14:42 PM, 22nd November 2022, About A year ago
It’s the headline we thought we’d never see: Tesco is joining Asda and Lidl in rationing duck and chicken eggs oversupply issues. It might seem like news out of your grandparent’s era, but it’s just another reflection of the effect rising costs and the economy is having on both our business and domestic lives.
For many of us, this means selling the whole portfolio in bulk, or at least the majority of the portfolio, and shifting our financial “dead weight” whilst getting the highest possible amount in our banks, perhaps holding onto only the last, most lucrative properties. But who do we turn to when we have so many properties to sell before the end of the year and with so many tenants?
The property portfolio she’d built over the years had become a financial ball and chain and it was obvious she needed to get out while she still could. Like many of us, she quickly realised that traditional Estate Agents and many private portfolio selling services just weren’t working. They either took years to sell or required her portfolio to be split up into smaller chunks for sale.
There’s never been a better time: our property portfolios which were once reliable machines creating a profitable monthly income have ground to a halt. Interest rates and taxes have risen in an almost exponential way, inflation and the cost of living has risen higher than ever before, and for landlords on tracker mortgages especially, concerns have mounted over deteriorating rental profits, with worries of future stagnation or worse deflating sales prices.
Then there’s the effects of the last year: Landlords fearing paying more tax than they’re making in profits. Added onto that has been the volatile mix of rising regulatory costs: EICR (electrical) certificates required for us to continue to rent legally, expensive refurbs and even more regulations and costs with EPC ratings (which for some of us has meant considering spending up to £10,000 per property).
It’s clear we need to downsize our portfolios to recoup costs and recover, perhaps even thrive despite the issues, but like Shauna many of us don’t want to deal with the painful stress of managing the sale of the portfolio in painstaking ‘three properties at a time’ pieces, chunk by chunk.
Most landlords who contact us are like Shauna, and we’ve got the best team in the business to get the sale done in days rather than months or years. In Shauna’s case, she decided to keep 10 properties and give us 23. All of them were sold in one go within 5 days of listing. We don’t have to upsell our service, the results speak for themselves.
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