Omagh Enterprise - Business Profile: Omarentals
Can you describe your business?
Omarentals is the leading residential lettings and property management agency in Co Tyrone. We provide a let only or full property management service for landlords ranging from individual landlords to property developers to government agencies. The portfolio of residential properties we manage on behalf of our clients ranges from Studio flats to large detached properties to apartment blocks.
Why did you start your own business?
After graduating from University in Estate Management I worked for the largest letting agent in Derry where I was mentored by a fantastic boss, Mr Bert Montgomery. After ten years commuting and the birth of our second child my desire was to be based close to home and Omarentals was formed.
What are the best things about running your own business?
The best things about running my own business is the fact that I can be more in control of my day to day life. This enables me to have more time with my wife and family and I love the fact that I can go to sports days, school plays etc. without having to ask for time off. Running your own business can also be more rewarding in relation to the fact that you get out what you put in.
What are the main challenges facing the business?
The main challenges facing landlords has been the surge of new legislation which has been introduced over the last five years to include the Tenancy Deposit Scheme Regulations and the Landlord Registration Scheme, and there is more to come. There is currently a review of the private rental sector in Northern Ireland whereby more legislation will be introduced and maybe even landlord licensing. Omarentals as an agent can deal with the changes in legislation via the extensive systems and infrastructure we have in place but unfortunately, many part time landlords will have difficulty with the ever increasing red tape and more cumbersome requirements being placed on them.
What advice would you give to someone starting a business?
Be sure to be passionate about the business you are going to set up. You will need this passion to keep you going through the long hours and hard work. Do not let it take over your life and remember there are no mistakes in life, just lessons.
Can you describe your experience of running a business in three words or less?
Challenging, stressful, rewarding.