When we first started out in property, we always worked with external lettings agents. At this point we did not have the knowledge, the time, nor the headspace to do this ourselves.
As our property portfolio grew, we started to consider bringing our lettings in-house, but it took us quite a while to actually take the plunge and go for it, this was mainly due to the following concerns:
But we eventually decided to take the plunge!
It was mid-last year when we took over the management of our portfolio. Since then, we have found:
1. Our arrears have substantially reduced.
2. Voids have become shorter.
3. Rents have increased.
4. Our net profit has increased.
5. We have a much better understanding of our market and our tenants.
It has also helped us articulate a whole bigger Vision for the business and the quality of service and brand. This is something that we could never have achieved without having this in-house. External agents have so many units per-head to take care of that in comparison we have so much more resource to be able to go above and beyond from a service perspective.
All in all I can honestly say this is one of the best business decisions we’ve ever made!
So, what did we have to put in place to make this transition successful? Well we have created a series of posts covering this detail for you in bite sized chunks called ‘how to improve your biz with in-house lettings’ - so watch out for it!
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