FROM £650 PCM – £1335 PCM RENT FROM 1 PROPERTY BY TAKING ACTION
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Last Friday we sent out an email discussing the importance of taking action and how to avoid getting left behind.
Here is another example of one of our clients results from taking action!
Sungold Villas, Newcastle, NE4
This property was marketed for £650pcm as a single let –
One of our landlords had x2 buy to let properties on the same street, but they faced getting constant churn of a mixed of benefit & student tenant due to the tenant demographic that was dominant in the area which meant that the property was experienced wear and tear due to the size of the property, the property experienced peaks and troughs for its occupancy because the property was more suited to professional tenants in an area where that was the minority in the demand. We approached our client with the suggestion to convert to an non-licenced HMO for professional tenants and recommended a change of strategy and taking action to convert and purchase a furniture pack.
Market rent £1335 pcm to professional tenants
NGU identified the location, within 10 walking distance minutes of Newcastle city centre, close by a hospital & a small shopping centre. We identified that there was a demand for professional tenants in this are as long as the product we promoted as strong enough. Using the knowledge and experience in advertising and letting HMO properties we were confident in the strategy to convert ( more info… click here)
After having a light development completed by NGU Property Refurbishments we were able to transform this property and increase the rent by 105%.
Before – Click the image to see available properties on Rightmove.
After – Click the image to see available properties on Rightmove.
I also want to share the result from one of our clients that did take action:
Room 1 – £325
Room 2 – £325
Room 3 – £335
Room 4 – £350
From £7800 gross rent to £16020 gross rent – £108.35% increase from one property