How to set up a commercial property agency

[tudorlimes]

Hi, has anyone any experience on setting up a commercial property practice or a similar professional advisory business?

I am a qualified Chartered Surveyor working in a niche property sector for a major firm and believe there is the opportunity to go out on my own. Initially I will offer valuation and agency services it will be me on my own. I also plan to outsource planning advisory work with the aim of employing a specialist down the line.

I have spoken with a couple of my existing clients who are keen to work with me if I do this. I am worried about getting more to make this sustainable.

I have PI insurance lined up and I will sign up with the RICS to be a regulated firm. Unfortunately it is difficult to do this along side my current day job as I will be conflicted.

I wondered if anyone had any general advice about starting a consultancy business such as this?

Thanks!

 

[WaveJumper]

No advice unfortunately on setting up your own but having worked for several of the major players in the past I would be careful if "taking" what they may perceive as their clients

 

[tudorlimes]

Thanks, yes I need to tread carefully. Nothing I can do if the clients come to me of their own free will though!

 

[Mark T Jones]

Realistically, it may not be quite as easy to pull clients across as it seems - a mix of pressure from incumbents and inertia on their behalf.

Some will come, but not everybody who says they will.

You really do need a budget and a strategy here (which may include some secondary income in the mezntime)

 

[tudorlimes]

Realistically, it may not be quite as easy to pull clients across as it seems - a mix of pressure from incumbents and inertia on their behalf.

Some will come, but not everybody who says they will.

You really do need a budget and a strategy here (which may include some secondary income in the mezntime)

Yes, agreed, it is one thing saying you will come but in reality I do wonder.

When you say strategy what do you mean? As in marketing and or general business strategy? Do you have any tips?

 

[Frank the Insurance guy]

You also need to check your current employment contract for any restrictive covenants - it may say you are not able to work with any existing contacts for 3/6/12 months! If so, you need to decide if you are going to ignore it, or facture in what you will be doing during this period to get money in.

 

[Mark T Jones]

Yes, agreed, it is one thing saying you will come but in reality I do wonder.

When you say strategy what do you mean? As in marketing and or general business strategy? Do you have any tips?

Either and both

I'm guessing you're already aware of the many property networking groups, both formal & informal

I'd suggest you start by picking a sector to specialise in and thinking how you will differentiate yourself

 

[ethical PR]

Hi, has anyone any experience on setting up a commercial property practice or a similar professional advisory business?

I am a qualified Chartered Surveyor working in a niche property sector for a major firm and believe there is the opportunity to go out on my own. Initially I will offer valuation and agency services it will be me on my own. I also plan to outsource planning advisory work with the aim of employing a specialist down the line.

I have spoken with a couple of my existing clients who are keen to work with me if I do this. I am worried about getting more to make this sustainable.

I have PI insurance lined up and I will sign up with the RICS to be a regulated firm. Unfortunately it is difficult to do this along side my current day job as I will be conflicted.

I wondered if anyone had any general advice about starting a consultancy business such as this?

Thanks!

Do you mean you're planning to take clients from your current employer ?

 

[Mark T Jones]

Do you mean you're planning to take clients from your current employer ?

I'd suggest that's pretty normal (though 'take' could imply that the clients don't have a choice, or are in the dark.