Portfolio Takeover and Rental Increase
“I cannot thank Cairn enough for all the hard work that was put in over a very difficult and small timeframe. To say I am delighted is an understatement”
We were asked to take over the management of 14 HMO’s within the West End of Glasgow and look to see if we could increase the rental return and the capital value.
All properties were let out however we needed to upgrade some of the HMO aspects of the properties to make them adher to current legislation and also to upgrade the condition of the properties.
After doing full inspections of each property and presenting to landlord we then took over the management. We put together a programme of works and quotes working closely with four main companies who performed on time and on budget.
Initial rent when we took the portfolio over was £186,300
We increased it to £214,980 14/15 & £218,640 15/16
So what did we do;
- Initial transfer of portfolio
- Property inspection and recommendations
- Co-ordinate all HMO works and licenses
- Arrange and project manage all building works
- Create new tenancies at the higher rental
- Liaise with Insurance company
- Work with lawyers on some historical issues