Tell Me About The Money…
Running your own Inventory business can make you a very good level of income. Our best week so far has been £1,436! It is possible to make a lot more than this, particularly if you expand your business by taking on staff. What will ultimately determine your income though is how many bookings you are prepared to do each day. Remember once you are established, your work will be made up of the four stages of the inventory process
ie Inventory Report, Check-In Report, Interim Report and Check-Out Report.
On a busy week you could expect to do in excess of 20 bookings! Although prices do vary in different parts of the country, our average booking fee is £71.00 + VAT. On a really busy day we do up to 6 bookings! The prices you can charge for the various types of Inventory Reports are based on the number of rooms a property has. By far the most common type of rental properties are one and two bedroom flats and houses. You will see from this that even working part-time, perhaps doing six to eight bookings a week, you could still make a good level of income. Once your business is underway you should have no difficulty maintaining a level of bookings that you are happy with.
Now you may be wondering just how many customers do you need to keep a full diary and make a good income? With many Letting Agents having several hundred properties under management, it is perfectly realistic to achieve the level of income we have mentioned from as few as five or six customers. We are currently able to maintain a full diary taking bookings mainly from just five Letting Agents.
Examples Of Numbers Of Letting Agents Within 20 Miles Of The Following Places:
Manchester 807 Chelmsford 1000+
Birmingham 571 Southampton 419
London 1000+ Portsmouth 309
Edinburgh 80 Eastbourne 215
Glasgow 226 Brighton 291
Doncaster 342 Dover 110
Leeds 584 Ipswich 187
Hartlepool 251 Colchester 268
Coventry 513 Swindon 302
Blackburn 557 Warwick 417
Warrington 883 Cambridge 195
Blackpool 210 Oxford 430
York 236 Luton 1000+
Milton Keynes 530 Sheffield 382
Liverpool 621 Newcastle 193
Reading 644 Hull 60
Newbury 274 Cheltenham 185
Maidstone 686 Wolverhampton 393
Ashford 250 Leicester 441
Plymouth 68 Lancaster 127
Exeter 101 Cardiff 247
Norwich 130 Bradford 556
Peterborough 176 Nottingham 461
Basildon 1000+ Slough 1000+
Dagenham 1000+ Canterbury 199
You can see from the example figures above and also if you have a look on www.rightmove.co.uk that without doubt there are literally tens of thousands of Letting Agents throughout the UK.
Remember you only need five or six customers and you could be making over £1,000 some weeks!
But Don’t All The Letting Agents Compile Their Own Inventory Reports?
It would be a big mistake for you to think that! Although some of the larger firms, particularly the national chains, do employ their own staff to compile their Inventory Reports, not all do. In fact a very high number, including many of the smaller privately owned Letting Agents actually prefer to farm out their Inventory requirements to independent contractors. By doing things this way they avoid high staff costs and benefit from increased profits by simply adding a markup to the Inventory contractors prices which in turn is passed on to the Landlords and Tenants they act for.