By the end of the first year all three franchisors estimate an income of £50,000 upwards. This is dependent on you building up a significant portfolio of properties, in the region of 75-100 is a rough guideline.
This isn't the hard and fast rule, though, as Sharon Titchmarsh, recruitment manager at Belvoir explains. "If there are between 50,000 and 80,000 properties in an area, 5000 of these are likely to be rental properties. If you managed 200 of these you would make a lot of money. Most people have an average of around 60, though."
The average rent for a property in the UK is £435 a month. Of this anything between 10% and 15% goes to you and the rest to the landlord.
This is not a get rich quick business though. Once you have some properties on the books, you can start to take on more and more managed properties and then make money out of other services.
These can include commission and consultancy fees on insurance, finance and property purchases. For example, you might help arrange insurance cover on a newly-let property with an affiliated insurer. You then take a percentage for providing the business.
It's also a good idea to have a team of reliable affiliated maintenance staff. If you are managing a property, you will be responsible for seeing that repairs are carried out. You won't pay for them - the landlord will probably have to approve higher cost repairs - but you will have to make sure they are done well.
Building up a team of local cleaners and maintenance staff and using them exclusively will save you money as they are likely to give discounts for repeat business. And you can make money similarly by taking a cut for putting business their way
Once established, a third of your income is likely to come from extras such as selling building insurance and percentages of the fees from plumbers and so on.
Property management is a cash-rich business in that you don't issue invoices and wait for the payments to come in. You simply deduct your charges directly from the rent coming in and forward the balance to the client.
