This rapidly growing and profitable property lettings, management and sales business was established in 2004 by the current owners. In 2006, they moved to their current high visibility and prominent location, centered in a very affluent area of hertfordshire within the st. Albans postcode region. From the outset the business focused on the higher end of the market, letting properties for private landlords to professionals. With many high net worth individuals in the area and prime properties, the business has, and continues to build-up, a healthy client base with year on year growth in the region of 30% per annum. currently the business has around 110+ landlords on the books, most of which have only a few properties, and there are also four of blocks of flats under management. The majority of the properties are on a let only agreement, but with ongoing involvement producing additional income streams. The business is responsible for fully managing 26 properties, and more inroads could be made in this direction with current and new clients. the business has sold a couple of properties in 2010, the fees for which present a healthy top-up to annual turnover. The business operates a fully audited deposit scheme, and has streamlined operations, with a low overhead business model. technology: the business utilises the latest “state of the art” property software provided by findaproperty. This suite allows for property detail listings and amendments, which integrates with the company website and property portals. The company also has a diary management system for the staff, and has a secure hsbc web based payment facility. All financial accounts are kept on an intuit accounting package. The business has a number of office pc’s and a professional telephone system which one would expect of a busy lettings agent of this size. customer service: although the majority of properties are “let only”, the business conducts gas tests, quarterly inspections, sells insurance, pat and full electrical tests and has involvement in repairs at a one off cost, holds rental deposits, which gives the client a semi-managed benefit which provides the company with extra income, and produces great levels of client satisfaction that is not equaled by the competition. The vendors of the business are proud to have many long-term customers, some of which have been with the business from the outset, and have a 99% retention rate. The business has built a great reputation on their responsiveness, personal service orientated nature, and attention to detail. key strengths: the location is obviously a great asset to the business, in the middle of a very affluent area, and close to populous areas of hertfordshire and south east. The way the company has decided to focus on the higher end of the market, with professional occupiers presenting less headaches for all concerned, and higher value property lets allowing for good yield per landlord. The business operations are streamlined, and the agency enjoys a low overhead easy to operate business model. After years of successful trading the business profile and name recognition in the region is excellent, which provides good levels of recommendation and referral. With 110+ landlords on the books, new owners of the business can look forward to a steady revenue stream from which to build further. The company also has details of a further database of landlords should the new owners have time to expand. growth and expansion opportunities: the business focuses on the higher end of the market, and has a clear direction away from property rentals to students and those on benefits. The business has a good niche in this affluent area, and an excellent reputation with easy to manage professional lets. The owners of the business realise that by moving their target market slightly, there is every opportunity to capitalise from the vibrant student market, with a large university on their doorstep, and a well respected veterinary college in the local area. there are excellent on-going profits to be made from fully managed properties, and with marketing to existing landlords, and new clients alike, the business can handle much higher levels of business without any impact on direct overheads. The it system, whilst fully functional, could gain extra efficiencies from the installation of a fully integrated back-office. The business is also primed to expand into the property sales division, and by employing a dedicated sales negotiator, more revenue could be built on the excellent reputation and trade name.
