Case Study - St Pauls
A large, investor landlord with a letting agency, looking for an easier way to manage their vast property portfolio and make their investments more hands-off for both themselves and staff.
Overview
Area: Leeds, West Yorkshire
Property Type: Flat/Apartment
Property Spec: Sleeps up to 6 people, open living area with dining table, breakfast bar and modern kitchen. 5 minutes from the train station.
Portfolio Size: Large
Challenges & Issues
This landlord has a large range of properties in a variety of locations, accommodation styles and letting types. They are under increasing pressure to manage their growing investments and they and staff spent a lot of time directly managing properties. The time spent organising tenants, maintaining the property and hiring staff to do these tasks was reducing the profitability of their venture.
Their main priority was to reduce the time spent managing and have the income generated from the property be as hassle-free as possible. They were looking for a solution that could alleviate these difficulties, but they had worked with companies previously and had been left disappointed.
Results at a glance
The landlord received all rent payments on time.
Landlord & support staff workload reduced.
Property cosmetically improved, increasing rentable & rateable value.
Before Images
Recomendations
We recommended full management of a property as a short-term let. As we had not worked with the landlord previously and they were wary of our offering, we suggested taking on one property at first so they could evaluate our service over an initial period. To make the property appeal to the right audience of business travellers and city breakers we advised a refit and refresh of the flat interior.
Actions Taken
We took on a city-centre flat with great space and features. The property was comfortable but plain so we refreshed the whole flat. The apartment was completely repainted with feature walls added throughout. We purchased and installed new, multi-use furnishings such as replacing sofas with sofa beds to expand occupancy. Not only did we make these large impactful changes to the property, but we also focused on the small details too. We brought in home decor items such as plants, soft furnishings and art. This all added to the overall appeal of the flat. Because of the restyling and advertising we took on, we were able to achieve high occupancy and ensure the rental income for our client. We invested 100% of the capital required for the work and took on the full responsibility of organising guests and maintaining the property throughout the period.
After Photos
Results
As the responsibility of the rent falls on to MWB Property, we make it our priority to advertise the property effectively. As such, the property has been occupied an average of 70% - 95% each month that we have managed the property. This has ensured that the landlord received their income from the property and did not have to spend extra time or money managing the flat. We did all the organisation and vetting of guests as well as maintained the property’s cleanliness and appeal. The work we have done on the flat interior has not only ensured the passive income of the landlord but has improved the value of the property in the long run too. After an initial six month trial period, we are still managing the property for our client and we have now taken on additional properties from this landlord.
