After a tough week, starting with reports from the Telegraph urging banks to “stop treating landlords like cash cows” we finally have some good news.
Over the last two months landlords approaching portfolio exit companies to sell have seen a huge increase in their properties being sold in bulk to private buying companies. It comes at a time when 1in 3 landlords say they’re going to trim down or get rid of their portfolios.
Landlord Sales Agency, one of the top UK portfolio exit companies who connects landlords to these private buyers reported that landlords have been flocking to them to sell following the increased interest.
Founder of the company, David Coughlin (pictured), says: “We’ve built strong relationships with the top companies buying whole portfolios and right now buyers are keen to snap up deals before the year ends and the market drops further.
"There’s just 2 months to go until the end of the year, and our buyers are rushing to buy.
"It’s generating a bidding war that’s pushing up prices, which is why we’re selling landlords’ portfolios fast and for the best possible prices. It means that landlords can finally exit the market in a way which allows them to financially thrive. Given the situation over the last 12 months, it’s fantastic news.”
Landlord Sales Agency are just one of several companies helping landlords to sell, yet what sets them apart is that they’ve managed to lead the way in terms of the price they’re able to get landlords.
“Landlords are coming to us with whole portfolios that they want to sell, or a chunk of several properties. There’s been a huge variation in the conditions of the properties being handed over to us to sell, but it doesn’t seem to be stopping our agents from getting the top prices.
I think we’ve hit a window where landlords want to clear their debts before the end of the year, and buyers want to get as many properties as they can before regulations change heading into 2024. We’ve definitely hit a sweet spot.”
Their formula seems to be working, with an average sale time of just 21 days, sales going ahead without the need for tenant evictions, and a growing private buying database of 30,000 private buyers and cash advances in some cases where landlords need to do quick refurbs to get even higher prices.
David added:“One Midlands based landlord reached out to us after her tax bill arrived this year. She’d had enough, and with some properties empty, others needing refurbs and the remainder with tenants paying low rents, she knew she had to get out to avoid being pushed into further financial difficulty.
We were so confident about being able to sell her portfolio we did her a deal: initially she was selling two properties for £125K and another for £160K that had become recently vacant and in poor condition after the tenants left– we funded the £40K required for her refurbs and also provided the building teams and she sold for much higher prices of£240K and £300K respectively (making her an additional profit of £200K after costs).
After seeing the results, we allocated our team of experts to refurbing and repairing the remainder of her houses. We were able to sell the properties in her portfolio for an average of 39% above her original listing prices.
For those vacant properties she had with equity in, we sold quickly through our investor network to cover her mortgages so these problem properties didn’t eat away at her equity profits from other sales.”
This isn’t a one-off case, 150 landlords per fortnight are rushing to Landlord Sales Agency to sell.
“We manage the whole property-portfolio sale from start to finish to get properties sold and win-wins for tenants/landlords and we will help tenants and landlords financially if needed. Landlords just need to contact us.
Our team of experts sorts out everything else. We’re getting properties sold fast, for high prices and we’re seeing landlords finally being able to get out of the market. If you don’t like the prices you get, you don’t have to sell, so there’s no reason not to get in touch and let us help you. I think that’s why so many landlords are coming to us. And we’re delivering.
So if you’re thinking of selling, now is the time. Get in touch with Landlord Sales Agency today, and let us handle the rest. We’re here to help.