Portolio - the new way to buy and sell tenanted property
This month we spoke with Chris Wood of recently launched Portolio. It aims to take the hassle out of buying and selling tenanted properties. Take a look at Portolio online and read the blog from Chris below.
Selling Tenanted Property
It already happens. There are already letting agents who sell property for their landlords. In fact, there are letting agencies that are now known more for their estate agency side than their letting side. The letting agents who already sell property, both tenanted and vacant, are usually large agencies with significant resources.
The role of the letting agent is vital and, with the all the tax changes, lending changes and tenancy agreement changes happening just now, it’s clear the role may change. Early indications are that some landlords will downsize their portfolio, or will leave the sector altogether. That being the case, if a letting agent isn’t already equipped to sell property for their landlords, then it might be time to review their position.
Portolio Property Market is a platform tailored for letting agents selling tenanted property. We understand that most letting agents will only need to advertise a property for sale on an ad hoc basis. Our founders (myself & Ross) have worked in the letting industry for many years, and know the job letting agents do. Portolio is something different and perfectly formed to help landlords, property investors and, of course, letting agents.
Say Yes & Help Landlords
All landlords can have 2 options when selling.
Option 1 - wait a couple of months to sell a vacant property
Option 2 - sell now with the sitting tenant
Despite the fact Option 1 usually means a higher sale price, most landlords want to use their letting agent to sell the property, and they want to sell now with sitting tenants.
Landlords are attracted to selling through their letting agent for the following reasons;
Continued collection of rent, while the property is on the market
Not disturbing the tenants
No need to decorate, renovate or even remove the furniture
I also think that landlords want to use their letting agents because of the strong bond that can build between a landlord and a letting agent. It’s always good to say yes, I know from my experience that clients want you to help.
The nature of Portolio, with all the tenanted property, means we are a property portal for property investors. Buying an investment property is a measured decision and is a calculated process. For that reason, we give property investors the information they need.
On Portolio property investors will see;
Letting safety certificates
Current lease & tenancy info
Accurate current market rental valuations
Current rent being paid, plus much more!
For a property investor, investing in buy-to-let property with a sitting tenant makes sense. It means they will usually inherit and benefit from;
Instant rental income
Valid safety certificates
Hard wired smoke sensors
It also makes sense that you would buy that property through the letting agent who already looks after the property, and knows the current tenants.
Empowering Letting Agents
Letting agents are uniquely skilled and uniquely positioned to sell tenanted property. As already mentioned, it’s already happening, and that’s because it makes sense. I was the owner of a small letting agency until 2013. We didn’t help our landlords sell their property because I felt I didn’t have the right skills or resources.
We know selling is not a letting agent’s core business, and we don’t want to change that. What we are doing is giving letting agents a platform that fits. We want to support all letting agents and help them reach their goals.
From the letting agent’s point of view, there are some clear benefits to selling property;
Increased retention of their managed property portfolio
An opportunity to increase revenue
Saying Yes, instead of No
Portolio understands the role the letting agent play in the industry. We don’t charge a monthly subscription. We give all letting agents a way to say yes when asked the question; “can you help me sell my property?”.