Are You Thinking of Selling Your Lettings Agency Business?
This year has been one of the busiest years in a long time where I seem to be on a course nearly every other week, making sure we are always compliant, and our landlords are safe.
I must admit for the last 12 months I have felt a cloud over my head and wondering where is the industry is going? Being a landlord myself, I have felt the pain of the mortgage interest no longer being allowed to be deducted, the new HMO rules coming into force this October and the biggest one for me personally on the business side will be the Tenant Fee Ban coming in next year.
We have had over 150 new legislations in the last few years and I must confess, I thought 30 years of working within the industry and 12 years of owning Move On, my life would be a lot easier and here we are faced with so many new rules that if a small error is made, this could result in a massive fine, criminal record, prison sentence and a banning order for me and our landlords. Why would I want to put myself through this? Then with the hype of GDPR rules, I was really thinking along the lines ‘Help... I’m a Letting Agent, get me out of here’.
However, each course I have attended - my most recent a 4-day intensive course in Wolverhampton (by the way if you have never been there, you are not missing anything), I have grown stronger and I am now back to full strength, it has been wonderful to meet fellow agent owners who have all been feeling the same.
I was sad to hear, this week alone, I have heard of two local agents in the Poole and Bournemouth area who have closed their doors and I am sure there are many more either thinking of doing this or in the process of doing so.
So.... my message is to those who are thinking of closing their doors…….
Ring me, have a cup of coffee with me, we can get through this, and if you are still thinking of selling, then ring me, have a cup of coffee with me, lets talk because it doesn’t matter what your concerns are with regards to the selling side, we will be able to do something (confidentiality agreement will be in place).
Have a good week!