Spring Forward

In our latest mailer, we provide a PropOp update, with a new addition to the team and continued growth with the business. We also look forward to the end of the rent freeze legislation, at the end of this month. Our Sourcing expert, Emma Finnie also shares a case study to help highlight opportunities in the buy to let market.

On 16th January, we were delighted to make a further addition to the PropOp team. On the back of Company Director Ben Gettel coming on board last year, Jak Florence joined us as Operations Manager at the start of this. With a view of further strengthening our customer service experience, Jak was head hunted as the perfect fit to oversee and bolster our property inspections and reporting side of the business. Jak brings with him a wealth of experience and knowledge in this particular area and it represents a significant show of intent and direction, of how we wish for PropOp to grow and move forward.

When we established PropOp back in 2021, we did so with a clear intent of learning from our own experience in the industry. It was important to us that client feedback previously heard and received, was used to help ensure key areas were identified and attended to at PropOp. These were namely a); reliable, efficient and consistent communication from a known and familiar point of contact. b); accountability in identifying and applying expenditure, with clear and understandable accompanied statements. c); Evidence and reassurance from consistent attendance to property inspections. The latter was therefore all the more surprising that Jak’s own availability was made aware to us by the fact his previous agent had chosen to do away with their in-house inspection team altogether. This also sadly appears to be a growing trend in the sector, with agents regularly out-sourcing property inspections, thus reducing the accountability and specific property knowledge, as well as often resulting in the client paying additional and unnecessary costs. We are proud to only charge a one-off nominal fee for our inventories at the time of a new lease, with no costs for routine inspections or for ‘move out’ inspections - all of which we do in-house, by members of the PropOp team.

Jak says “I have worked in Property Management for over 10 years and have experienced a number of roles during that time. Joining the team at PropOp was a new challenge that I was very keen to pursue. The company, whilst still in its first few years of operation, is doing a lot of brilliant things and this is something that I’m repeatedly being told when speaking to our clients. I have worked alongside Andrew, Emma and Ben previously and know how knowledgeable and skilled they are. I am really looking forward to contributing with my own skillset to help build on the strong foundations already in place. Every Landlord, Tenant and Property is different and understanding the needs of each individual is key to ensuring a high level of customer service. Communication is so important in that process and is at the heart of every aspect of the job at PropOp.”

PropOp is a member of Scottish Association of Landlords

On 6th September, 2022 the Scottish Government passed through emergency legislation which saw the implementation of a first rent freeze imposed on the private rental sector. This was on the back of the cost crisis to hit the economy at that time. The rent freeze is due to end on 31st March, with in its place a rent cap of 3% in place until 30th September. It is our intention over the course of the next month of advising each of our clients of our recommendations in this regard. Please note that in the majority of cases, 3 months’ notice must be provided to tenants of any rent increase proposed.

Did you know? – PropOp provides an honest property sourcing service, overseen by our very own Emma Finnie, who has many years of knowledge and experience in this sector. We source, negotiate and secure properties working solely on your behalf to secure the property that best fits your investment aims. Below is a case study of a property recently sourced by PropOp.

GLEN STREET, EDINBURGH

Our client was looking to add to her investment portfolio and Glen Street proved to be the perfect property for her!

The property required upgrading throughout which was carried out as soon as received keys. From sanding the wooden floors, upgrading the bathroom and replacing the kitchen, the property went through a complete make-over, not only increasing the rentability but also increasing the property value. Once the furnishing and painting was complete, we were ready to market, with securing tenants within the first set of viewings. Our client trusted PropOp, that they didn’t feel that they needed to view the property beforehand. We were delighted with the outcome of this project.

Purchase Price: £240,500
Total Cost: £257,500
Rent per month: £1,500
Gross Yield: 6.99%