REsidEnTiallettings
madness, madness
they call it madness
Starting a property business in a recession, that is. We spoke to
two firms who have done exactly that – and with no regrets.
GoinG it alone in lettinGs
‘Starting up a new firm in this market,
you must be mad!’
That was the reaction of some people
to the news that David McMaster, past
president of ARLA, was establishing his
own firm after twenty years as an
employee.
Now, a little over three months after
opening the doors of Jordan’s McMaster
Residential Lettings for the first time, we
asked David:
Q Would you recommend going
it alone?
A “Yes! Certainly, with one or two caveats.
Admittedly there is risk, but there are ways
to control risk. One is to go into business
with someone who knows the ins and outs
of starting up a business. That is crucial;
however talented you are as an agent
setting up your first business is daunting.”
Getting a new name
an area where there are many established
firms is also a challenge. However with
Q So with whom have you gone
off the ground
best use of all the tools at your disposal, a
into partnership? sound knowledge of the competition and a
A “I was very fortunate; a chance
in an area where
bit of ingenuity, you can stand out.
discussion with Robert Jordan (David’s Offering some USPs over and above those
predecessor as President of ARLA)
there are many
of your competition will win those
resulted in the formation of a joint venture. desperately sought after instructions in
Jordan’s National Contracts has a large
established firms
those critical first three months.”
number of properties in Norfolk and
Robert and I have grown to understand
is also a challenge.
Q So how does it feel to be ‘master
each other through ARLA. We share a very of your own destiny’?
similar outlook on business. However with a A “Only those who have taken that brave
“I had never set up on my own before step will understand just how sweet tasting
because of the cost of putting the full sound knowledge of and rewarding it is to get that first
infrastructure in place to run a professional instruction. The first viewing, seeing your
and efficient office. I believe this is what the competition and first board up and first deal, every time the
stops so many agents from starting on their phone rings there is the anticipation of an
own. Also, by the time you have the a bit of ingenuity, opportunity and you sometimes have to
experience and confidence to be able to hold back just a ring or two rather than
succeed you usually have a family and you can stand out.’ seem over eager.
mortgage to support as well. “Every tiny chance of business is
“Getting a new name off the ground in david mcmaster, jordan’s mcmaster explored, regardless of how remote the
54 JULY-AUGUST 2009 PROPERTYdrum
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