How Let’s Rent assisted a professional portfolio landlord to manage their existing Bristol Properties and expand their buy to let portfolio.
For some, rental properties are a supplement to their main income or a one-off venture. Portfolio landlords, on the other hand, typically own multiple properties and are often subject to different rules and regulations compared to those who own a single property.
For example, they may be required to pay a higher rate of tax as a high-rate tax payer. Moreover, they may need to adhere to stricter guidelines when it comes to managing tenant deposits.
Property Managers like Let’s Rent often work with several portfolio landlords, looking after rent collection, the needs of any existing tenants and acquiring new ones, as well as property maintenance matters. This can be a particularly useful arrangement when the landlord isn’t local to their properties and allows them to focus on business decisions, buying new properties, and the bigger picture generally.
Our property experts are well aware of the different regulations applying to landlords with multiple properties and are happy to advise and take care of tenant and property matters with this in mind.
In 2011, a professional landlord contacted us for help with their Bristol rental properties.
The portfolio landlord was based in the South but owned properties to let up and down the country. They had recently been encountering problems with the letting agent managing their properties in Bristol.
Not only were the maintenance costs for the houses beginning to spiral up, but the rental income was becoming unreliable as the agents were not transferring the collected rent to them in the time which had been agreed. They were looking to transfer full management of the properties to a more reliable agent as each one became empty.
Over two years, Let’s Rent became the entrusted manager of the landlord’s whole Bristol property portfolio. As each property became vacant and came under our management, the landlord had us arrange quotes for the required maintenance, this variously included:
On each occasion, works were carried and the properties were let within a quick turnaround.
Fast forward over the last 10 years and the landlords have become great clients of ours. We once asked them why they stopped visiting the properties after they came under our care. The response?
“We implicitly trust your team’s judgment calls and we receive regular updates, income statements, inspections reports, and images. There is simply no need for us to come.”
Whether you’re a new or old client, we always ensure that the correct level of communication is provided to keep you informed of everything important, without putting you under the pressure of day-to-day rental problems. Our investment in staff, software, and technology allows us to be both efficient and effective.
As a result, the landlords we work with are able to continually grow their portfolio of property without getting tied up with the daily management of their properties, knowing their rentals and tenants are in capable hands.
If you wish to build a portfolio in the Bristol rental market and assistance in the day-to-day management of your properties to rent, call us at 0117 254 1133 or contact us below.