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"Saffron rescued my property for me, refurbished it and re-let it with good
tenants at an excellent market rate in just 2 Weeks! " |
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| Problem: |
| A Two Bedroom apartment with two bathrooms close to the City in a
New Development was left empty for 6 Weeks before the landlord was notified
by the managing agent. |
| Background: |
Situated in a new development, the apartment in Cathedral Lodge, London
EC1, was managed by another agent who had failed to re-let the property and
had been sitting empty for 6 Weeks before the landlord was notified.
The development is located close to the City and would be ideal for
City professionals wanting to 'Walk to Work'.
The landlord is based in Singapore and she bought this apartment as
an investment. She had let it previously but wanted the property
managed because of her location and to protect her investment. Obviously,
letting it for a good price was important but her main concern was the
tenants pay on time and look after her property. The managing agents were
supposed to consider landlord's interests first but this was not the case.
Unfortunately, this was not only the problem which was uncovered. |
| Saffron Inspection: |
| The landlord took her situation into her own hands and started
looking for a new agent via the world wide web and found Saffron's site -
liveandletlive.com. She emailed Saffron and spoke to Monty and briefly explained
the situation and whether we could possibly help. Monty made arrangements to
inspect the property the same day and went with a colleague to assess the
property. Digital pictures were taken and emailed to the landlord. The landlord
was not happy to find her apartment in a bad condition. She also mentioned the
agent had spent ?0,000 of her money for interior design and furnishings.
Unfortunately, we found no evidence of interior design and found sub-standard
furniture and furnishings in her apartment. The landlord then instructed Saffron
to formally manage her property and to take responsibility from the previous
agent. We arranged the meeting with the agent and took possession of all
documents and keys of the landlord's property. |
| Saffron into Action: |
| We arranged for professional cleaning for the landlord's apartment and
liaised with sub-contractors to amend any maintenance works. Several quotes were
received for the maintenance works and forwarded to the landlord. After costing
were confirmed by the landlord contractual work began and we oversaw the works
until completion. We removed the furniture and brought the apartment back to
it's original and expected value. Saffron re-marketed the apartment and secured
'good' tenants to move in 2 weeks. Rental price actually achieved was ?95pw. |
| Advice for overseas landlords: |
| "Always get your managing agent to call you at least once, if not, twice
a month and ask them how the tenants are doing and if there have been any problems.
Email is the most efficient and economic way to communicate. Unless you find an
exceptional managing agent, you will still have to chase the agent up from your
side. Unlike Saffron Management, most managing agents will not think or put Your
interests first apart from their own. There is no easy way except if you do find
a 'Good' managing agent then stick with them and recommend them whole heartedly
to your colleagues and anyone you meet looking for a good managing agent! " |
| -- Lawrence Pearl, Property Management Manager |
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| Call Lawrence Pearl on 020 7424 9974 to arrange a Free Valuation with no
obligation or to register online click here |
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