Positive property management, for us, is all about looking out for opportunities to maximise rental income, achieve better yields, and avoid unexpected costly repairs for our landlords.
Many landlords try to do this themselves and find they miss the opportunities as they are too busy with their own day-to-day lives. They’re then stuck in a loop of promising themselves they’ll do it ‘next time’.
Managing agents are also infamous for doing the least required for their management fee and tend to just fire-fight the maintenance as it comes in without thinking about how it could have been prevented.
My biggest pet-hate of our industry is seeing properties being re-marketed when they are tired, dirty, and in desperate need of maintenance – and at the same rental cost they were 5 years ago, ignoring market changes.
In this case study, we look at how just a little bit of positive property management goes a long way to securing a long term tenant, quickly, and achieving an 11% increase in rent.
The End of the Tenancy
Just before Christmas, one of our long-term tenants gave notice to end a 4-year tenancy as they were purchasing their first home.
We immediately got in touch with the landlord and advised that, because the tenancy had been so long, it was likely the property would need a full redecoration, cleaning, and some remedial work following a leak before it would be ready for re-let.
My recommendation in this instance was that we wait until the tenants had left to do the work, get the property turned around quickly by planning and pre-booking contractors in advance, and then market with it looking fabulous at a higher rent than what they were currently achieving.
The landlord had understandable reservations about delaying marketing and was concerned about a void period (especially given the time of year). They trusted my judgement and experience of the Swansea rental market at a challenging time of the year, however, and so agreed.
This particular landlord is one of my most long-standing clients; myself and the McCartan team have always found good quality, long term tenants for his Uplands apartments, so it was imperative my advice would ensure the same level of standards were met, if not exceeded!
Through having a good relationship with our clients, we also knew this landlord had a lot in their plate at the time and needed us to take care of whatever work was required in order to secure a (good) let as quickly as possible. They wanted us to keep them informed at key stages, but let us take control of the situation so they didn’t have to worry about any of it.
Preparing a Property for Re-Let
During the notice period, we arranged for contractors to go in and provide quotes. We always review quotes we receive so we can be confident the work we are proposing is good value for money.
We subsequently pre-booked the chosen contractors so they were ready to go in as soon as the tenants had vacated and the check out report has been completed.
The work was scheduled to take two weeks; to maximise the chances of getting the property let quickly, we began to market for re-let a week before it was due to be finished. We started vetting enquiries, and booked a group of viewings for the first day it would then be available to view.
With the apartment looking at its best, it was no surprise that we received an application on the second day of viewings. The applicant was a single professional, relocating to the area for work who moved in two weeks later on a 12 month contract.
Peace of Mind
The landlord wrote to us: “I just wanted to say thank you for being so helpful and efficient in getting the flat ready to let and then let so quickly at a significantly increased rent to someone who sounds like a good bet as a tenant.
It has been a tricky time for me with my partner’s illness so I’m more grateful than ever to have you guys looking after our interests.”
The key to having a successful property investment is planning ahead. Having a letting agent that plans ahead for you to save your time, and has market knowledge to understand where to make investment within a property is key to its future success.
You also want to be sure your agent isn’t doing the least for their management fee – you want an agent who really goes above and beyond.
Are to you looking for some positive property management? McCartan are a local, independent letting agency based in Swansea. Our speciality is ensuring all of our landlords are getting the most from their property investment; from sourcing great tenants who pay their rent on time and keep your property well, to planning future maintenance to avoid costly repairs and refurbishments to maximise income.
If you would like a free 45 minute consultation to see how McCartan can add value to your property investment, contact us today on 01792 430100 or click here to email us.