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  • New Members

    New to PT and property ed with Qs

    Hi there,

    I’m new to property tribes after it was recommended on the property hub podcast (which I’m also new to but have been loving)

    I have one small buy to let and I’m hoping to build a small portfolio going forward so I’m looking forward to using PT community as I do, I’ve heard good things!

    As a first question, I’m looking to build my knowledge, education and connections until I have money to invest again (hence signing up here and the podcast). What are people’s opinions on doing some self employed work for an estate agency as a way of learning (around my full time job which has a flexible diary)? I’m currently speaking with a local agent who I can earn commission from but will charge me £60/month for training and use of their systems etc. I’m considering approaching the agency that manages my BTL to ask if they would consider letting me gain experience with them, they don’t have a self employed structure but can’t harm to ask, just concerned that won’t be best use of my time if no financial gain.

    What are people’s thoughts? Is estate agency work a useful way to gain knowledge and connections? Or any other good recommendations for free learning other than PT and the property hub 

    Thanks
    Jess

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    Hi Jess, and a warm welcome to the tribe!

    I think what you propose is a wonderful idea!  Learn on the job at someone else's expense, build your knowledge, network, and contacts .... 

    However, if you don't already have a full time job (which is not clear from your post) , I would look for a paid-for full time job in estate agency, as you will need that/a minimum income of £25K per annum in order to access BTL finance.

    This video series is one of our best resources and I always recommend it:



    Monday -  Taking responsibility for your financial future and how to do that

    Tuesday -  Get educated!

    Wednesday - Create your "income engine" and then turbo charge it!

    Thursday -  Build your "wealth pyramid" to future-proof your wealth.

    Friday - Protect your assets within a "wealth fortress". 

    There are lots of further useful resources within those links.

    I would also recommend that you join a landlord association and take advantage of their many resources which include training, a legal helpline, documents etc.  Property Tribes is partnered with the Residential Landlords Association and our members can enjoy a 25% discount off membership.

    I hope the above helps for starters and good luck!

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    Thanks for the warm welcome Vanessa! And thanks for the advice and the resources, I will definitely be checking them out. I have amended my original post to show that I have a full time job so would just be looking to gain experience around that. Thank you!
    Jess
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    Hi Jess, you've come to a great place for building your knowledge - I find it invaluable.  

    Like you I have one small property and did plan to increase but I'm now sitting on the fence waiting to see what the next couple of years brings.  Your idea of working/volunteering at an agents sounds great in theory and if you were lucky enough to get with a good one you could learn a lot.  But I would be wary that there are many mediocre and a few downright dreadful agents and you could be learning a lot of bad habits.  I work as an independent inventory clerk with several letting agent clients and it has been a great way to see how different agents work and good and bad practice.  Tbh, out of about 10 agents, there are only 2 I would trust to manage my own property properly (I currently self manage it).  Most seem to me to be too busy looking for ways to squeeze every last drop from either the tenant or the landlord or both!  

    If you want knowledge and to keep up with changing legislation you can't go wrong joining either the RLA or NLA and following PT and other online landlord forums.  Costs a lot less than £60/month too.  Experience comes with time and although an agency will expose you to many tenants and landlords in a relatively short space of time, it will only teach you one way of dealing with them.  I also wonder if your own managing agent would be happy to help you if they know you will then manage your own property?  

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