Case Study - The Penthouse
A private landlord, with only a few properties, was relocating and looking for a property management company to ensure their reliable income and peace of mind, knowing their property is well maintained.
Overview
Area: Leeds, West Yorkshire
Property Type: Flat/Apartment
Property Spec: Sleeps up to 8 people, open living area with dining area and modern kitchen, plus balcony. Secure parking, 5 minutes from the city centre.
Portfolio Size: Micro
Challenges & Issues
This landlord had a few properties that provided a second income. As they decided to relocate, they wished to reduce the amount of time spent managing the property but did not want to lose this income either.
Knowing that whilst living further away they might have difficulty in keeping up full occupancy, managing tenants and dealing with damages that occurred during longer tenancies.
Results at a glance
Hands-off management, allowing the landlord to maintain their passive income.
No damages recorded or paid for by the landlord.
Property cosmetically improved, increasing rentable & rateable value.
Before Images
Recommendations
Our recommendations included taking on their property and turning it into a short-term let. This would allow us to manage the property directly, providing the landlord with a hands-off approach while still sustaining their income level. Having full management would also allow us to refresh the look and feel of the flat at no expense to them, to make it appealing to a new short-term let customer base. It would also ensure that damages to the property could be dealt with more swiftly and allow us to maintain the style, cleanliness and working function of the property for the owner.
Actions Taken
We completely refreshed the flat, providing new furnishings, home decor and decoration throughout. The redecoration of the flat included creating featured walls throughout the property which instantly update the look of a room. The new furnishings, such as sofa beds, allowed for additional occupancy increasing the value of the property. These design updates ensured we could advertise and let the property effortlessly. As with all our properties, we take a detailed inventory, cleanliness and maintenance list at the start of each let. This ensures any damages are spotted immediately after each visit and rectified as soon as possible. With this approach, we made sure the landlord’s property was always kept in great condition and that any small costs did not fall on the landlord but on us, the management company.
After Photos
Results
During our management of this flat, there have been no damages and no additional costs for the landlord to front. We’ve maintained occupancy and provided passive income for the landlord. Not only have we been able to ensure rent for this landlord, but we have also taken on the hassle and stress of organising and managing the property day-to-day. With our updates to the property, we’ve improved the rentable value of the flat and increased its rateable value in the long run. The client was very happy with the returns they received and the stress-free process. We continue to run this property for them today.
