Estate and letting agency valuations, independently prepared.

What the figure usually turns on

• Managed portfolio size and fee level

  Fully managed properties are the durable part of the business. Unit count matters, but average management fee per property and the tenancy retention rate matter more.

• Lettings versus sales split

  Sales commission is cyclical and priced cautiously; recurring management income supports a higher multiple. Blending them into one number understates a strong lettings book.

• Landlord concentration and tenure

  A handful of portfolio landlords holding most of the units is a concentration risk. Long-standing landlords across many properties are the stronger evidence of repeat income.

• Branch profitability and staff structure

  We look branch by branch. A profitable head office subsidising a loss-making second office is a common finding that changes the valuation and the deal structure.

• Compliance, client money and deposits

  Client money protection, deposit handling, redress scheme membership and tenancy documentation are diligence items that can delay or reprice a sale.

The lettings book is usually the value

Buyers acquiring agencies are generally buying recurring management income and treating sales as upside. Valuing the whole business on a single blended multiple almost always misprices it.

We value the managed book on its own evidence, price sales income for cyclicality, and show how the two combine into the final figure.

Independent, with no onward mandate

We don't sell businesses and take no success fee, so nothing in the report exists to win a mandate.

The reports are used for sale preparation, book acquisitions, partner separations, disputes and HMRC submissions.

This is for you if…

• —You're selling an estate or letting agency, or just the managed book.
• —You're buying a lettings book and want retention and fees tested.
• —You're separating from a business partner and need a fair figure.
• —You've had an offer from a corporate and want it independently checked.