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A Case Study of Letting & Selling a Second Home with Lets Rent

Jan 25th 2023

How our lettings agency was able to help a family to let and eventually sell their second home after they became accidental landlords.

Advising a Professional Couple in Property Matters

Not everyone sets out to be a landlord. Inheritance, gifts, downsizing, or relatives moving to retirement facilities are all common ways to end up with a second home which must pay for itself or be sold.

Many people in these situations – sometimes referred to as “accidental landlords”, find themselves in need of advice on what to do with the property. They may have little to no experience in maintaining a property, finding tenants, or knowing when it would be beneficial to sell. This is where Let’s Rent are happy to help property owners in Bristol. Read our case study below.

Background

A lovely couple joined us as clients in 2012. They had a growing family and decided to move from their home in St Werburghs to a larger premises.

They reached out to Let’s Rent as a professional service to let their previous property. We successfully sourced some quality tenants and managed the property on their behalf for nearly 6 years.

At the end of this time, the family decided to sell their St Werburgh’s property through another agent. However, after 6 months of attempting to sell, there was very little interest and the owners were concerned about the financial burned of no rental income.

Our Solution

The owners decided to have a conversation with Adil Ayub, the founder of Let’s Rent. Although, at the time, Let’s Rent wasn’t in the business of property sales, Adil considered the current market activity and suggested that perhaps taking the property off the market for a while would be a good idea.

Selling could be revisited again in the future when the time was right.

They took the advice and continued to let the property for some time. After a set of tenants vacated the property 2 years later, the owners spoke to Adil once again about the possibility of selling their second home.

By this time, Lets Rent has already opened a sales department and were able to officially help with the property sale in-house. After just the first set of viewings, we secured several offers. The best thing of all was that the owners secured about £50k above the asking price they listed the first time they attempted to sell.

Not only were we able to sell the property, but we were able to assist with all of the financial accounting aspects for capital gains, as all the income and expenditures for the property since 2012 were already recorded with us. A great result for all!

If you find yourself in need of expert advice about a property you own, give us a call or consider our choice of Landlord Services.

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4.93 out of 5
based on 480 reviews
27th March 2024
Judith Cameron said:
Dealing with Adil, Usman and their team is always a pleasure and we're delighted to see Lets Rent grow from strength to strength.
15th January 2024
BRACE duo said:
It was a pleasure to liaise with Usman at Lets Rent and to have my party wall fence secured by your maintenance service. He was quick, polite and efficient in dealing with my request .
29th November 2023
MaryLawrencia Owusu said:
TO UZMAN I SAY THANK YOU FOR MAKING MY STAY COMFORTABLE..THANK YOU
1st March 2023
Abid Hussain said:
Very good Lettings company and polite friendly service on the telephone. I would recommend checking out Let’s Rent before other property agents.
21st February 2023
Jacqueline Graham said:
Re: Usman Ayub – Lets Rent Letting & Management Prior to meeting Usman, the experience in trying to rent property in Bristol for over 6 months was demoralising. A Let's Rent representative (Seb) contacted me by phone to say they'd managed to alter a few appointments for the viewing & I would be me by Usman. He was punctual & informative throughout prior to our entrance to the building. He informed me of the layout, security & access which therefore covered all the H&S criteria in case there was an issue. Once the viewing was over, Usman assured me that he will send over the documents via email for me to complete, which was actioned without delay. Throughout the legal itinerary & required information, he kept me informed which enabled me to clear up some issues the automated system rejected unbeknownst to me. Usman is a valid member of the team and the functionality of this business benefits with him as a valid member.
12th September 2022
Sam Price said:
Seb's been a great help throughout our tenancy with lets rent. He's managed to keep us informed and up to date on our ongoing maintenance during the year. He's very professional and undoubtedly will have a great future career.
7th September 2022
Sue Gunning said:
Brilliant!! Stress free, will go lets rent everytime,very polite and kept us informed off every veiwing and smoothly it all went.
31st August 2022
Michael Maxwell said:
Really genuine and nice employees. They have been great in communicating with all requests promptly and ensuring we get a great service.
31st August 2022
Richard Lewis said:
Thank you for all your efforts over the years! it cannot be understated how important your support has been to making this bearable!
31st August 2022
Tom leng said:
Adil and the team are fantastic. Professional and personable and always available. You couldn't ask for much more, I've recommended to friends and family.