How we are helping a BTL property developer to let an entire new build development on the day of completionMake Text Bigger
We are in discussion with a developer who pre-sold his entire new build project to BTL investors off plan 18 months ago. Part of the deal he offered included a guarantee to purchasers of a fixed rental return for three years from completion.
The problem for the developer has always been that all of the properties will come onto the rental market in December this year, when the project is scheduled to be completed. Ordinarily this would flood the area so rental voids and a softening of rental values were always inevitable. This had been factored into the developers costings when pricing the properties to include three guaranteed rental returns. However, the solution we have brokered has solved that problem entirely and will significantly enhance the project profitability.
How LettingSupermarket.com can help
The development is located in an area where our relocation agency partner is desperately looking for properties to rent. We mentioned this development to them and they are willing to take the lot, and on top of that they have an incentive budget of £2,000 per property to pay up front to secure the deal.
This deal isn’t a one off!
Last month we brokered a deal between a developer and our relocation partners to let 150 units over the rest of this year on similar terms. Naturally, LettingSupermarket.com will manage the properties.
We have a list of areas where our new relocation partners are desperate for properties and we are reaching out to developers and landlords in those areas to discuss terms with us.
If you have any quality properties to let, please get in touch with us by completing the form below.