GUARANTEED RENT | Transforming an Ex-Local Authority Flat into a Prime Rental Property - Canning Town, London

 

We recently assisted a private landlord facing challenges in letting out an ex-local authority flat. Such properties are traditionally less marketable compared to new-build units, presenting unique hurdles for landlords. However, through strategic planning and expert negotiation, we achieved remarkable results that exceeded the landlord's expectations

 

Challenges:

 

- Marketability
Ex-local authority flats often face stigma and reduced demand compared to modern new-build apartments.


- Condition
The flat required refurbishment to make it appealing to prospective tenants.

- Insurance hurdles
The site insurance was grossly inadequate potentially leading to catastrophic issues if a claim was made

- Pre-pay meter - previous occupants had failed to pay their electricity bills which resulted in a pre-pay meter being installed.  Pre-pay pricing is considerably more expensive when compared to monthly billing. 



Our solution:

Here are the results we have achieved for the landlord:

 

1. Successful Rental:


The flat was let out promptly at a competitive rental rate, overcoming initial marketability challenges.

We secured what the landlord considered an “excellent rental figure” together with the security of a 

  • 5-year contract: A long-term lease providing stability and predictability.

  • Zero letting fees: No costs associated with finding tenants.

  • Zero management fees: No charges for property management services.

  • Zero void periods: Guaranteed occupancy with no gaps between tenants.

  • Zero furniture requirements:  The apartments will be unfurnished, offering the developer substantial savings in fit-out costs.

 

2. Cost Savings:
  - We assessed the condition of the flat and identified key areas needing improvement and provided the landlord with a detailed refurbishment plan, focusing on cost-effective enhancements that would maximise appeal without unnecessary expenses.

 

3 Enhanced Property Value:
The light refurbishment increased the property's attractiveness and overall market value.

 

4.Overcoming Insurance Hurdles: 

 

The landlord's site insurance, included in service charge payments, did not cover his tenancies, leaving the property vulnerable.

 

- Thorough Onboarding: We identified the insurance gap during our onboarding process.

- Tailored Coverage: We arranged appropriate insurance at a nominal cost.

- Hands-off Process: We managed everything without involving the landlord.

 

5. Pre-pay Meter Conversion: Hassle-free Utility Management

Anyone who has interacted with utility companies knows how frustrating even the simplest tasks can be. Exchanging a pre-pay meter for a post-pay system is particularly challenging. Nonetheless, our experienced property management team handled this seamlessly. 

 

- Effortless Coordination: We arranged for the meter exchange quickly and efficiently.

- Cost-Free Service: This service was provided at no charge to the landlord.

- Landlord Convenience: The entire process was managed without any involvement from the landlord.

 

6. Enhanced Property Value:
The light refurbishment, secure guaranteed rent, proper utility & insurance management has increased the property's attractiveness and overall market value.



The end result is a very satisfied Landlord:  who has benefited from higher rental income and reduced vacancy periods, along with cost savings on the refurbishment, as well as a correctly and competitively insured apartment. 

 

By providing strategic advice and hands-on support, we transformed a challenging property into a desirable rental unit, adding value to the property, and ensuring a successful outcome for the landlord as well as enhancing the tenant's experience. This case study exemplifies our commitment to delivering tailored solutions that meet the unique needs of each client.

 

We can do the same for you.   Get in touch to discuss further.

 
View all Case Studies