Welcome the second installment of the ‘Nine Rules of Lettings’. Earlier this week, we started the countdown with Rule #9 ( click here ), where we looked at the size of the rental market. We discussed what was the best size of rental market for a letting agency to open up in (or grow in) by using the ‘big fish in a small pond’ or a ‘small fish in a big pond’ analogy. We came to the conclusion that the ideal pond was a medium sized pond (not to big and not too small). On the same analogy, we talked about the competition, the other fish (ie other agents). It goes without saying that if there are too many competitor agents in a town, it’s going to harder to open a lettings agency than a town with fewer letting agents. So, back to the question .. How do you judge if you have too many agents, what is about right, and even more interesting, when could there be too few agents (which would mean there could be an opportunity)? I am a sales man but I always like to have s...