In the world of property letting, there's a goldmine of opportunities waiting to be unearthed. Property Circle's Marc Randall suggests that agents need to channel their inner Sherlock Holmes to unlock these treasures.
Landlords, especially those with a portfolio of properties, can be a complex lot. Often, they're not just landlords but property entrepreneurs with fingers in multiple pies. To offer a service that goes beyond basic letting and management, agents need to delve deeper into their clients' operations and future plans.
The first step is to get to know your customer at a forensic level. A quick search of Companies House can reveal a wealth of information. If your client is linked to any struck-off companies, it's better to know from the outset. Lenders will be looking, and while there may be reasonable explanations, it's better to be in the know.
Income statements are just the tip of the iceberg. Request the SA100 and limited company accounts for any buy-to-lets. This will help you understand the business plan and anticipate future mortgage opportunities.
Next, ensure your data is up-to-date and accurate. An accurate picture of their property portfolios is vital for effective analysis and informed decision making. This will also help you track all the mortgages, laying solid foundations for future advice.
Understanding your landlords’ long-term plans and strategy is also crucial. Are they planning to improve the property to add value? Are they looking to expand their portfolio? Are they considering buying cash and remortgaging after purchase? All these factors will influence the advice you provide.
By understanding your landlords, you can move beyond transactional mindsets and become a trusted adviser. This proactive approach can help to build a foundation of enduring loyalty and a mutually prosperous relationship. So, agents, it's time to don your detective hat and start digging!
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