Why we like to say “yes” – a case study from one of our Portfolio Landlords.
There are many things that make us different as an Agency – from the way in which we would rather say “yes” than “no” (no benefits no one and adds zero value, so we like to say yes wherever possible, unless its unsafe, impossible or is financially not viable); to the way in which we look a landlord in the eye and tell them that we will look after their property as though it were one of ours – and mean it. Here though, is a case study about something we love – helping portfolio Landlords, with a proper 360 offering, using the experience that we have gained from being property investors ourselves.
This Landlord came to speak with us before the purchase of his two current properties, which we discussed at length, and he then, subsequently, went on to make offers on. Both purchases proceeded at the same time and completed within a few days of each other.
One property had tenants in situ and our landlord was happy for us to onboard the current tenants, do a compliance audit, make sure that everything was safe and as it should be and proceed to manage. With a few tweaks here and there, this one was ready to go and pretty much “turnkey”.
The second property was another matter altogether. The property had tenants, but it was being sold with vacant possession and the tenants were moving out. It was, how can I put it, shabby and underlet in our opinion. The property also needed compliance certs as these were not up to date and we were concerned about what a compliance audit would show up.
We worked closely with the Landlord, discussing ways in which we could bring the property up to scratch to attract the right tenants at the right price and we did a careful market analysis which highlighted that the property was indeed underlet. Once completion had taken place, we got trades in to do a light refurb, turning the property from a shabby, uninspiring, let, which attracted the wrong kind of tenants, into a lovely property which stood out in the rental market and attracted lots of interest. We also completed a full compliance audit, rectified several issues that this brought up and booked in new up to date certifications – so that the property was ready for us to organise viewings.
Being investors ourselves, we were very aware that it was important that the property started making money as soon as possible – as voids will kill your cash flow and, as such, are completely unacceptable, so appointments for trades were booked in as soon as contracts were exchanged, so that we didn’t lose any time and minimised void periods.
Everything was completed, without drama, the house looked lovely and was safe and compliant and we booked in viewing slots. The property was fully let in under 10 days, with a 13% rent increase. The Landlord is happy, the Tenants are happy, and we are very happy that we could say “yes” and do a great job for our landlord. He now has a completely passive solution and is looking for his next purchase!
Lettings shouldn’t be a series of tick boxes. Every landlord is different, every tenant is different, every location is different. Being a lettings partner is about taking the time and trouble to understand your landlord’s motivations and working out a way forward, together, to reach the very best outcome. Our job is to keep our landlords and their assets safe and compliant, whilst maximising their rent and looking after their tenants. We believe that it should never be a compromise engaging the services of an agent; in fact, quite the opposite, it should give you back your time and provide a truly passive experience!
This is the part of the process that we love the most because it’s where we get to add significant value. If we can help in any way at all, then we will, and often do!
As Landlords and Investors ourselves, we can help and advise on all aspects of your portfolio. If we can help you then give us a call on 0117 440 6789 or email us here together we can make being a landlord simple, passive and stress free!
