Independent high street estate and lettings agency

Homeowners selling, landlords letting and managing properties, and sometimes buy-to-let investors.

Sales commission, lettings fees and, if offered, a monthly management fee as a percentage of the rent. Management income gives steadier cash flow than sales alone.

• Sales and negotiation
• Managing staff and a budget
• Knowledge of local property and lettings rules
• Strong reputation-building in the community

• Redress scheme membership and anti-money laundering supervision are likely to apply, check the current rules
• Lettings agents may need client money protection and be subject to local registration, so check England, Scotland, Wales and Northern Ireland rules
• Shop rent, rates, portal listing fees and staff costs are fixed, while commission income is uneven
• Employer's liability insurance is needed once you hire, plus professional indemnity insurance
• Handling client money carries serious responsibilities, so get proper accounts and advice
• Property market slowdowns can reduce sales for months

Startup costs are typically estimated at around £15,000 to £60,000, depending on the premises, shop fit-out, portal listing fees, staffing and insurance. Rent, rates and staff costs are fixed, so plan for them.

Monthly revenue is typically estimated at around £3,000 to £15,000, depending on how many sales and lettings you complete and any property management you offer. Commission income is uneven and market slowdowns can last months.

Check current rules on redress scheme membership and anti-money laundering supervision. Lettings agents should check client money protection and local registration across England, Scotland, Wales and Northern Ireland, plus employer's liability and professional indemnity insurance once you hire.