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Now for the hard bit

Most estate agents and letting agents that I talk to are pretty confident now about surviving the rest of 2020. They have had the benefit of the furlough scheme, the local authority grant money, reductions in their portal costs, reduced marketing costs, deferment of a quarter’s VAT and deferment of the second tax payment on…

Recognising when a business hits the point of no return

I was very sorry to hear that Andrew Grant in the Midlands had gone into administration. It seems a sad end for a business that has been trading for almost fifty years, but I fear that it will not be the last business casualty of Covid-19. Most letting businesses have performed well during the lockdown,…

Sale of three Lettings Agencies completed in 10 days

The market for successful lettings businesses is still strong according to one of the country’s leading business transfer agents, reported Letting Agent Today on the 28th May. Adam J Walker and Associates has sold Daisy Lets in Maidstone to (local competitor) Seekers, SD Lambert in Upton to Baker and Horner and Whites Independent Lettings in…

Now for the difficult bit

Well, hallelujah, you are allowed to open your office, your bank balance is looking good and your business has survived the virus. Or has it? Unfortunately, it is still too soon to say. Let’s consider this example of a small business that usually banks £480,000 per year, half from sales and half from lettings. John…

Look after your people

The recent Pie survey showed that 57% of people who work in the property sector think that it is too soon for agents to return to work. However, most estate agency business owners are delighted that they have been allowed to reopen their businesses. Nevertheless there will be many obstacles to overcome before business can…

When might estate agents be allowed to open again?

When the country went into lockdown last month most people expected that it would last for a few weeks and then life would return to normal. It is becoming clear that this is not how things are going to turn out and that the return to normal life is going to be a gradual process…

Why You Will Need Two Business Plans

Despite 40 years in the property business, I never cease to be fascinated by what separates the most successful businesses from the rest. One of the key differentiators though is that successful businesses nearly always have a detailed written business plan. The crisis caused by coronavirus has demonstrated very clearly why business planning is so…

Adam Walker’s 10 minute video on how your estate agency or letting agency can survive Covid 19

Here is a 10 minute video that I shot for Simply Conveyancing recently on some of the things that you can do to ensure that your business survives Covid 19. I hope you find it helpful. If you would like some individual advice on what your business should be doing at this very difficult time…

Will you be able to get a Business Loan?

In Switzerland the process for applying for a Coronavirus business loan is as follows: 1. Fill out a one-page form online2. Qualify for interest free loan of 10% of your annual turnover repayable in 5 years’ time3. Receive money within a few days sometimes within hours This simple process has enabled the Swiss government to…

7 Ideas For Surviving the Upturn

It might seem a bit soon to be talking about the recovery, but sooner or later it will come and having worked through the last 4 recessions in the housing market, believe me when I say that the upturn will be the time of greatest danger for most businesses. A lot of residential estate agency…