What do I need to do to start operating as an estate agent?
Should you work in lettings and wish to go into sales the main thing you should consider in terms of compliance is your AML procedure. As well as compliance, we recommend spending some time researching the sales procedure to ensure you’re fully aware of how to successfully complete a sale before it falls through. Our guide to the moving process is a useful tool you can use, click here to read it.
What do I need to do to start operating as a letting agent?
If you’re considering becoming a letting agent you should take into account your compliance procedure. With over 150 laws, incorrectly letting a property could lead to a fine or potentially prosecution. We recommend becoming qualified through ARLA to ensure you have the essential knowledge to keep you compliant whilst provide you with essential information you need to know. If you;re serious about merging your business into lettings, ARLA have a series of seminars you may wish to attend, click here to register.
Do I Need An ARLA Level 3 Qualification?
At the minute an ARLA Level 3 qualification isn’t necessary to become a letting agent. ROPA (The Regulation Of Property Agents) is likely make it mandatory for agents to hold a level 4 ARLA qualification in the future. We recommend becoming qualified to level 4 status as soon as you can to ensure you not just meet the standards but are aware of the compliance you need to abide by.
Buy To Let
Should you be looking at investing in a buy to let property, getting a mortgage can often be a tricky process. To begin with you should work out if you’re eligible and if you can afford it. The amount of credit you can borrow is determined by how much rent you can generate against the cost of your mortgage. You can find out what you can borrow by getting an Agreement In Principle, this will give you an indication of how much you can borrow. Natwest are able to give your business one by clicking here. Natwest have also put together a useful mortgage calculator you can use to see how much you can borrow.
As well as the mortgage, you should understand your responsibilities should this be your first let. With over 150 landlord laws, keeping compliant isn’t an easy task so it’s essential you’re aware of your requirements.