By Steve Roulstone
When considering a Franchise in any industry, there may be more than one way to generate income that may be available through the business to hand. The Lettings Industry is one of those industries and it is Block Management that is a natural outlet for any good Letting Agent.
A natural fit
What needs to be recognised at the start is whether the Franchisor is happy for additional industries to be part of the Franchisees business. At Castle Estates we not only allow but actively encourage entrepreneurs to get take advantage of any opportunities that come their way and will actually offer training as part of the Franchise.
Landlords want our help.
And that is the point, it is normally Landlords who ask for our assistance as many traditional Block Management Companies are somewhat distant from the communities they serve and by being the Local Agent who services the area concerned, Letting Agents can offer a better feel and better communications for the leaseholders involved. Now from where I look at this, if a Landlord approaches my Company and asks for help and I can offer that help, then I do not want to be the person who says no!
And we have the knowledge.
But because our main field of operation is the Lettings Industry, it does not mean that we cannot supply something extra, in fact, I would go as far as to say that Letting agents can make better Block Managing Agents, because in a market so heavily populated by Buy to Let properties, our knowledge can offer better solutions to situations simply because we do know what to do in such scenarios.
Giving better advice.
Only this week, I was present at an Annual General meeting where a question was raised about HMO’s on site. Now this happens to be an area that I have a good depth of knowledge and I was quickly able to confirm the law relating to this situation, ensuring that safety was maintained for everybody living in this block. Now Block Managing Agents may already know the answer and some surely will, but my guess is there are as many as would not recognise this potential problem and would not be able to supply the correct answer.
Resulting in Additional Income.
So look at the possibilities, diversification is good in any business and I believe by encouraging involvement in this sector, allowing our Offices to earn additional income and spreading the earning potential in a field which sits so well with our industry, we are adding another worthy string to our bows.
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