hey guys I hope you are all well
for all of you that are thinking of setting up a property business
or who are in the process then this is for you
I have the 8 steps you need to take to successfully set up your property business
sounds good let's continue
NUMBER 1
REGISTER YOUR COMPANY
the first thing to do is register the company you need to choose a name always a fun part it doesn't need to be anything amazing just keep it simply try not to overthink it then decide if you're going to operate in a Ltd company a partnership or a sole trader each have their own benefits dependent on your current situation so speak to a property tax advisor to help you decide if your just purchasing your first buy to let investment it will be fine in your own name
but if your doing rent to rent HMO or SA you will want to be using a limited company
NUMBER 2
Business bank account
Now you're now going to need a company bank account
we tend to use online bank accounts as they are quick and easy to set up and don't attract the costly monthly coasts that the high street bank accounts attract
some however like Lloyds do offer the first 12 months free
always do your own research to find out what suits you best
we currently use starling bank
3
INSURANCE
Next, you will need insurance to protect yourself and your clients/ tenants
there are two types public liability
and professional indemnity insurance
we use a company called Hiscox tried and tested by us and many landlords
more will be explained in any of our mentorship packages
4
ANTI MONEY LAUNDERING
If you're going to be involved with handling deposits, purchasing or selling property
you must be registered for anti-money laundering
to make sure all the money you are dealing with is legal
there are certain checks you must oblige by and failure to do so could result in a nasty fine
5
THE PROPERTY OMBUDSMAN
It is now a legal obligation for you to register with a government-backed scheme
there are 2 to choose from either the
the property ombudsman TPO
or the property redress scheme
Again we will go into more details regarding these during your coaching
6
DATA PROTECTION
So your likely to be handling a lot of data on a daily basis from investors to clients
the law states that you must comply with the data protection act
so you're going to need to register with the ICO its a simple registration service with a small charge that will see you handling data correctly
7
BUSINESS EMAIL
Your going to need to create a good impression and your old emails are not going to cut it especially if its anything like
my old ones
so get yourself over to G suite on google and register a professional email there is a small yearly charge but it is well worthwhile
and remember to keep emails short and catchy as your going to be reading them out a lot to people especially over the phone
8
FINALLY, A FEW OTHER THINGS TO CONSIDER
Business cards with all your new company details on
website domain if you're intending to have a website we use Wix WordPress is also a good platform
business logo quick and easy to do on any smartphone using an app like Canva
now get yourself out there get networking join groups and start gathering and growing your network
get some books like at least 10 and read a lot use your spare time reading
next, you need to update all your social media let people know what you do
last but definitely not least find yourself a suitable mentor and get coached properly in your target area don't be shy and don't be embarrassed every successful person on the planet had some sort of mentor
I hope you find this useful and if you follow these steps this will kick start your property journey to the next level
hope you all have a great day and happy investing
if you require any more assistance book a free strategy call today
thanks for reading guys

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