Let and Manage Only: Progress Update

In April I wrote a blog explaining why Young London had decided to only take on new properties on a let and managed basis.

At the time many thought this would adversely impact revenue.

It has to be said most of the property we rented was on a let and managed basis, infact over 90%. Since the decision we have had landlords approach us who want to manage the property themselves and only use Young London for finding tenants.

We have stuck firm, in some cases landlords have listened to our explanation of why we have taken this approach, in other cases they have gone elsewhere.

What has been pleasing is professionals within the business have applauded the decision.

The feedback is they admire the way we are taking a long term view and focusing on building relationships with landlords and tenants rather than looking at the lettings industry as a transaction based business.

I do not know what the average level of applicant / tenant referral is within the industry but we often experience in a week in percentage terms double-digit levels.

It also assists with planning and targeting to have such a clear focus as well as showing a great support to our property management team – often seen as the poor relations – this is not the case with us, they are central to our strategy.

We are always looking at ways to enhance the service.

An example is last week we reviewed the accounting information we supply landlords (having two qualified accountants within the team helped this processed) and are changing the way we report to make it easier for clients, especially those with portfolios. As we charge landlords on a monthly basis – which greatly assists with their cashflow – it is important the monthly reporting is as clear and concise as possible.

So, in summary, we feel we have made the right decision and will be sticking with it.

If you want to read my blog from April click here

If you like what you read come and give us a go . . .

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About Neil Young
Chief Executive, Young Group

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