Posted on Friday, June 8, 2018
Not as much as you may think you do.
We understand starting a student (HMO) letting agency as a student or University graduate can be hard and often one of the biggest hurdles is finance. We therefore want to make the journey as easy as possible for you and help you along the way.
What do you need to pay for?
Student Haus Partner Set Up Fees
What set up fees? Student Haus does not charge a Franchise-style set up fee to get you started with your property business!
You need to register the business with Companies House https://www.tax.service.gov.uk/register-your-company/setting-up-new-limited-company. There is a one off fee of £12.
Accounting & Bookkeeping Software
We recommend you get your books in order from day 1. Xero is a great software to help you do this and plans start at £10/month https://www.xero.com/uk/. We will provide you training on how to manage your books and once the time comes we can put you in touch with our accountant to help you with your tax returns (you don’t need to worry about this for the first year though so you have plenty of time).
Just as important as getting your books right from the start is making sure you and your property business are protected. You can use online insurance comparison websites to find the right deal and insurances can start from £12 per month. Alternatively, we can put you in touch with our insurance broker who will be able to assist you.
Property Redress Scheme
As a property professional you have to sign up with a property scheme, as a Student Haus Partner we recommend you use the property redress scheme. The annual membership is £105+Vat.
Rico Theta S Camera
We use a 360 degree camera for our landlord property valuations, property marketing and inspections and inventories. You can either initially rent one from £12 per day from our supplier or you can purchase one straight away starting at £199.
Initially, a key cabinet that holds 100 keys will be sufficient. You can purchase one for under £50. Once you have your first few properties we will give you access to our online key management system for you to label and securely store your keys without labelling them with the address.
Depending on how creative you are and how much money you have available, your monthly marketing budget should start at £50 per month. We will help you with different marketing strategies to build a portfolio of student (HMO) landlords in your area. Please note the marketing costs can vary based on location.
What you do NOT need to pay for when becoming a Student Haus Partner
So, to sum up, to become a Student Haus Partner you will incur the following costs:
Start up costs:
Business Registration - £12
Property Redress Scheme - £105+Vat
Rico Theta S Camera - £199
Key cabinet - £50
Ongoing monthly costs:
Bookkeeping Software - from £10/month
Business Insurance - from £15/ month
Marketing - from £100/ month
Total: From £75
If you’re interested in becoming involved in Student (HMO) lettings and sales and would like to find out more about our Student Haus Partner Opportunity in other UK University cities contact us today via firstname.lastname@example.org and one of our team members will be happy to set up a Skype/Facetime call with you to discuss further!