How does Lettings work as a Self-Employed Associate Agent?

As an Associate Agent at David Lee, we want you to be able to offer a full range of services to your clients which includes lettings and full property management. We want you to be a completely rounded agent, and therefore able to help your clients in all areas of their property journey.

Lettings is very complex, and the compliance and regulation requirements change constantly. We have a dedicated property management team who completely live by our principle of building knowledge and do so all the time, staying completely up to date and at the leading edge of the lettings industry. 

This team is in place to support you as you build your own portfolio. I'll take you through the steps to build that portfolio and let you know who is involved at each stage in the journey…

Step 1: Initial Instruction

You would secure an initial instruction the same way that you would go about finding new properties to list for sale. However, the journey with a landlord can be a little longer and networking is a fantastic way to build out your landlord network 

Once you have been given the opportunity to list the property, you would do this in the same way you would a sales property by doing quality photographs, a detailed video, a floor plan, and bringing the property to market using the latest tools, portals and social media marketing that we have available to try, encouraging the widest audience to view your property.

Step 2: Viewings

Lettings is a very busy market and often a property that is listed for let with us will receive over 30 viewing requests in the first 48 hours. So when you list one, you will be busy! The most effective way we have found to conduct successful launches is to arrange for a viewing day to take place. We give each tenant a dedicated time slot and we allow enough time in between appointments for a safe transition between visits.

Step 3: Tenant Selection

Now that you have met all the interested parties on your viewing day, it is up to you to negotiate with your landlord and the tenant to find the best possible option for them. You will be responsible for picking the tenant, agreeing on the price, and starting the referencing process using our systems.

Step 4: Pre-Tenancy

The pre-tenancy stage of the journey is conducted by the in-house property

management team based at HQ. They will discuss with your landlord the compliance requirements for the property to make sure that it is completely safe and legal for the tenancy to go ahead. They will ensure there is a valid energy performance certificate, electrical safety certificate, and gas certificate if required. They will also manage the referencing process to ensure that the tenant is suitable to take on the property.

Step 5: Moving

The headquarters team will ensure that an up-to-date Assured Shorthold Tenancy Agreement is in place for the let. To start the tenancy an inventory will be carried out on the property and the deposit held for the property will have been secured correctly.

Step 6: Key Handover

If the landlord has selected the check-in service, the keys will be handed over by the inventory clerk once they have completed the check-in with your tenant. You can, however, be present on the day to hand over the keys to your clients as they move into the property and ensure everything is ok. If the client does not opt to have an inventory check-in, then you will be required to attend the property and arrange for the handover of the keys to the new tenants.

Step 7: Management

The management department is based full-time at HQ and will conduct all the ongoing day-to-day management of the property once your tenant has moved in. We have a 24/7 hotline for any maintenance requests. They will conduct the collection of the monthly rent and chase for any arrears where necessary and will ensure that the property remains compliant throughout the rental.

Step 8: Periodic Inspections

Throughout the tenancy term there are periodic inspections that need to be carried out to stay in touch with the tenant and to report back the condition to your landlord. You can be involved in this process, and you will be notified by head office when an inspection is required. We have a digital system that you can tap into to do this, and this provides a fantastic report for your landlord to ensure their comfort that the property is being looked after throughout the tenancy. If you are unable to conduct this appointment, then an inventory clerk will be appointed to do so on your behalf.

Step 9: Re-let

Once we have been notified that the tenant is leaving and the property is coming back to the market you will then be informed, and the marketing process will start again. This usually happens two months before the end of the tenancy.

How do you get paid? 

At the start of the process, the clients are required to pay a ￡500 set up to let fee, of which ￡200 will be paid to you as the self-employed agent. Once the tenancy commences on average you will receive 5% of the monthly rental as a recurring income stream every month. We feel that with moderate growth as a self-employed agent over 24 months you will be able to build enough recurring income to easily replace any basic salary you may have had in the past in your previous role.

We know that lettings is a huge opportunity for our self-employed agents and it is unique how we have made it available amongst the competition currently in the market.

Should you wish to find out more about our Associate Program for Self-Employed Agents, please let me know. I would love to take the time to walk through how lettings could really turbocharge your income after you have become a self-employed agent with David Lee.

Lee O'Brien

[email protected]

07771635853