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selling 26 tenanted units with no void periods

We don’t just say it, we’ve done it...

selling 26 tenanted units with no void periods

the background

Centrick Property was first introduced to this portfolio client when they purchased 26 one and two-bedroomed contemporary apartments in one of Birmingham’s iconic developments of over 200 residential apartments and retail units.

The client had their own in-house property team, so the initial instruction was for Centrick to be one of three letting agents tasked with keeping these units fully occupied at top end rental prices on a ‘let-only’ basis.

what we did

With a few other portfolio clients that had invested in the same development, Centrick Property already had a strong track record in letting these units with a queue of prospective tenants and was, in many respects, leading the way in terms of maximising possible rental yields on this site. Our client was so impressed with the rental prices we were achieving and the rapid turnaround times in between lets that within a year they had given Centrick Property sole agency on their units.

Some three years later, our client had spotted a bit of progress in the market which suggested it may be a good time to sell. Having asked the Centrick Property team to carry out a full market appraisal on their units, we were again given a sole agency instruction – this time to sell the apartments.

The objective was to not loose any rental income while the sales marketing was underway. This meant that no units were kept empty for ‘show home’ purposes, something that many other agents try to ask their clients to facilitate. Fortunately, because the Centrick Property team is well versed in the type of portfolio work where we are continually looking at our clients’ return on investment.  We have considerable experience in managing sales of tenanted properties, making sure that we look after tenants well to encourage their ‘buy in’ of the sales process and giving them plenty of notice of viewings, A) to make sure we respect their home environment but B) so they can also make sure the property is in tip top condition for viewing. 

the result

Within 12 months, we had sold all units within the price bracket of our original valuation…all without losing our client a single days rental income. 

 

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