Total of 18659 firms and businesses for sale today Monday 13th May 2024
Sold. Letting, Property Management And Sales Agency
LISTING DETAILS
Firms For Sale ID:
13681
Vendor reference:
CR154
Vendor website:
BUSINESS DETAILS
Location:
Primary sector:
Asking price:
£125,000
Turnover / revenue:
£90,000
Net profit / cashflow:
£28,000
Years established:
6
Trading hours:
Monday – Friday: 9:00 am – 5:00 pm
Saturday: 9:30 am – 1:00 pm
Number of employees:
2
OTHER DETAILS
Reason for selling:
After spending six years building this business, the 2 Directors are looking to re-locate to Greece and move further into property development.
Support and training:
The owners of the business are agreeable to a handover period to ensure the successful transition of the business, which they are passionate about, to new ownership.
Business is relocatable:
No
Business is web-based:
No
Business is home-based:
No
PROPERTY DETAILS
Lease terms:
The business is operated from a leasehold property, and enjoys exceptional flexible lease terms on a rolling contract with short notice period. The rent is £850 per month, with annual business rates around £681
BUSINESS DESCRIPTION
Letting, Property Management and Sales Agency
Ref.CR154
Location South Hertfordshire Village
Asking Price £ 125,000
This rapidly growing and profitable property lettings, management and sales business was established in 2004 by the current owners. In 2006, they moved to their current high visibility and prominent location, centered in a very affluent area of Hertfordshire within the St. Albans postcode region. From the outset the business focused on the higher end of the market, letting properties for private landlords to professionals. With many High Net Worth individuals in the area and prime properties, the business has, and continues to build-up, a healthy client base with year on year growth in the region of 30% per annum.
Currently the business has around 110+ landlords on the books, most of which have only a few properties, and there are also four of blocks of flats under management. The majority of the properties are on a let only agreement, but with ongoing involvement producing additional income streams. The business is responsible for fully managing 26 properties, and more inroads could be made in this direction with current and new clients.
The business has sold a couple of properties in 2010, the fees for which present a healthy top-up to annual turnover. The business operates a fully audited deposit scheme, and has streamlined operations, with a low overhead business model.
Expansion Potential
The business focuses on the higher end of the market, and has a clear direction away from property rentals to students and those on benefits. The business has a good niche in this affluent area, and an excellent reputation with easy to manage professional lets. The owners of the business realise that by moving their target market slightly, there is every opportunity to capitalise from the vibrant student market, with a large university on their doorstep, and a well respected veterinary college in the local area.
There are excellent on-going profits to be made from fully managed properties, and with marketing to existing landlords, and new clients alike, the business can handle much higher levels of business without any impact on direct overheads. The IT system, whilst fully functional, could gain extra efficiencies from the installation of a fully integrated back-office. The business is also primed to expand into the property sales division, and by employing a dedicated Sales Negotiator, more revenue could be built on the excellent reputation and trade name.