lack of job security.

Planning Your Estate Agency Business

If you are considering starting up an estate agency business, an effective and well-designed business plan is essential. A business plan can help you to focus on the specific steps that will help your business succeed, plan your short-term and long-term goals, determine your financial needs and help your business to grow.

Your business plan should contain information such as:

• Your company information.
• Your company description.
• The services you will provide.
• Your branding, marketing and advertising plan.
• The structure of your business.
• The operational plan for your business.
• The financial plan for your business.

When creating your business plan, some factors you will need to take into consideration include:

What types of properties will you specialise in?

Will you focus on residential, commercial, industrial, land or special-purpose properties? Once you have determined the type of property your estate agency will focus on, you can then choose to specialise further. For example, you could specialise in residential multimillion-pound properties or properties in a rural location. Consider where your business is located, your competition and your own experience when determining the focus of your estate agency.

Will you focus on for-sale or rental properties?

As an estate agency, you will definitely list properties for sale. However, you may also choose to list rental properties. If you do decide to focus on the rental market, you must then decide how involved you want to be. For example, do you want to handle customer deposits and monthly rental payments, do you want to act as the property manager, do you want to handle rental contracts? Being responsible for these tasks can be time-consuming. However, it can also provide you with extra income, as landlords will pay you a monthly fee for managing their properties.

Will you operate an in-person or online estate agency?

This is another important factor you will need to consider when planning your business. Deciding how to run your business and your primary operation strategy can be difficult. You could choose to utilise a combination of both approaches in order to increase your sales. The way you operate your business can impact your start-up costs and running costs, your typical customer base and your premises and staffing requirements. Consider your available capital and the market demand when making this decision. You may choose to set up one type of business initially and then change as your business grows and evolves.

What is your target market?

Multiple factors can affect your target market, including the type of properties you list, the value of the properties and your location. Determining your target market is a key step to helping your business succeed. Once you have identified your target market, you can then determine how best to attract them to your estate agency. Your target market can encompass both the sellers and the buyers.

What are your staffing requirements?

Your employees are another important consideration you will need to make. What are your staffing requirements and which employees are necessary for the running of your business? Because your employee requirements can change as your business grows, you could hire fewer employees initially and then hire more as demand grows and you have the ability to increase your running costs.

What competition do you have?

When considering your competition, look at independent estate agencies and larger well-known companies. Being aware of your competition is an important step to ensuring the success of your business. Analysing your competition allows you to look at what they do well and what you think can be improved upon. You should also look at the types of properties they specialise in and their fees and commission. Analysing your competition also helps you to identify whether there is space in the market for your business and can help you to identify any niches in the estate agency industry that you could exploit.

What is your brand and your unique selling point (USP)?

Creating your brand is a key way to ensure you stand out from your competition. Branding can help you to focus your target audience, attract customers and concentrate your marketing and advertising strategies. Some ways you can create your brand are by focusing on your business’s visual identity (e.g. your business name, logo, signs and your website) and creating a brand story. Your USP can also be part of your brand and can help your business stand out from your competitors. Consider what makes your business special and how this fits into what defines your business.

What are your advertising and marketing strategies?

There are many ways you can choose to advertise your business. This can include partnering with other businesses in your area, advertising on the TV and radio, advertising on social media and using paid online ads. Your marketing and advertising plan should detail what your brand is and how you plan to promote your business. As part of your marketing strategy, consider the most effective ways to reach your target audience and attract potential customers. Create an advertising plan that is specific to the type of estate agency you are going to run.

What are your equipment requirements?

Consult the list above to determine your equipment requirements. The equipment you require will depend on the type of estate agency you set up and the size of your business. Once you have determined your equipment requirements, you can then calculate the initial costs of purchasing the equipment.

What are your start-up costs and running costs?

Consult the list above to calculate your approximate start-up costs and running costs. Determining your approximate costs allows you to calculate your initial investment and what your monthly and annual running costs will be. You can then calculate whether you can finance your business yourself. Being aware of your expected costs also allows you to create a budget, which is a key part of your business plan. Once you have calculated your approximate costs, you can then calculate your pricing strategy and determine your profit forecast.

How will you finance your business?

Consult the list of start-up costs and running costs above to determine what capital you will require. Can you finance the business yourself or will you need to source outside investment? You will also need to calculate when you are likely to begin turning a profit. If you require outside investment, you could consider a bank or other financial institution, a business loan or an investment partner.

What will your fees and commission be?

This is an important factor you will need to consider before your business begins operating. You are legally required to be completely transparent with any fees your clients are expected to pay. Your clients should also be aware of how much commission you charge. You may choose to have set fees and a set commission percentage or decide these figures on a case-by-case basis.

What is your sales forecast?

How many properties can you realistically take on at one time? How long do you approximate it will take each property to sell? What are your weekly, monthly and annual sales forecasts? You can also analyse the sales forecasts of other estate agencies and look at how sales vary throughout the year to estimate demand. As your business grows, your sales forecast is likely to change.

Your strategy for growth

Your strategy for growth is the actions you will take to realise your goals for expansion and any potential challenges your business could face and how you will avoid or overcome them. Being aware of any potential challenges can help you to prepare for them and hopefully avoid them. This can help to make your business more successful.

Potential challenges could include:

• Difficulties finding listings.
• Your advertising not reaching your target audience.

Some potential strategies for growth include:

• Expanding your business into other locations.
• Hiring more estate agents.
• Targeting higher value properties.

What is your business summary?

Your business plan should include a detailed overview of your business, including the type of estate agency you are setting up, the properties you will focus on, your primary operation strategy, your typical customer base, your staffing and equipment requirements and your business goals.

What are your business goals?

Your business goals or objectives are an essential part of creating your business plan. Your business objectives highlight the targets and goals of your estate agency and help you to create a one-year, three-year and five-year business plan.

Your business objectives should be SMART:

• S = Specific
• M = Measurable
• A = Achievable
• R = Realistic
• T = Time-bound

Have you complied with all legal requirements?

Consult the list of legal requirements above to check you have complied with all requirements and regulations and that all your paperwork is accurate. Failure to comply with legal requirements could have a detrimental effect on your business or could result in a fine, the forced closure of your business or, in serious cases, prosecution.

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• What does a letting agent do?

The responsibility and liability ultimately falls on the landlord, even if you've handed the reigns to a letting agent to manage your property. Choosing the right agent is an important decision, but what exactly does a letting agent do and how can you find one that's right for you? 

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Letting agent services

Letting agents offer varying levels of service, so depending on how much you want to be involved with the property's management, there will be a service level right for you. By law, they must display their service level fees in branch and on their website, so compare costs across a number of agencies. Although every agent is different, there are standard services most will use as outlined below. 

Tenant Find

Usually a one-off cost, charged at around a month’s rent.

This is a basic service level where the letting agent will find you a suitable tenant. This usually entails taking professional photos, designing floorplans and advertising your property where it will gain the most traction. They may also arrange and attend viewings, conduct references and Right-to-Rent checks, set up the tenancy agreement and create an inventory. With a tenant found and a move-in date established the rest is up to you.

Rent Collection

Normally a percentage of the monthly rent, anywhere from around five per cent.

In some instances, rent collection can form part of the tenant find service. The letting agent will collect and handle the legal requirements over protecting the deposit and collect the rent from the tenant. They will also chase up any rent arrears, serve notices and be on hand to advise you should tenants continue not to pay rent. Some agents will even offer insurance that protects your income in the case of rent arrears .

Fully Managed

A bigger percentage of the monthly rent at around 15–20 per cent.

The letting agent takes full control of managing all aspects of letting your property, including the services offered under tenant find and rent collection. They will correspond with the tenant throughout the tenancy, organising maintenance, inspections, check-in, check-out and any deposit disputes.

Which letting agent service should I use?

The service you use may depend entirely on how many properties you let, their location and how hands-on you are as a landlord. If you only let one or two properties and can manage the property yourself, you may just need help finding tenants. 

If you prefer not to be hassled chasing rent payments, rent collection is an option you might look at. A fully managed service is ideal when the property is far away from where you live or you let a number of properties.

Ask a letting agent the following questions

Q. What kind of tenants would you rent my property to? A good agent will find the right tenant for your property; you won’t want students living in a family home or vice versa. Ask what checks they will carry out to ensure tenants are able to pay rent and respect the property.

Q. How long does it take for you to find a tenant? Your aim will be to keep your property filled at all times to minimise rental voids; however, their answer should be reasonable and realistic. Too long and you might question their effectiveness, too short and they could be rushing in an unsuitable tenant

Q. What documentation do you provide tenants with at the start of the tenancy? Remember you are ultimately responsible for the property and will be under the spotlight if the agent fails to issue the necessary legal documents. A good agent may also offer guidance above and beyond what the Government stipulates too.  

Q. What's your process when a tenant falls into rent arrears and for regaining possession of the property? A good agent will have plans in place to ensure you get the money owed to you. They will have extensive knowledge of repossession and be able to serve the correct legal paperwork to regain your property if the need arises. 

Eviction do's and don'ts

There may come a time when eviction is the only and final option so we have compiled this list of what, and what not to do. Don't forget the rules for eviction vary depending on where you are in the UK.

Q. Do you carry out regular safety checks and inspections? With around 145 pieces of legislation governing landlords, a good agent will be fully aware and up to date with all the responsibilities that befall you. You should ask what they check for peace of mind and to ensure your property is compliant. Communication is key and they should keep you informed of your property’s condition whenever you require it.

Safety responsibilities for landlords

To help you get to grips with what’s expected, we have outlined the main safety concerns you need to be aware of and the legal obligations you must adhere to.

Q. What independent redress and Client Money Protection scheme do you belong to? It is a legal requirement for a letting agent to belong to a Government-approved independent redress scheme and have Client Money Protection (CMP) . If an agent can’t provide you with this information this should raise an immediate red flag. By using an ARLA Propertymark Protected letting agent you can be assured your agent is adhering to all their legal obligations. 

PHIL SPENCER, MOVE iQ

Need more advice? find your local ARLA Propertymark Protected expert

Propertymark members are qualified and undertake regular training to ensure they are up to date with the latest legislation and best practice. They abide by a nationally recognised Code of Practice and are provided with a range of resources to help them offer a better service to you. 

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Estate Agents / Letting Agent Businesses for sale in all locations

View the latest Estate and Letting Agents for sale in all locations. The estate agencies for sale here vary in size from sole traders preparing for retirement to large multi-branch operations with existing staff and property portfolios.

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Established Commercial Residential Professional Agency in SE England

• Leasehold: £1,750,000

Annual Turnover: £1,400,000

Current annual income of £2,000,000. Established high profile professional company with two premises, established 35 years. Income from residential & commercial management and sales and some surveying. They are members of various professionally ...

• Price: Offers Invited

BUY-TO-LET COMPANY WITH 16 PROPERTIES

Northamptonshire , England , England

Annual Turnover: £144,000

Northamptonshire. Turnover of circa £144,000. Portfolio comprising 16 residential properties across sought-after areas of Northamptonshire. Let with 100% occupancy. Monthly rental income per property is between £800 and £1,000. Oper...

• Price: £120,000

Exclusive Franchise Resale: Leading Property Inventory Services Spec...

Swanley , Kent , England

Annual Turnover: £120,000

Highlights: • Established Market Leader: Recognised brand in property inventory services, ensuring client trust • Diverse Service Range: Comprehensive services including inventory management, inspections, virtual photography • Proven Revenue Gr...

Lettings Agency For Sale In The Home Counties East

Home Counties , England

• Leasehold: £401,000

The current owner has been focused on established a lettings only business for the past 2 decades and is now ready to retire. As a rapidly expanding City, there are excellent opportunities to further develop both lettings-only services and to introdu...

LEADING SHORT-LET PROPERTY MANAGEMENT FRANCHISE OPPORTUNITY

Nottinghamshire , England , England

Nottinghamshire. Turnover of circa £144,000. Supplies a property management service for short-term accommodation hosts across Nottingham. Operates under the name of a national market-leading provider and official Airbnb co-host. Manages an impr...

Franchised Letting Agency – Hertfordshire

Hertfordshire , England , England

• Leasehold: £500,000

Annual Turnover: £490,000

Our client is looking to sell his Franchised Letting & Estate Agency in Hertfordshire. The business currently looks after a portfolio of around 270 fully managed properties and a handful of sales properties. 90% of the income is generated from le...

Annual Net Profit: £100,000

Bespoke Residential Estate Agency in affluent Dorset.

Dorset , England

• Leasehold: £275,000

Annual Turnover: £375,000

Current Annual Income of £375,000 from Residential Sales only. This independent business has been established for many years and has built up a superb name and trusted local reputation. The company does not undertake property management or lettings...

Annual Net Profit: £104,000

• Price: £775,000

Residential Property Management Portfolio, located Middlesex Borders

Middlesex , Middlesex , England

Annual Turnover: £550,000

Current annual income is in the region of £500,000. This highly respected staff run business has been established for many years and is a member of ARLA. The premises do not have to be included in the sale. The business is part of a small group dis...

Estate Agency, near Marbella, Costa Del Sol, Spain.

• Leasehold: €199,000

Annual Turnover: €250,000

Current income is in the region of €250,000- €300,000, from Residential Sales only. This independent and continually profitable business has been established over 30 years and built up a superb and trusted brand name and local reputation, the own...

Annual Net Profit: €100,000

Residential Letting & Sales Agency, East London/Essex area.

Essex , England

• Leasehold: £325,000

Annual Turnover: £450,000

Current annual income of £450,000 from sales and lettings. Annual profits of £110,000. The company is the one area’s premier agents and has been established for over 25 years and has an excellent brand name and reputation that has been succe...

Annual Net Profit: £114,000

Lettings & Block Management Company – Dorset

Dorset , England , England

• Leasehold: £450,000

Annual Turnover: £300,000

Situated in Dorset, out client is looking for a buyer for their Lettings and Block Management company. The business currently looks after around 100 blocks of apartment and 60+ fully managed properties, resulting in a turnover of £300k. The income i...

Annual Net Profit: £80,000

PROPERTY MANAGEMENT AND ESTATE AGENCY

Staffordshire , England , England

• Leasehold: Offers Invited

Annual Turnover: £105,000

Staffordshire. YE23 turnover of £105,000. Specialises in the sales, letting and management of student accommodation, professional and commercial properties. 24 active clients which are retained on rolling contracts. Established relationships wi...

Franchised Letting Agency – Kent

Kent , England , England

• Leasehold: £650,000

Annual Turnover: £470,000

TaylorMayers have been instructed to find a buyer for our clients Letting / Estate Agency in Kent. The business operates primarily via lettings with any sales income typically coming from any of their landlords who are looking to sell. With c230 prop...

Annual Net Profit: £178,000

Letting Agency – East Midlands – £410k Net Profit

East Midlands

• Leasehold: £1,300,000

Annual Turnover: £1,150,000

Our clients are looking for a buyer for their Franchised Letting Agency in the East Midlands. The business has been operating for over 15 years and has built up a fantastic reputation in their area. With 700+ properties under management, the business...

Annual Net Profit: £410,000

Well Established Franchise For Sale in Wiltshire

Wiltshire , England

• Leasehold: £225,000

Annual Turnover: £206,426

Within the county of Wiltshire, our office is situated in a thriving market town. This charming town seamlessly blends rural and market-town vibes, while also granting easy access to major shopping, entertainment, and employment centres such as Bath,...

• Price: £250,000

Letting Agency / Property Management Company For Sale – South...

Merseyside , England , England

Annual Turnover: £85,000

For sale is a highly profitable Letting Agency based in Southport, with an excellent reputation and a high customer retention rate, the business has consistently grown profits and continued to build on its portfolio since it was founded over ten year...

TWO COMPLEMENTARY ESTATE AGENT BUSINESSES

Devon , England , England

• Price: Offer Invited

Annual Turnover: £588,000

Devon. Generated a turnover in excess of £588,000 in YE23, with an adjusted EBITDA of circa £263,061. Provides sales and lettings services to commercial clients and members of the general public. Benefits from an extensive portfolio of over 200 pro...

Lease For Sale – North End Road, W14 9PP

Kensington , London , England

• Leasehold: £29,000

The lease on the excellently decorated shop has came for sale. The shop which is a 3 minute walk from West Kensington Station has one of the cheapest rents on North End Road, also being near to the station it benefits highly from the high footfall. C...

Well Established Franchise Resale in South Derbyshire

Derbyshire , England

• Leasehold: £240,000

Specialising in sales, lettings, conveyancing and mortgages, the branch proudly features an open-plan office with complimentary parking for customers at the rear. What began as a modest back street office with just three staff, members has now blosso...

• Price: £625,000

Lettings Agency – Bristol

Bristol , England , England

Annual Turnover: £286,036

Fully Relocatable Accounts Available To 5th April 2023 Annual Turnover £286,036 Established 2013 Large Repeat Customer Base Exceptional Reputation Superb Online Reviews Ideal Bolt On Proposition

• Price: £425,000

• Price: £750,000

• Price: £200,000

Recently Viewed

• Price: £25,000

Business Type/Tenure/Filter

• Freehold (3)
• Leasehold (35)
• Relocatable (8)
• Work from home (4)
• Franchise (0)
• Open to offers (4)
• Price reduced (0)
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Free Business Plan Template for Small Businesses (2024)

Use this free business plan template to write your business plan quickly and efficiently.

A good business plan is essential to successfully starting your business —  and the easiest way to simplify the work of writing a business plan is to start with a business plan template.

You’re already investing time and energy in refining your business model and planning your launch—there’s no need to reinvent the wheel when it comes to writing a business plan. Instead, to help build a complete and effective plan, lean on time-tested structures created by other  entrepreneurs and startups. 

Ahead, learn what it takes to create a solid business plan and download Shopify's free business plan template to get started on your dream today. 

What this free business plan template includes

• Executive summary
• Company overview
• Products or services offered
• Market analysis
• Marketing plan
• Logistics and operations plan
• Financial plan

This business plan outline is designed to ensure you’re thinking through all of the important facets of starting a new business. It’s intended to help new business owners and entrepreneurs consider the full scope of running a business and identify functional areas they may not have considered or where they may need to level up their skills as they grow.

That said, it may not include the specific details or structure preferred by a potential investor or lender. If your goal with a business plan is to secure funding , check with your target organizations—typically banks or investors—to see if they have business plan templates you can follow to maximize your chances of success.

Our free business plan template includes seven key elements typically found in the traditional business plan format:

1. Executive summary

This is a one-page summary of your whole plan, typically written after the rest of the plan is completed. The description section of your executive summary will also cover your management team, business objectives and strategy, and other background information about the brand. 

2. Company overview

This section of your business plan will answer two fundamental questions: “Who are you?” and “What do you plan to do?” Answering these questions clarifies why your company exists, what sets it apart from others, and why it’s a good investment opportunity. This section will detail the reasons for your business’s existence, its goals, and its guiding principles.

3. Products or services offered

What you sell and the most important features of your products or services. It also includes any plans for intellectual property, like patent filings or copyright. If you do market research for new product lines, it will show up in this section of your business plan.

4. Market analysis

This section includes everything from estimated market size to your target markets and competitive advantage. It’ll include a competitive analysis of your industry to address competitors’ strengths and weaknesses. Market research is an important part of ensuring you have a viable idea.

5. Marketing plan

How you intend to get the word out about your business, and what strategic decisions you’ve made about things like your pricing strategy. It also covers potential customers’ demographics, your sales plan, and your metrics and milestones for success.

6. Logistics and operations plan

Everything that needs to happen to turn your raw materials into products and get them into the hands of your customers.

7. Financial plan

It’s important to include a look at your financial projections, including both revenue and expense projections. This section includes templates for three key financial statements: an income statement, a balance sheet, and a cash-flow statement . You can also include whether or not you need a business loan and how much you’ll need.

Business plan examples

What do financial projections look like on paper? How do you write an executive summary? What should your company description include?  Business plan examples  can help answer some of these questions and transform your business idea into an actionable plan.

Professional business plan example

Inside our template, we’ve filled out a sample business plan featuring a fictional ecommerce business . 

The sample is set up to help you get a sense of each section and understand how they apply to the planning and evaluation stages of a business plan. If you’re looking for funding, this example won’t be a complete or formal look at business plans, but it will give you a great place to start and notes about where to expand.

Lean business plan example

A lean business plan format is a shortened version of your more detailed business plan. It’s helpful when modifying your plan for a specific audience, like investors or new hires. 

Also known as a one-page business plan, it includes only the most important, need-to-know information, such as:

• Company description
• Key members of your team
• Customer segments

💡 Tip: For a step-by-step guide to creating a lean business plan (including a sample business plan), read our guide on how to create a lean business plan .

Benefits of writing a solid business plan

It’s tempting to dive right into execution when you’re excited about a new business or side project, but taking the time to write a thorough business plan and get your thoughts on paper allows you to do a number of beneficial things:

• Test the viability of your business idea. Whether you’ve got one business idea or many, business plans can make an idea more tangible, helping you see if it’s truly viable and ensure you’ve found a target market. 
• Plan for your next phase. Whether your goal is to start a new business or scale an existing business to the next level, a business plan can help you understand what needs to happen and identify gaps to address.
• Clarify marketing strategy, goals, and tactics. Writing a business plan can show you the actionable next steps to take on a big, abstract idea. It can also help you narrow your strategy and identify clear-cut tactics that will support it.
• Scope the necessary work. Without a concrete plan, cost overruns and delays are all but certain. A business plan can help you see the full scope of work to be done and adjust your investment of time and money accordingly.
• Hire and build partnerships. When you need buy-in from potential employees and business partners, especially in the early stages of your business, a clearly written business plan is one of the best tools at your disposal. A business plan provides a refined look at your goals for the business, letting partners judge for themselves whether or not they agree with your vision.
• Secure funds. Seeking financing for your business—whether from venture capital, financial institutions, or Shopify Capital —is one of the most common reasons to create a business plan.

Why you should you use a template for a business plan

A business plan can be as informal or formal as your situation calls for, but even if you’re a fan of the back-of-the-napkin approach to planning, there are some key benefits to starting your plan from an existing outline or simple business plan template.

No blank-page paralysis

A blank page can be intimidating to even the most seasoned writers. Using an established business planning process and template can help you get past the inertia of starting your business plan, and it allows you to skip the work of building an outline from scratch. You can always adjust a template to suit your needs.

Guidance on what to include in each section

If you’ve never sat through a business class, you might never have created a SWOT analysis or financial projections. Templates that offer guidance—in plain language—about how to fill in each section can help you navigate sometimes-daunting business jargon and create a complete and effective plan.

Knowing you’ve considered every section

In some cases, you may not need to complete every section of a startup business plan template, but its initial structure shows you you’re choosing to omit a section as opposed to forgetting to include it in the first place.

Tips for creating a successful business plan

There are some high-level strategic guidelines beyond the advice included in this free business plan template that can help you write an effective, complete plan while minimizing busywork.

Understand the audience for your plan

If you’re writing a business plan for yourself in order to get clarity on your ideas and your industry as a whole, you may not need to include the same level of detail or polish you would with a business plan you want to send to potential investors. Knowing who will read your plan will help you decide how much time to spend on it.

Know your goals

Understanding the goals of your plan can help you set the right scope. If your goal is to use the plan as a roadmap for growth, you may invest more time in it than if your goal is to understand the competitive landscape of a new industry.

Take it step by step

Writing a 10- to 15-page document can feel daunting, so try to tackle one section at a time. Select a couple of sections you feel most confident writing and start there—you can start on the next few sections once those are complete. Jot down bullet-point notes in each section before you start writing to organize your thoughts and streamline the writing process.

Maximize your business planning efforts

Planning is key to the financial success of any type of business , whether you’re a startup, non-profit, or corporation.

To make sure your efforts are focused on the highest-value parts of your own business planning, like clarifying your goals, setting a strategy, and understanding the target market and competitive landscape, lean on a business plan outline to handle the structure and format for you. Even if you eventually omit sections, you’ll save yourself time and energy by starting with a framework already in place.

Business plan template FAQ

What is the purpose of a business plan.

The purpose of your business plan is to describe a new business opportunity or an existing one. It clarifies the business strategy, marketing plan, financial forecasts, potential providers, and more information about the company.

How do I write a simple business plan?

• Choose a business plan format, such as a traditional or a one-page business plan. 
• Find a business plan template.
• Read through a business plan sample.
• Fill in the sections of your business plan.

What is the best business plan template?

If you need help writing a business plan, Shopify’s template is one of the most beginner-friendly options you’ll find. It’s comprehensive, well-written, and helps you fill out every section.

What are the 5 essential parts of a business plan?

The five essential parts of a traditional business plan include:

• Executive summary: This is a brief overview of the business plan, summarizing the key points and highlighting the main points of the plan.
• Business description: This section outlines the business concept and how it will be executed.
• Market analysis: This section provides an in-depth look at the target market and how the business will compete in the marketplace.
• Financial plan: This section details the financial projections for the business, including sales forecasts, capital requirements, and a break-even analysis.
• Management and organization: This section describes the management team and the organizational structure of the business.

Are there any free business plan templates?

There are several free templates for business plans for small business owners available online, including Shopify’s own version. Download a copy for your business.

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How to Create a Foolproof Real Estate Marketing Plan for 2024 (+Template)

An effective real estate marketing plan is crucial to the success of your business. My 12-step process will help you create a foolproof plan for 2024.

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Creating a real estate marketing plan can be harder than it sounds. It’s important to be intentional and choose strategies that give you the highest likelihood of meeting and connecting with your ideal clients. If your marketing isn’t aligned with your niche, personal brand, and skills, you’ll waste time, money and effort pursuing it.

I put together this guide to help you find your niche and create a real estate marketing plan aligned with your brand, personality, and local market. I’ll explain why a detailed plan is crucial for every agent in 2024, and I’ll walk you through the actionable, step-by-step guide I’ve used with hundreds of agents to help you create your own unique plan. Finally, I’ll wrap up with the three marketing tools every agent needs to hit the ground running in 2024.

In this article

• Why every agent needs a strategic real estate marketing plan

How to create your real estate marketing plan 

The 3 marketing tools every agent needs, the full picture: creating a real estate marketing plan that works, why every agent needs a strategic real estate marketing plan .

With so many possible ways to find business, many agents (myself included in my first few years!) fall into the same pattern: trying too many things at once, not doing any of them at a high level or consistently enough, not seeing results, and then feeling like a failure. The most successful agents have a marketing plan that’s specific and focused.

Here are four reasons why a specific and focused real estate marketing plan will set you up for success in 2024 and beyond:

1. The compound interest effect

Focusing on fewer marketing activities (and those that are proven to work) allows you to use your time more wisely, strategically, and effectively. Rather than wasting time and money trying many different tactics to find clients, a detailed plan allows you to focus on just a few. I usually recommend sticking to no more than two or three.

2. You can use your time more strategically

If you’re familiar with compound interest, you know that it scales exponentially and builds on itself over time. The same applies to agents who put effort into one to three marketing strategies. Consistency is key, of course. The compound effect happens over time, yet if you don’t have a concrete marketing plan in place, you won’t see the results you hope for.

3. The freedom to say “no” to everything else

Most of us default to saying “yes” to too many things. If you’ve ever walked through a vendor hall at a real estate conference, you know what I mean. We say “yes” to any new shiny object we find, and that typically leads to wasting time, money, and energy. Instead, use your real estate marketing plan as a guide. Ask yourself if this tool you’re considering buying or tactic you’re about to try is aligned with your plan. From there, the decision is made for you!

4. It will help you choose your ideal client and build your ideal business

We all say we want to work with any client who’s willing to hire us. But the reality is most of us prefer working within a specific niche. Your niche could be anything from first-time buyers to downsizers or investors. By identifying your ideal client before you create your plan, you can tailor your activities to your audience. Doing so will help you build your ideal business, working with clients you enjoy, in the niche you love.

NAR reports that in 2023, 19% of homebuyers were single women and 16% were unmarried couples. A strategic real estate marketing plan will help you target these growing niches in the industry.

Now that you understand why it’s so critical to have a concrete marketing plan for your real estate business, let’s dive into the tactical steps to creating your unique plan.

1. Carve out time and change up your physical space

Planning time usually doesn’t occur naturally in a busy real estate agent’s calendar. In my experience, planning doesn’t happen at all unless it’s purposefully scheduled and protected. This means saying no to other things to allow yourself the time to plan. 

How much time you’ll need varies from person to person, but I’d generally allocate anywhere from a few hours to two days to work on your real estate marketing plan.  My two-day approach looks like this:

You complete all the steps listed here and create a rough draft of your plan. Then sleep on it.

Revisit it and make any adjustments. Sometimes, stepping away from a project for a bit helps you see it even more clearly.

Why where you work on your plan matters

I always recommend changing your physical location. A quiet spot to think, analyze, and plan will make a huge difference. I like to take myself on a short retreat once or twice each year. Creativity and clarity flourish when we aren’t in our everyday spaces (home, office, etc), and even one night in a hotel (even in your own city!) can provide the space you need to create your marketing plan.

2. Audit your past marketing strategies and results

Once you have the time and space to create your plan, start with an audit of everything you’ve tried in the past. Write down every lead generation and marketing strategy you’ve tried. Then, write down how much time, money, and energy each strategy took. You’ll also want to keep in mind how much you enjoy each strategy! Finally, write down the results from each one. You can do this on paper or with a simple Excel or Google Sheet. You can download the real estate marketing plan template I use with my coaching clients here:

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Here’s an example of an audit one of my clients recently completed for their Chamber of Commerce membership:

Example marketing strategy audit

Marketing Strategy: Annual Chamber of Commerce membership Dues: $360 Time investment: 2 hours per month Energy investment: tiring but fun Results (units): 5 referrals, 3 closings Results (GCI): $30,000

Analyzing the results 

If you were this agent, would you continue your membership with the chamber? Is the return worth it? For me, I’d say absolutely yes! The financial ROI is incredibly high, and the time ROI is also very high; it breaks down to $1,250/hour ($30k divided by 24 hours). The energy expended takes a toll, yet the agents are still having fun even if they find it a bit tiring.

Completing this exercise for all of your marketing strategies can be time-consuming and tedious (not all of us love the data collection and math involved here; it’s not the sexiest task), yet it’s vital for your success going forward if you want to maximize your results. 

3. Decide which marketing strategies to delete, delegate, or double down on     

Now that you have a clear picture of your past marketing activities, it’s time to make some decisions about which specific marketing strategies you’ll focus on this year. I call this the 3 D’s: delete, delegate, or double-down. For each activity, you’ll decide if you want to: 

Delete  

Get rid of it entirely. If the marketing strategy is not working at all or costing more than you’re making, delete. Eliminate this strategy from your new real estate marketing plan. And give yourself permission to get rid of it without feeling guilty! I’m telling you now: it’s ok to stop doing anything that’s not working as long as you’ve given the strategy enough time. 

I know this sounds extreme and maybe a little scary, but remember: you can always return to a deleted strategy at a later point in your career when you have more time or money to invest or when you can hire someone else to do it for you.

Delegate  

If the marketing activity is bringing results but you can’t stand doing it, then delegate. Pay someone else to do it for you. This can be structured as an hourly rate or a referral fee on closed business. Or you can hire another company to help you streamline your efforts.

Example 1: Hire an ISA to make cold calls and set appointments for you. This is a great task to delegate to another agent in your office who’s awesome on the phone.

Example 2: Hire a graphic designer or marketing company to help you with your social media content. I see a lot of agents struggle with this, and the convenience of having access to pre-designed templates is usually worth the cost.

If you can’t afford to hire a designer or marketing company, Coffee and Contracts is an excellent option. They offer gorgeous templates (like the one above) and done-for-you viral content for Instagram posts, Reels and stories. The best part is they’re all created by top-producing agents and designed to actually generate leads and build your brand.

Double-down

For everything that is generating a positive ROI (and that you enjoy), double-down. This is where the best results are found! By deleting and delegating everything else, you’ve created more time, money, and energy to pour into the right strategies for you. This is what alignment looks like, and this is where I see agents really find their greatest success. 

Not sure what to delete? As I’m coaching agents, I notice many of them yield positive results from cold calling — but they dread every second of it. If reading that sentence just now resonated with you, I can confidently say that’s a glaring signal that cold calling is not aligned with your personality. Be careful not to commit to any marketing strategy that’s too much of an energy-suck! You need to reserve enough energy to serve your clients well. If you’d like some help brainstorming your marketing strategies, check out The Quiet Success Club . We meet twice a month via Zoom and mastermind various marketing ideas to help you find more business.

There are some marketing strategies that take more time to see results than others. Farming a neighborhood with direct mail is a good example. In general, I recommend giving each strategy 6 months to one year before deciding to delete it.

4. Determine your goals  

Every real estate coach and training company has their own advice about goal-setting, and there’s no right or wrong way to set goals, as long as they are specific and measurable. I advise agents to set several goals: how many people you want to help (units), how much money you desire to earn (GCI), and how much you want to work (days off). Maybe your goal is to sell 20 properties, make $150,000 this year, and work five days per week. That’s specific and measurable, so as the months pass, you can track whether you’re on pace to meet your goals. 

5. Define your ideal client and niche  

Think about who you’d like to work with, who you naturally encounter in your personal life, and where you live. It’s also worth considering the latest trends. The more narrow your niche, the better. You can be very strategic here.

I know It sounds counterintuitive, but think about it: if we met at a real estate conference, and I told you I work with buyers and sellers in the Boston area, you may or may not remember that in a few months. But if I said, “I work with retired seniors who don’t want the hassle of maintaining a large property anymore, who want more time and freedom to spend with their grandchildren, and who would appreciate having the entire downsizing process managed for them. I specialize in Newton, MA and cover the greater Boston area,” — that would be much more memorable.

Exercise: Look at your calendar from the past month. Where have you spent time? Where are you meeting with and talking to other people who might be close to buying or selling a home? It could be a social group, somewhere you volunteer, other parents at your kids’ school, church, another job you’re working, or simply your neighbors you run into when you’re out for a walk. Maybe you have a strong college alumni network or a large extended family who would be happy to refer you some business. Chances are you’re talking to more people every day than you realize! Now you’ll have some data to work with, and you can choose a niche that makes sense. Example: For almost a decade, millennials have been the largest demographic group buying homes. That changed in 2023, though. According to NAR , baby boomers purchased more homes than any other group last year — making up 39% of all home sales! This would be a smart niche to work with if you live in an area heavily populated by baby boomers.

6. Brainstorm marketing strategies that are best suited to that audience     

When creating your real estate marketing plan, be intentional and strategic about which strategies give you the highest likelihood of meeting and connecting with your ideal clients. If it’s not aligned with your niche, don’t waste your time, energy, and money on it. Consider:

• Where they spend their time: golf courses, local parents’ groups, church, etc.
• Hobbies and interests: hiking groups, gardening, book clubs, etc.
• Social media channels: the person who’s on TikTok all day is likely not the same person who’s on Facebook or LinkedIn
• Life stage : Are they young families who have kids in school and are part of the local parents’ groups? Are they active seniors who spend time at the senior center? 

Here are some examples of marketing strategies that are aligned with each audience:

• New buyers: Use Instagram reels or TikTok videos to find new buyers, as it’s typically younger people using those social media platforms
• Baby boomers: Run Facebook ads offering a home valuation to find baby boomers looking to sell, as they’re the majority of homeowners, and many still use Facebook daily
• Buyers trading up: Join a parents’ group to find clients who are outgrowing their starter home and need a larger property  

7. Make sure your strategies are aligned with your personal brand and skill set

I see agents make this mistake all the time: they learn about a marketing strategy that worked well for someone else and decide to give it a try. After a few months, they’re discouraged and frustrated. They ask themselves: why did this work for them but not for me?

It’s all about alignment. When considering different marketing strategies (and there are literally hundreds of options out there), be sure whichever ones you choose make sense for your personality and your brand. If you enjoy networking more than cold calling, create your marketing plan around networking events. If you love writing, start a blog. Being aligned will make everything so much easier and generate much better results. 

8. Choose your budgets: money, time, and energy 

Usually the word “budget” is synonymous with money alone. I’d encourage you to set a financial budget, of course, but also set budgets for your time and your energy. Each of these is a valuable resource that needs to be tracked and measured to determine if they yield the desired results.

A note on energy management: Many agents don’t think about the importance of energy management. In my experience, managing energy is critical to avoiding burnout, staying healthy (physically and mentally), and enjoying your day-to-day life.

A quick way to assess the energy you expend working on a marketing strategy is to give yourself a score of one to 10, both before and after each marketing activity. Ask yourself before you walk into that networking event: “How’s my energy right now, from one to 10?” then ask the same question when you leave. This is simply data collection to help you start to see trends. So, when you do your next marketing strategy audit, you’ll be able to make better decisions about which strategies are worth keeping. 

9. Break down your marketing activities into monthly, weekly, and daily tasks  

Okay, now you have your marketing activities chosen, your goals set, and your budget determined. Now, it’s time to get into the action part of the plan! Start with the month — what will your monthly tasks be to get you to your goal? Then break those down into weekly and daily tasks, keeping in mind your vacations and days off (don’t forget to take time off!).

Remember to start small, with manageable daily tasks. It’s like starting any new habit. When you start small, you set yourself up for success — for an easy win. That win will motivate you to do more. Momentum will build, and over time, you’ll get into a steady rhythm with your new habit. 

10. Put your daily tasks in your calendar  

The calendar is key! This is your accountability and your reminder to do the tasks you’ve planned to do — and do them consistently. You can use a paper calendar, Google calendar, or any other tool that works for you. To stay on track, consider setting a daily, recurring reminder in your phone or using your CRM to alert you to your daily tasks (most CRMs have a task functionality with alerts).

I like to color-code my calendar, and I use green for all money-making activities.

11. Systematize tracking your output and results  

Tracking data isn’t sexy, I know. Yet it’s one of the most important parts of a solid marketing plan and will set your business up for success in future years, as you collect more and more of your own data. It’s the key to understanding at a high level what’s working and what’s not. It will allow you to save money, time, and energy down the road, as well!

My real estate marketing plan template includes a section where you can track your results. And yes, I made it simple on purpose. The simpler the tracking tool, the more likely you are to keep it updated. Remember, just like the best CRM, the best tracking tool is the one you will actually use.

12. Assess your results and tweak as necessary 

I’d recommend reviewing your results tracker quarterly, but definitely review it once per year at a minimum. Again, the goal is to save time, money, and energy and to maximize results. Don’t be afraid to pivot and adjust as you go along. 

In deciding when to pivot and adjust your marketing plan, ask yourself the following questions:

• How much time, money, and energy have I invested so far?
• What’s the return been?
• Have I given it enough time to see results? Keep in mind some things take longer than others. Geographic farming tends to take longer when you’re building a database and working by referral, whereas cold-calling and door-knocking tend to generate results faster.
• Am I enjoying this enough to continue, or is it making me miserable?

The 11 best real estate CRMs for 2024

The best free real estate CRMs for 2024 (+4 low-cost alternatives)

The 22 must-have real estate marketing tools for 2024

No matter which marketing strategies you choose to include in your plan, there are three crucial tools that you’ll need. Your tools will evolve as your business evolves, of course, but these three will get you started on the right path: 

1. A scalable CRM that’s easy to use

Most brokerages provide a CRM, but you can usually purchase your own if you prefer. When selecting the right one for you, consider how easy it is to navigate (if it’s too complicated, you likely won’t use it) and whether it provides the functionality you need.

Most agents don’t need a CRM to do anything but provide a way to communicate with their database, set up task reminders, and host a website. I’ve always used KW Command, but I’d also recommend Sierra Interactive, as it offers a powerful CRM, as well as custom-designed, SEO-driven websites.

2. Graphic design and social media tools 

I love Canva for all things design. It’s what I use for my coaching and real estate businesses. The ability to upload my brand colors and fonts for easy access makes creating social media content, Eventbrite banners, and all my marketing pieces so easy. 

For an even more comprehensive tool, Coffee & Contracts is an excellent choice for a suite of social media marketing tools that’s easy to use and also incredibly beautiful. Agent Image is one of the top website builders used by luxury agents; plus, it allows you to own your website and bring it with you if you ever change brokerages.

3. A powerful end goal and a “why” to fuel your daily grind  

To keep you going through the mundane and frustrating days, your end goal should be your ultimate dream life — how you wish to spend your days, the freedom you want, and the work you’d most enjoy. Marketing to find business to make that dream come true can be mundane, and there will be frustrating days. If your real estate marketing plan includes cold calling, there will inevitably be times when you simply don’t want to deal with another irate expired seller who’s already been called 20 times that morning.  

When your “why” is powerful enough, though, you stick with it. A “why” is that strong gut feeling, that ultimate motivation to get to your dream life. Vision boards are powerful tools to help you articulate your end goal and keep it top-of-mind. The easiest way to create a vision board is to collect words and images from magazines or printed from online that capture your goal, your “why.” Then, paste the images and words on a poster board and keep them in front of you, maybe on a wall in your office or bedroom. It’s a little old school, yes, but it works!

Creating an effective real estate marketing plan can be challenging, but if you focus on strategies that are aligned with your personal brand, skill set, and niche, you can create a plan that will carry you through your entire career.

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Money blog: The 24-minute rule - What time you should actually arrive at cinema to avoid adverts

We've gathered information from the UK's major cinema chains and spoken to experts about how long you can expect adverts and trailers to run until the main event actually begins. Read this and the rest of our Weekend Money content below and we'll be back on Monday with live updates.

Saturday 8 June 2024 19:46, UK

Weekend Money

• How long trailers last at each cinema chain - and what time you should get there
• Your comments : Concert prices, state of UK airports, self-service kiosks at Subway and HMRC glitch
• £2,000 tax hikes and interest rate cuts - the two things you need to know from Money this week

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• Best of the Money blog - an archive

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By Narbeh Minassian , news reporter

The time on your ticket is 7pm, but you already know it's not going to start then.

So, what time do you get to the cinema?

If you're arriving at 7.10pm, you're almost certainly safe, but any later and you may cut it fine.

Here, we've gathered information from the UK's major cinema chains and spoken to experts about how long you can expect adverts and trailers to run until the main event actually begins.

According to the Cineworld website, ads and trailers "normally last between 30-45 minutes before the actual film begins".

The cinema also asks customers to collect tickets at least 20 minutes before the listed time "to make the most of their visit".

There appears to be a shorter wait at Odeon, which claims advert and trailer length is "typically 15-25 minutes" - but this varies with each performance and can be "considerably less".

"We always recommend to avoid disappointment you arrive with enough time to enter the screen at the scheduled performance start time," the website says.

There's a wider range at Everyman, which says it plays 25 minutes' worth of adverts and trailers.

But beware - "the length of ads and trailers varies for special events and it can be between 15 and 40 minutes, subject to type of event".

There isn't any specific information on the website and we got no response when we reached out to them, but Showcase did respond to a customer on social media on this very question.

In a May 2022 tweet, the cinema said: "The advertised time is when the adverts/ trailers start and are approximately 20-25 minutes long before each show."

Vue offers a more precise window: "Please be aware that most films have around 20 to 25 minutes of ads and trailers before the feature starts."

Its only recommendation is to be in your seat at the time stated so you "don't take any chances in missing the start of your film".

'In general, it's 24 minutes'

Karen Stacey, the chief executive of Digital Cinema Media, which supplies advertisement for the likes of Odeon, Vue and Cineworld, told Sky News the wait is typically 24 minutes - 12 minutes for ads, and 12 for trailers.

This remains true whatever the film and whatever the time of day, with about 95% of DCM's schedules "exactly the same".

"It's very formulaic, that's what consumers are used to," she said. "By making it consistent in length, people are always happy to come and join in."

She said 24 minutes gives schedulers enough time to prepare the film and allow a more staggered entry for the audience - while also bringing in revenue.

Any longer than half an hour, though, is "rare".

"Cinemas want to have as many films in as possible and they want to be mindful they don't finish too late in the evening," Ms Stacey said.

"My experience working with them is they are quite strict."

Are there rules over the length?

As the above suggests, there aren't any set rules or procedures governing cinema advertising length.

Kathryn Jacob, chief executive of cinema advertising company Pearl & Dean, said the length was determined by the cinema.

"Some cinemas take only one ad, like the BFI IMAX, and the maximum length is determined by the cinemas themselves," she told Sky News.

"Factors determining the length depend on demand from advertisers and the films that a cinema might want to showcase to the audience that's at the screening via trailers."

Cinema policy is the key decider and she said research has shown audiences find advertising in cinema "part of the entertainment".

Do viewers like the adverts and trailers?

Ms Jacob may have a point.

According to research published by DCM , advertising in cinemas is more effective than in any other media.

For a 60-second advert in the cinema, viewers will watch 48 seconds, which is a far higher proportion than TV or social media.

It is also highly trusted, with DCM citing a survey by IPA Touchpoints claiming nearly 100% of respondents say they trust what they see in the cinema - for comparison, 75% trust TV adverts.

Avid cinema-goer Bill Boswell, who pays £18 a month for an unlimited pass at Cineworld on the Isle of Wight, said he was happy to wait.

"I know that these adverts help pay for the cinema to run," he told Sky News. "The cinema is my place to escape, so it's good for my mental health and I would not want to lose it.

"If I watch at home, I can sometimes reach for my mobile phone, but a film on the big screen would get my 100% attention, so I just accept the pre-show adverts."

But what are the drawbacks?

The main thing Mr Boswell considers is his car, as his nearest Cineworld offers three hours of free parking.

"I would sometimes plan on 30 minutes of trailers and work back so I can fit the free parking in, as the cinema costs enough already," he said.

"If the film is more than two and a half hours, I park outside town and walk to the cinema."

Consumer expert Martin Lewis raised parking tickets as one of the issues in a 2019 tweet, in which he said he waited 33 minutes for a film to start.

Responding to one user, he said greater clarity would help customers to save on parking tickets and babysitting, while giving "legitimate expectation".

"And there's no rigorous research that prices [cinema tickets] would go up - they're often set by market demand," he added.

Are there alternatives?

If you want to avoid the pre-show altogether, your best bet might be independent or community cinemas.

Draycott Community Cinema, for example, is the only cinema in the Somerset village and is run by volunteers.

Committee member Chloe Haywood told Sky News they are always debating how long to make their pre-show.

They try to keep it to two short trailers, often without any adverts - though they are planning to find a sponsor later this year.

"We do find that it sets the audience up for the screening," she said, referring to their brief pre-show.

"We don't have trailers for long. They're to advertise the next two films, any local news that might be of interest, and then standard 'switch off your phones' type info."

We had a lot of feedback after our in-depth look at why concert ticket prices are so high these days...

Here's some of what you said...

Why do arenas and sports events have to charge so much for food and drinks? Over £8 a pint is absolutely scandalous and opportunistic greed. Britain is an absolute rip off. Lee J

In the same way that football has been gentrified, music is being steered towards the rich and middle class - real fans like me are no longer wanted by agents like Ticketmaster. Frontman

The ones responsible are the ones paying the prices like with coffee shops and other consumer products. Stop paying stupid prices, they won't charge them! Toby

Why are resale tickets allowed to be tripled or quadrupled? Recently offered a David Gilmour ticket for £600??? Springbok

1970... $7.50 to see Elvis at his prime in Vegas. The greatest entertainer ever. 2020... £300 to see Taylor Swift. The most overrated singer around today.  I know who got the best deal there! Steve Elliott

A quick calculation shows $7.50 in 1970 is the equivalent of $60.61 today.

Next, a brief mention of Subway's decision to change its ordering process in all stores to electronic kiosks by the end of the year...

Some readers complained in our comments box but when we asked our followers on LinkedIn whether they liked or loathed self-service via a screen, this was the result...

Another post that got you exercised contained quotes from the boss of Emirates comparing Heathrow to a Second World War airport ...

There wasn't much love for the UK's biggest airport from readers - or for any other airport across the country...

There need to be a lot of change at Heathrow! Specially with immigration checks. The long queues are killing me, someone can't wait 2hrs in a queue to get a clearance, it's absurd! Cheka

Heathrow is not the only one. Coming back to UK through Gatwick yesterday was a sobering experience. Tatty floor covering, scuffed and drab paint everywhere. Wall graphics lacking any imagination or vibrancy. Narrow walkways and corridors. Doesn't show the UK in a good light all. Frequent traveller

Heathrow a Second World War airport? Try coming off a plane with 300 others at Leeds Bradford and queueing outside in the cold and pouring rain trying to shuffle in through a small door that looks like it used to be an emergency exit. How difficult can it be to erect something? Paula Blue

I totally disagree Heathrow is as bad as the president says. Has he ever visited Manchester Airport? AJ

A major HMRC glitch on Monday meant 500,000 families did not get their child benefit on time. Multiple readers wrote in with their views...

So they will be paying compensation then? As they would fine us for late payments... Cybertuck

HMRC? Apologise? Due to an error by working tax credits, I've only just been paid six years' worth. And as to child maintenance payments… I can't even begin to discuss that without crying. LWE

Is there any government IT system in this country that works as it should? Tudor1

I don't have children, very sadly, but if I were told that HMRC were "sorry" for this glitch I would probably feel very violent. We get a lot of apologies these days which mean absolutely nothing (regrettably). Gillydhill

Confirming the problem had been fixed late on Monday afternoon, HMRC said: "We are very sorry some customers didn't receive their scheduled child benefit payments as expected and we understand the concern and difficulty this may have caused. 

"We've fixed the problem and affected customers will now receive their payments on Wednesday morning."

The news agenda this week has been dominated by election campaigning - with the first leaders' debate taking place on Tuesday night.

It saw Rishi Sunak cheer his supporters with the repeated claim that Labour would put up taxes by £2,000.

Sir Keir Starmer was, most observers thought, far too slow to respond - but the claim began to unravel the next day.

Data and economics editor Ed Conway's analysis of the Tory calculations suggested the £2,000 rise was actually spread out over four years - so £500 a year may have been a more suitable number for the PM to throw at his opponent.

Concluding his piece, Conway said you "probably shouldn't" believe the figures - but if you used the same methodology as the Tories, it would show they had put up taxes by £3,000 a year over the course of this parliament. Or £13,000, if you wanted to present the numbers in the same way as Mr Sunak did during the debate. 

Read Conway's full analysis here ...

Some distance from Westminster, the 20 countries that use the euro saw an interest rate cut this week - the European Central Bank moving before the US Fed and Bank of England.

A cut in the UK is currently priced in by markets for September - in the meantime, British holidaymakers could benefit from a weaker euro against the pound.

Business presenter Ian King says a potential weakening of the euro could have wider implications.

He explained: "It comes with risks, not least in terms of pushing up the cost of imports - particularly energy, which is priced in dollars, which could in turn push up inflation."

The price of exports into the US could go down - potentially undercutting American firms.

King went on: "A weaker euro would also carry risks in a US election year in which both Joe Biden and Donald Trump, his challenger, will be seeking to out-bid each other with protectionist policies."

Read his full analysis here ...

The Money blog is your place for consumer news, economic analysis and everything you need to know about the cost of living - bookmark news.sky.com/money.

It runs with live updates every weekday - while on Saturdays we scale back and offer you a selection of weekend reads.

Check them out this morning and we'll be back on Monday with rolling news and features.

The Money team is Bhvishya Patel, Jess Sharp, Katie Williams, Brad Young and Ollie Cooper, with sub-editing by Isobel Souster. The blog is edited by Jimmy Rice.

The BBC's content arm is among the suitors vying to buy the television production company which owns the rights to The Gruffalo.

Sky News has learnt that BBC Studios is participating in a sale process for Magic Light Pictures, which has won three BAFTAs and secured a quartet of Oscar nominations.

The auction is being run by Gotham Street, a specialist media deals boutique.

A number of other bidders are also said to be involved in the process given the quality of Magic Light's content library, which includes a number of works by The Gruffalo's creators, Julia Donaldson and Axel Scheffler.

The Gruffalo has become one of Britain's best-known children's characters, telling the story of an adventurous mouse that fends off a series of would-be predators by telling them about a supposedly imaginary creature called a gruffalo.

In the 2011 sequel, The Gruffalo's Child, the mouse then scares off a young gruffalo by using shadows to project a giant version of itself.

The two films have been distributed internationally by Magic Light, and along with the original Gruffalo books have sparked substantial merchandising revenues as well as a theme park attraction at Chessington World of Adventures.

The woman alleged to be the inspiration for the stalker in hit Netflix series Baby Reindeer is suing the streaming platform for $170m (£133m).

The show is said to be based on the real-life experiences of writer Richard Gadd, who plays himself as he copes with stalker Martha Scott.

Fiona Harvey, 58, claims she is the inspiration for Martha, who begins stalking Gadd after he serves her a free cup of tea in the pub where he works.

In the lawsuit, Ms Harvey has accused Netflix of spreading "brutal lies", including that she is a "twice convicted stalker who was sentenced to five years in prison".

"Defendants told these lies, and never stopped, because it was a better story than the truth, and better stories made money," it states.

"As a result of defendants' lies, malfeasance and utterly reckless misconduct, Harvey's life had been ruined."

Sky News's US partner network NBC News reports the lawsuit described the show's claim "this is a true story" as "the biggest lie in television history".

"Netflix destroyed a woman, claiming, among many allegations, that she was a convicted woman," Richard Roth, a lawyer for Ms Harvey, wrote in an email.

"It never contacted her. It never checked the facts. It never made any effort to understand the truth of its 'true story!'"

The lawsuit seeks actual damages and compensatory damages at $50m (£39m) each, punitive damages at $20m (£16m); as well as "all profits" from Baby Reindeer at $50m (£39m).

A Netflix spokesperson told Sky News: "We intend to defend this matter vigorously and to stand by Richard Gadd's right to tell his story."

Administrators to The Body Shop are aiming to clinch a sale of the stricken cosmetics retailer by the end of the month, even as its former owner veers away from making an offer for it.

Sky News' city editor Mark Kleinman has learnt that FRP Advisory, which was appointed to handle the chain's insolvency in January, has asked for indicative bids by next Tuesday.

British entrepreneur Mike Lynch has been cleared of all charges by a US jury in the high-profile fraud case related to the sale of his software company Autonomy to Hewlett-Packard (HP) in 2011.

Dr Lynch, who was extradited to the US to face trial just over a year ago, was acquitted alongside a former finance executive Stephen Chamberlain who had faced the same charges.

They were accused of conspiracy and attempted fraud over the £8.3bn sale to HP - a deal that has been the subject of costly legal action since.

Labour is promising to get more young people on the housing ladder as it announces its "freedom to buy" scheme on Friday.

The party is pledging to make the existing mortgage guarantee scheme - which sees the government act as a guarantor for people unable to save big deposits - into a permanent fixture if it wins the election on 4 July.

Meanwhile, the Tories are promising a tax cut for parents by raising the threshold for when families have to pay a levy on their child benefit.

The current system means if either parents or a parent's partner earns more than £60,000, they begin paying the high income child benefit tax charge, and lose the benefit altogether when a salary hits £80,000.

But if the Tories win the election on 4 July, they have promised to increase the threshold to £120,000 before any tax is paid, and to £160,000 before the benefit is withdrawn, as well as base it on a household income, rather than an individual.

Ever wanted to own your own Victorian island fort?

Well now you can - with two being listed with a guide price of £1m.

Spitbank Fort in Hampshire and No Man's Land Fort off the Isle of Wight have been listed for auction and can be bought separately - or as a pair if you can't pick between the two.  

During the Second World War, the forts were used to defend the Portsmouth dockyards. 

No Man's Fort is substantially bigger and probably presents itself more as a business opportunity, but Spitbank offers nine large bedroom suites across three floors and could potentially work as a private home to the right buyer. 

No Man's Fort has its own traditional English pub, a nightclub, and a helipad, while Spitbank Fort naturally boasts a wine cave plus a swimming pool and spa complex.

"Throughout my career as an auctioneer I've seen several sea forts hit the market that have achieved impressive prices as buyers have sought to pursue these trophy assets," said Robin Howeson, head of Savills Auctions.

"Having been carefully restored by the current owners, No Man's and Spitbank Fort represent exceptional market value, each guided at £1m. 

"Both offer an opportunity like no other; a waterfront location, up to 99,000sq ft of space and a chance to champion the heritage and legacy of these iconic maritime structures."

The auction takes place on 18 June. 

If you missed out on the general sales but want to bag yourself a last-minute ticket to Taylor Swift's show in Edinburgh tonight , it could set you back a whopping £4,000. 

Not to fear, however, as it is currently possible to land yourself a ticket for as little as £271 - if you settle for a somewhat restricted view. 

We've checked resale giant Viagogo for the latest prices, accurate as of 10.30am. 

As is often the case with popular tours listed on resale sites, many of the tickets are sold individually - so if you're happy to go alone tonight, you're more likely to get a ticket. 

For context, a ticket at general sale cost somewhere between £80-£160 depending on where you sit/stand. 

As it stands, the cheapest seat with an unrestricted view of the stage is currently up for sale at £323.

Just one ticket is up for £271, but has a "restricted view". 

Bringing a crowd

If you're looking to take someone with you, the cheapest pair of tickets without any restricted view will cost you a combined £1,706.

However, if you're happy with a restricted or limited view, you can pay the cheaper price of £538 for the pair (£269 each). 

You can buy up to four tickets in the same area for £303 each (£1,212 together) for a restricted view, or £555 each (£2,220 together) for an unobstructed view of the stage. 

Getting closer to the action 

Standing tickets are much sought after given their proximity to the stage. 

As alluded to at the top of this post, one frankly optimistic reseller has listed four general admission tickets for a staggering £4,256 each (in the "floor" section shown in the map below). 

However, you can get even closer - with one ticket remaining in the separate section to the left of the stage at £651 and another to the right at £559. 

A word of caution

Ticket resale sites, including Viagogo, have previously been accused of "ripping off" consumers amid concerns customers could be turned away at venues because of restrictions on some resold tickets.

The company was told in 2019 that it was required to make a number of changes to the way it collects and presents information about tickets on its site.

It has since pledged to be compliant with UK watchdogs and now offers a "100% order guarantee [which] covers both buyers and sellers".

If you're happy paying over the odds for last-minute tickets, make sure you're buying through a site with such a guarantee and always beware of scams!

House prices in the UK dropped by 0.1% between April and May, data from mortgage lender Halifax shows.

Analysts had expected a drop of around 0.2%, while last week, rival lender Nationwide said its measure of house prices rose in May after falling in the previous two months.

In the 12 months to May, prices rose by 1.5%, Halifax said - faster than the median forecast in a Reuters news agency poll for an annual increase of 1.2%.

"Market activity remained resilient throughout the spring months, supported by strong nominal wage growth and some evidence of an improvement in confidence about the economic outlook," Halifax's head of mortgages, Amanda Bryden, said.

The stable picture for property prices over the last three months was likely to give more confidence to buyers and sellers, she added. 

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