Residential Lettings Agency With Over 140 Properties | | Undisclosed Norfolk | | NORFOLK RESIDENTIAL LETTINGS AGENCY WITH OVER 140 PROPERTIES Well established lettings agency Portfolio of over 140 rental properties generating fees of £90k pa Part of business benefits from support of franchisor Excellent adjusted net profit exceeding £30k pa with significant potential for cost savings A/T: £88,775 L/H: £115,000 REF: 1257PE | | BUSINESS FOR SALE ADVERT DETAILS ADVERT NUMBER : 71449
ADVERT IMPRESSIONS : 13,071 TIME(S) | | | | BUSINESS SECTOR: | Services | | TRADE TYPE: | Estate Agents | | SALE: | Agent Sale | LEASEHOLD: | £115000 | | | | | | | | | | Add this business advert to your: | | | | | | | | | | | | | | | BUSINESS DETAILS: | 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
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
STAFF
• Vendor and spouse work within the business
• 1 part time 4 days per week AM
• 1 part time 5 days per week PM
• 1 part time 2 days per week AM
TRADING HOURS
• Monday to Friday 9 AM to 5 PM
• Closed Saturday and Sundays
FINANCIALS
Turnover
2011 £88,775
2010 £87,889
2009 £94,009
2008 £103,876
• Adjusted net profit typically exceeds £30,000 annually
• Approximately 50% of the business benefits from administrative support of franchisor attracting a fee of 25% (Current agreement expires September 2013)
• Charges to landlords are typically 9.5% or 10%
OVERHEADS
Staff £18,635 pa
Rent £5,388 pa
Rates Nil
Heat/Light £2,736
PREMISES
• 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
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
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
TENURE
• Leasehold £5,388 per annum
• 3 year lease from January 2012 with yearly rent reviews
• Business rates currently nil
VIEWINGS
• A non disclosure agreement will have to be signed and returned prior to any further information and viewing.
DISCLAIMER: Viewing is essential to fully appreciate this business and strictly by appointment only through the agents. N/B: All Negotiations must be conducted through Advent Business Sales. These details do not constitute part of an offer or contract and properties are offered subject to being sold, let or withdrawn without notice at any time and without liability for any expenses incurred by applicants. All statements and descriptions are made without responsibility or warranty by us, vendors or lessors. Intending purchasers must check for themselves (Misrepresentation Act 1967). | | | | | | FOR SALE | | | | | REFERENCE: | 1257PE / RightBiz | | | | | | Request more information about this business.. | | ENQUIRIES: | | | | CONTACT SELLER TO GET THE SELLERS DIRECT CONTACT DETAILS AVAILABLE TO MEMBERS ONLY | | | | | | | | | | | |
