It never ceases to amaze me how many empty properties there are in London – just quietly languishing and almost certainly costing their owners’ money, when they could be making their owners’ money in rental income.
“That’s crazy!” I hear you cry. And it is. But there are so many reasons why this might be the case. Time and knowledge are key requirements when trying to get a property ready to put on the rental market. And if you don’t have the time or knowledge yourself, knowing someone who does can get you a long way.
That’s where people like me come in – I’ve helped a number of people get their assets working. Take the project I am dealing with at the moment. A beautiful 3 bedroomed maisonette in a very desirable street in SW London. Empty for the last 3 years, slowly deteriorating and not quite as beautiful at the moment as it should be. The owner moved 3 years ago to take care of her elderly mother as well as manage an extremely challenging full time job. She has simply had no time to grasp the property by the scruff of the neck, properly move out and get it ready for tenants. In addition, she doesn’t know where to start or who to get to do what. But I do. So here’s how it works.
Step 1: Meet at the property and discuss
This is really important. It gives the client the opportunity to meet me and feel confident that I am the person to help them. It also gives me the opportunity to assess what’s required, make a plan and hopefully give the client a rough idea of how much they are going to need to spend. At this meeting we would typically go through all the client’s requirements and make a list of all that needs doing.
Step 2: I get on the case
Once I know what’s needed (and the client has engaged me!) I will talk with a whole range of “tried, tested and trusted” suppliers, arrange to meet them on site and get proper quotes and costings together for the client, along with a timetable for blitzing the project.
Step 3: Making it happen
Once costs are agreed, I put the plan in motion and work with my “tried, tested and trusted” suppliers to get things done. I manage the work from start to finish and keep in regular contact with the client, so they know what’s happening every step of the way.
Step 4: The asset gets to work!
While all this happening, if required, I’ll also work with local letting agents to find great tenants – hopefully in a position to move in as soon as works are complete.
If you think working with a lifestyle manager could help you get your assets working, why not call me on 0845 075 1060.
Check back in the next few weeks to find out exactly what we did to the property and how we got on.