Residential Lettings Agency With Over 140 Properties For Sale

Business description

HISTORY

• Established 2000 in town by vendor following a lifetime of industry experience
• Marketed as an independent alternative to mainstream agents
• Originally set up as a franchise, approximately 50% of the business now operates with support of franchisor with the remainder operated solely by the vendor
• Client base of landlords and tenants carefully nurtured over many years
• Strong brand created
• An excellent reputation for service developed within the town


REASON FOR SALE

• Retirement


SERVICES

• Letting of all types of residential properties but typically up to 3 bedrooms with monthly rental of under £1,000
• Properties predominantly within 15 mile radius of town centre
• Full rental service, with administrative support, offered to tenants and landlords as required
• Homebuyer reports undertaken (sub-contracted)


CUSTOMERS

• Tenants are mainly couples or young families living or re-locating to the area
• Typically tenants are financially independent with extremely limited portfolio of DSS
• Landlords based throughout the UK with approximately 140 properties under management
• Customer base well spread with largest landlord having 12
properties but the majority having 1 or 2
• Typical leases are for renewable 6 or 12 month terms

STRENGTHS

• Mature and stable base of landlords and tenants
• Densely populated urban location
• Regular income from existing rental portfolio of 140 properties
• Ongoing administrative support from franchisor
• Established and respected presence within the town
• Excellent and very reliable financial performance
• Good administrative systems in place
• Excellent industry contacts and member of Association of Residential Lettings Agents, Ombudsman scheme and National Association of Estate Agents

Property information

Property:

Leasehold

Lease terms:

• Leasehold £5,388 per annum
• 3 year lease from January 2012 with yearly rent reviews
• Business rates currently nil

Location:

• Traditional shop premises located close to the centre of a West Norfolk market town
• Densely populated area with mix of retail, commercial and residential use
• Ample pay and display parking within easy walking distance
• Superb quality of life within rural Norfolk

Premises details:

• A ground floor lock up retail shop, close to the town centre, occupying a position on a main thoroughfare and pleasant residential street
o Large window display
o Open plan office area
o Customer seating
o Separate rear office
o WC
o Kitchen

Business Operation

Expansion potential:

• Cost savings for working partners could be considerable with many opportunities to reduce costs
• Introduction of commercial rentals arm
• Focus on additional business development work to generate additional income streams
• Introduction of website beyond partner websites currently used
• Weekend opening
• Rental portfolio within the town is extensive

Employees:

3 part time with the two vendors working full time in the business

Years established:

12

Other information

Related documents:

• 
• Sales Particulars