Are you a landlord who’s looking for a better solution to manage your properties?
How many letting agents have you used to manage your Property?
Well, we had this problem a few years ago, Ive actually lost count how many agents we tried round the country to manage all our properties. I have to say that they weren’t all bad but most delivered the same poor service for tenants and even poorer results for landlords. It surprised me how many of these agents actually didn’t understand the market at all and had no vision for the future, just short term profits.
It was easy for us to fall into the trap as well, as new property owners we had watched all the TV shows (homes under the hammer etc) and thought it was easy to become a landlord but reality was much different!
When we brought our first property to rent out, the first thing we did was to go to the high street and go in the first letting agent shop that looked nice and professional. We quickly got sucked into the sales pitch and before we knew it, we had signed up to let them manage our property. Then the nightmare began! We look back and laugh now because it just seems so stupid to us now, we was very naïve.
We never saw it at the time, well, we actually continued to use this approach for over 2 years buying and letting more properties until we realised something was very wrong. We wanted to be hands off at the start so we could focus on other things and just keep the money coming in from the agents.
But reality was much different, even with our first property, we signed up for a fully managed service thinking this was the best way to go, we sat down and worked out the numbers and it seemed like it was a win win situation for everyone but it was far from this. It was fully managed but we ended up doing most of the work. I won’t tell you much about the problems as you’ve probably experienced some yourselves, anything from missing rent payments, constant repairs and expensive bills, gaps in between tenancies, fee’s etc.
The worst for us was the communication between tenant, agent and us, we would find out about problems months after they occurred. Tenants were getting frustrated and didn’t want to stay. I could probably write a book just on the problems alone.
When we finally sat down and looked miserably at the numbers, we looked at each other and said what are we doing? We knew it shouldn’t be like this and why is it being so difficult.
We started to scribble a flow chart on some paper and work out what is going wrong. Tenants were unhappy, agents weren’t delivering on the service, cost’s and fee’s were out of control and slowly we discovered where the problems lied.
We knew we wanted happy and long term tenants.
We knew we wanted to control the costs better.
We knew we was relying on people that we didn’t know or trust to deliver the service.
We knew we wanted to expand our property portfolio but we couldn’t because the system wasn’t working now and it would only get even worse as the number of properties increases.
We started researching bigger property developers and housing companies and came to the conclusion that the only answer was to self manage the properties. This is something that we initially didn’t want to do and it’s not for everyone.
We started with 1 property to see if it was possible. We got rid of the agent at the end of the tenancy and went and had a meeting with the current tenant. We quickly worked out the issues and developed a plan to make the tenant happy, they said if we delivered on the promises then they would be happy to stay in the property.
We researched local contactors to help us with the work and vetted them heavily because we couldn’t afford anymore mistakes. We soon built up a little network of people we could rely on to deliver what we wanted.
The tenant was happy, the rent was being paid and finally the costs were under control.
We started removing all the agents for our other properties and self manging all of them, this was challenging but we managed it and things started to go well for us.
In fact other landlords and property developers started to approach us, to manage their properties for them as well. This wasn’t a big deal as we had already built the systems in place to do this.
We knew if we could consistently deliver high results for the tenants and landlords that we had previously done then this could make a huge difference to the way the industry works.
In 2017, was a lightbulb moment for us, we knew we could deliver this on a bigger scale and ultimately decided to launch nationwide. We had various ideas but we always knew the struggles of a tenant, as we came from a social housing background and strongly believed that people on benefits and low income should have the same chance of quality housing as the rest of the people. We could see there was a massive gap in between social housing and private rented accommodation. We knew that traditional letting agent referencing wasn’t any guarantee that the rent would get paid.
We all know especially as landlords that social housing tenants have a bad reputation but we believe that this is not always the case, from our research it’s normally the situation there in rather than the actual person. We knew that these people with the right help and guidance would actually make better long term tenants.
So we decided to trial this with our own properties and others we managed, some landlords were sceptical at first which is totally understandable but they trusted us and knew we had their best interests at mind.
At first we did experience some problems, but we started to put systems in place to protect us and the landlords and learnt very quickly of issues we needed to address.
We started to deliver what we set out to do, tenants were happy, landlords were getting the results they wanted and it started to become a hassle free experience for everyone.
Everyone involved started to become passionate about this and after seeing the impact on the people we was helping gave us a massive boost to try and help more people.
2018, we decided to advertise it to the general public, My Social Home was born, it became a massive success overnight, more landlords coming on board, more properties, more tenants.
Not everything went smoothly to start with, as we experienced technical faults with the website, were not tech guys so we had to rely on 3rd party companies to help us. After a few months of tweaking we finally got there.
Month on month we see tremendous growth, this adds to our belief that what were doing is what is wanted and needed in the industry.
It’s time for the industry to change and we believe we can deliver something new for landlords and tenants!
Here’s How! You as a Landlord Can Be Part of Our Community Too!
The process is very simple and it all starts with you making an enquiry to us!
We will send you a questionnaire about your current properties, situation, long term goals and type of tenants you require.
Return this to us and we will set about making a personalised unique plan for you absolutely free!
And if your happy,
We can arrange to come and view your properties and complete a free assessment.
At this meeting we will explain how everything works and what you can expect from us!
Then we go away and work out the numbers and submit a proposal to you! For you to accept or decline.
As we work differently to other agents, we hold a vast database of tenants waiting on our website so as soon as you property goes live, within minutes we will receive applications on your rental property.
Our team then goes through the tenants applications with a fine tooth comb and draws a shortlist of suitable applicants that are interested in your property. Which is then submitted to you! Our team will discuss and help with applications until a suitable tenant is found.
All our tenants are pre vetted before becoming a member on our website, so we are confident that we have good quality tenants waiting and if a tenant leaves, we have other tenants waiting who can move in straight away.
The chosen tenant will then have the opportunity to view the property with us and everything will be explained to them.
Once everyone is happy, tenancies are signed and move in date is agreed.
Then it’s truly over to us! We fully manage your properties for the length of our contact and deliver the results agreed.
We hope that you will love our professional service and want to expand your property portfolio when you discover how easy it can be!