Did you know that Progressive Lets helps property investors find the right opportunities?
We spoke to Adam Seal, Progressive Lets Sourcing and Development Manager to find out more...
1. What does a sourcing and development manager do?
Our job is to research, find and agree opportunities, and carry out the due diligence for clients wishing to invest in property. We help both people who are just starting their property journey and others who are looking to expand their existing property portfolio.
It involves giving clients detailed insight into how different types of properties or investment strategies are faring in the current market. We endeavour to help our investors make profit from providing good quality accommodation to tenants.
We can also help manage all types of property projects - from simply redecorating a single let to converting a commercial unit into a super HMO. We bring in external parties such as architects, structural engineers, planners, surveyors, and contractors to advise on or complete the work.
2. Why do you offer a sourcing and development service?
Finding properties with real potential for a competitive price is becoming increasingly difficult. As specialists in this area, we have the experience, skills, knowledge and connections to help.
3. How does the sourcing service benefit landlords who are looking for new investment properties?
Existing landlords are often extremely busy, particularly if they are managing their own properties. By using our sourcing service, investors benefit from working with professional, reputable, passionate property people who know the local market and have access to off market and below market value (BMV) deals.
Progressive Lets Sourcing takes away the tedious hours of research. We share insight into our current portfolio of more than 900 units and provide real life comparison so investors have a clear idea of how a property will perform before they part with a penny.
We are also invariably first to know about new property strategies as well as the latest investment opportunities locally.
4. Why do landlords choose to work with Progressive Lets sourcing team rather than going it alone?
The main reason they choose to work with us is because we save them time, hassle and, in the long-term, money.
In many cases we also let and manage our investors’ existing properties, so they have real confidence in our services.
6. What is the key difference between a sourcing and development manager and a property finder?
The biggest and most important difference is that we use our own in-house team to let and manage the properties that have been sourced for investors. That way, we gain a deep understanding of how a property will perform over time. It means we can give a much more consistent and accurate overview of an investment rather than just focus on purchase prices and market statistics.
A property finder’s experience is often limited to seeking out properties for purchase, without the long-term commitment to investors.
7. What 5 top tips would you give to a landlord looking to expand their property portfolio?
1) Due diligence - analyse as much information as possible, then do it again! Research gives you a good understanding of how your specific strategies work, and builds your confidence for future investments.
2) Build good relationships with local, trustworthy professionals - build a team around you that will act quickly: the best deals are often time sensitive.
3) Be patient - despite what you might read, property investment is a long-term strategy. It's unlikely you’ll be retiring in a year or two, so be prepared to for the long-haul!
4) Don’t put all your eggs in one basket - aim to invest in 2-3 different property strategies. Build a portfolio to gain you capital as well as decent regular income. This will help generate cash for the here and now, whilst also delivering long term benefit.
5) Use an experienced and results-based agent, such as Progressive Lets to take care of your property investments - even the best deals can lose money if they are not well looked after. A professional, dedicated agent will keep you up to date on legislation changes and monitor your investments, minimising risk to your portfolio.
10. What are your predictions for the property market in and around Peterborough for 2019?
Whilst no one has a crystal ball when it comes to the property market, we’re expecting further uncertainty in the run up to Brexit leave date in March 2019. As with any market, uncertainty slows down investment, which can affect property values.
Brexit aside, rents in the area have risen 25% in the last 12-24 months, increasing the investment opportunities in buy-to-let.
Any market is susceptible to change, but one of the great benefits of property investment is there will always be new, alternative strategies that continue to provide a good return - as long as investors are willing to adapt.