From Landlord to Letting Agency Owner
Where it all Started
Terence Kwong has been involved in the lettings industry for over a decade, beginning his journey as a landlord while working full time at Apple and raising a young family. During this time, he relied on letting agents to manage his properties but often found the service fell short of expectations. When lockdown provided a little extra time, Terence saw the perfect opportunity to take control and began managing his own portfolio, which laid the foundation for his future in lettings.
Recognising a gap in the local market for a more bespoke service, he decided to start his own letting agency, one that combined the latest technology with cost efficiency while still delivering excellent customer service. But starting from scratch was no small feat. Terence needed to get compliant, put legal and accounting systems in place, and establish client facing processes all within a very tight timeline.
“I think the first step for anyone trying to start up as a letting agent is compliance in every step they take.”
How Terence Found the Perfect Route to Market
Terence faced an ambitious timeline to launch his lettings agency and like many new agency owners, his main challenge was opening a client account. He found himself in a classic “chicken-and-egg” situation: he needed Client Money Protection (CMP) and Redress membership to open a client account, yet could not obtain CMP or Redress without first providing proof of a compliant client account.
Confused with where to begin, a CMP provider recommended Terence to The Lettings Partnership, and after speaking with the sales team, he quickly realised that the Lettings Launch Kit was the perfect solution to all of his challenges.
The Lettings Launch Kit from The Lettings Partnership provided Terence with a complete roadmap for launching his new agency. It covered everything from legal advice via a dedicated telephone line to client accounting, CRM system recommendations, CMP insurance, Redress membership, and operational guidance. Terence credits the Lettings Launch Kit with enabling his team to move efficiently from zero to fully operational in under 4 weeks, compared to the two plus months it would have taken to set up a fully compliant lettings business on his own. With landlords waiting, he didn’t miss a single opportunity. Remarkably, his client account was opened on a Friday, allowing him to collect his first holding deposit for a fully managed property the very next Monday.
“My first impression with The Letting Partnership was efficiency and how quickly the team understood exactly what we needed, It saved us so much time, stress & cost”.
Professional Client Accounting from Day One
Part of The Lettings Launch Kit includes outsourced client accounting, which was the perfect addition to his business. Like many agents, his and his partner’s strengths lie in relationship building and supporting landlords rather than managing finances. Relying on experts for the complexities of client money management made perfect sense. With hiring an in-house finance team not being an option at the start, partnering with The Letting Partnership gave him confidence that payments were handled professionally and on time, while allowing him to focus on growing the business and delivering exceptional service to landlords.
“We desperately needed a jumpstart and that jumpstart was The Letting Partnership, I really can’t stress how helpful the team are. I feel confident and happy that we have The Letting Partnership as our client accounting and compliance partner so we can focus on getting new landlords”.
Advice for New Agents
Having gone through the challenges and rewards of setting up a letting agency himself, Terence understands better than most what it takes to get started. His journey has given him valuable insights into both the practical steps and the mindset required, and he’s keen to share his advice with anyone considering taking the leap:
"Be positive and go for it. Look for a scalable partner such as The Letting Partnership. If anyone is thinking of starting a letting agency, now’s the best time, there are so many landlords who need our help navigating the upcoming legal changes."
The Future
Over the next 12 months, Terence plans to focus on growing his business organically. He aims to attract new landlords by mastering the fundamentals and delivering a world-class level of service. He also intends to continue educating himself through industry events and webinars, ensuring he can guide landlords and tenants through the evolving legal landscape.
Terence’s Words:
"Three words that sum up the Lettings Launch Kit for me: comprehensive, efficient, indispensable. From legal advice to client accounting and CRM guidance, it gave us everything we needed to go from a cold start to our first holding deposit. I honestly don’t know anyone starting as a letting agent who wouldn’t benefit from the Lettings Launch Kit, it’s a game changer."
Click here to discover how our Lettings Launch Kit can help you get started with confidence.
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