If you’re looking to build a property portfolio, the best person to talk to is your local letting agent.
A specialist Letting Agent – unlike, say, an Estate Agent – isn’t trying to sell you a property, so they won’t try to gloss over any downsides of the one you’re looking at. Like you, their income will rely on you buying the best property for the local market.
And Letting Agents know the local letting market inside out. They know which properties will rent easily and for how much.
Here are just a few things that Lettings Agents know:
- They will know if you’re preferred area to buy has a healthy rentals market, or if it might be worth looking further afield. They can advise you on the likely rental return, so you can calculate your projected yield.
- They’ll know which types of tenants make up the target market for your area - students; young professionals; families; retirees; or relocators – and what type of property each of these demographics will go for.
- They’ll be able to assess what makes the area attractive – is it good transport links and healthy nightlife? Or proximity to good schools and leafy parks?
- They’ll know which areas are up and coming, and which have planned local developments (ie, retail and business parks) which will increase employment and housing demand in the area.
- They’ll also be able to point out the downside of any properties you might be considering – if planning permission has just been granted for a Young Offenders’ Institute on the other side of the road, or if it’s downwind from the local sewage farm.
When you’re making one of the biggest investments of your life, it pays to be prepared and benefit from the experience of someone who’s been in the letting market for years.
At The Better Letter, we’re happy to work with Landlords who are building their portfolios, and we can support them whether they need a full property management service, online services to enable them to manage their own properties, or anything in between.
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