Background:
A couple with an international background, Jill and Sharokh approached our agency with a clear vision. One of them hailing from the Northeast of England, and the other, with Iranian roots, were living in Dubai at the time of their initial inquiry.
They were interested in investing in the UK property market, specifically aiming to purchase a property around £100,000 in cash with an expectation of a 7% annual return. This objective set the foundation for our journey together.
The Challenge:
Their journey in the property market began auspiciously with the successful purchase, refurbishment, and renting of their first property. Encouraged by this initial success, they continued to build their property portfolio. However, they encountered a significant challenge with a property in the South of England
This property, previously a family home, was plagued with issues stemming from a tenant who was not paying rent. This situation presented a unique challenge, given the property’s location and their residence in Dubai.
Our Solution:
In response to the challenges faced , our agency took a proactive approach. Despite the property’s considerable distance from the Northeast, we facilitated the sourcing of a tenant and managed the refurbishment process. This was achieved by appointing a local agent, well-versed in the specific market dynamics in the area.
Additionally, we continued to provide support in expanding the clients property portfolio. Most notably, we also stepped outside our usual service range to assist in sourcing a family home for their retirement, a testament to our commitment to client satisfaction. Our solution meant that we carried out the following:
- Local Collaboration out of our area: Partnered with a local agent to effectively manage the property, ensuring its optimal tenancy and maintenance.
- Strategic Portfolio Expansion: Guided the client in diversifying their property investments, enhancing their financial resilience and growth potential.
- Bespoke Retirement Home Sourcing: Went beyond standard services to source and refurbish a retirement home on the Tyne seafront, tailored to the Clients preferences and lifestyle.
- Client-Centric Approach: Demonstrated a deep understanding of their needs and aspirations, reinforcing our commitment to providing personalised and comprehensive real estate solutions.
The Outcome:
Our comprehensive strategy with this client led to a series of significant achievements. In the south, by effectively addressing the tenant issues, we transformed a previously challenging property into a more profitable asset. This not only stabilised the property but also considerably boosted its rental yield, making a substantial contribution to the clients overall income from their property investments.
The strategic expansion of their portfolio across multiple properties was another key accomplishment. This diversification distributed their investment risk, ensuring that issues with any single property had minimal impact on their overall rental income. Such a strategy offered a strong buffer against market fluctuations, enhancing the resilience of their investment portfolio.
Additionally, the acquisition and refurbishment of the Tyne seafront property was a pivotal moment in our collaboration. This property, envisaged as a retirement home for the client, not only fulfilled a personal dream but also represented a wise investment choice. It holds the promise of substantial capital appreciation, thereby bolstering their long-term financial security.
The culmination of these efforts greatly enhanced client satisfaction. Successfully meeting the diverse needs, particularly in creating their dream retirement home, was a testament to our agency’s commitment to understanding and realising our clients’ unique aspirations. This outcome not only strengthened our relationship but also reinforced our reputation for delivering customised, client-focused property solutions.
