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