How to overcome the risk of being one of 20 apartments to let in the same development at the same time.

How to overcome the risk of being one of 20 apartments to let in the same development at the same time.

Posted on December 1, 2009 in 3plus1, Australia, Built Complete, Buying, Cashflow, Educational blog, Emotions, International, Letting, Property, Property Club, Rental, South Africa, Strategy, UK

Brett Alegre-Wood

Hey guys,

The other day, I was speaking with one of our clients, Alan, who had visited a site that we sold. I asked him for him feedback because I thought the conversation would be of value, especially for those looking at buying in a development with more than a few plots in it.

He said:

“Overall, a first class site overlooking small junior school and open park area. The apartments are sufficiently off the main road yet within easy working distance of main Stockton shops centre and river. Overall much better than I had expected. The business risk as I see it is 20 apartments coming on the rental market at the same time.”

I picked up on his last point as I feel that it’s an important one that concerns many people, yet it’s one of the things that YPC clients don’t have to worry too much about.

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I wrote back:

Hey mate,

Even though it’s a business risk on my part when we take larger sites – the girls are very good at letting properties. So good that we very rarely pay out on our guarantees now. Since we only ever assign four properties per agent at any one time, this really limits our exposure as well to an area. Additionally, if there aren’t enough agents in an area, we simply don’t take the properties. I am actually very happy to pay out on the rental guarantee after 6 weeks because normally it’s something that we have done wrong in the lettings process rather than anything to do with the actual property itself – Brett

I think the important point to take away is maximum 4 properties per agent.

This ensures that we never take too many properties on in any one development. We simply cannot afford this as we would take too much risk when you consider the second part of my email, the 6 weeks to Let Guarantee. I believe that any property with good solid fundamentals can be let out within 6 weeks anywhere in the UK and we’ve consistently achieved this.

Buying through YPC means that you are protected after that initial 6 weeks. You can check the full details by clicking here – 4 Property Guarantees

If you want to chat with the team on how this will work for your property then give us a call on 0207 812 1255.

Live with passion,

Brett Alegre-Wood

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