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We spent some time this weekend with a multi-millionaire businessman friend of ours.He's the real deal - his vehicle-related business turns over over £1million per month.He told us that he was taking steps to change his business model from diesel vehicles to electric vehicles. (Diesel vehicles are being phased out completely by 2020).I thought he was being a bit over-dramatic, but he said that all successful business are already doing the next big thing long before it becomes the next big thing.He also said that his business will have much more value when he comes to sell it if it is using the latest technology, rather than a business that is using a technology that is going out of date.I think he's right.It got me to thinking about how the PRS might look in 5 or 10 years time and what might successful landlords be starting to do now, to get ahead of the curve?I am interested to hear all views on this as I have yet to formulate my own, other than landlords will have to become a lot smarter!SEE ALSO - The future of Buy to Let - with Kent RelianceUP NEXT - The Landlord of the future.DON'T MISS - Never Stop Thinking - Its FreeNOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
I said from the start the corner shop will go ie the small landlord will struggle
and the larger landlords will go on and build a super market
it wont happen over night but I think your motor trade contact is right
we have to change and adapt
s24 will sort out the weak
and maybe that’s not a bad thing
cash will be king and it won’t be high leverage cash that works
i am a petrol head and I love Morgan sports cars
even Morgan has made changes otherwise they would be gone by now
we are going to have a much more professional sector in future
but my word of warning is this just as the petrol car will end
so can BTL end for all of us it all depends on the govt and what they want
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Thanks for being the first to respond DL.Very strangely, just as I posted this thread, another thread was posted almost at exactly the same time - Selling a portfolio in ltd. company wrapper?
I think one thing we might see is "branded" porfolios - traded within a company wrapper.The business will have staff, processes, social media and digital footprint, protocols etc. and be traded as a package.Punk Takiar in Manchester is already doing this.Branded HMO portfolio - Luxome
Interesting thought. Thank you for sharing.
I have seen one local company doing this. They seem to specialise in HMOs. They have certain standards in terms of decoration and furniture. I started to guess their properties from pictures! All clean, modern and well equipped houses.
They have created a brand for themselves locally.
If I was going to live in a HMO, I will not hesitate in living in any of their houses.
A national example of futuristic approach which is not residential, is Hub by Premier Inn.
Is there anybody here that have created a brand locally? If so, why and how did you achieve that?
When you can spot from pictures who the LL/company is that's a good sign, if the quality is good of course!
I feel that keeping at the front of the pack with providing housing is to be looking at what your competition is doing on a regular basis and making sure you're offering a superior product for the same price. Then when tenants are looking round you can state the other properties you know of in the area which don't have the features/facilities yours do.
We as LL should know what our competition is up to, and it also looks better from the tenants point of view if we know of these other properties.
Value-added features such as British Gas homecare agreement (for example) lets the tenant know if there's a problem with the boiler, a repair can be booked in within minutes - I've done this with the tenant on the phone so we can book a suitable time/day. Problem solved within 15 mins of being reported = you can't get much better than that.
The best thing about being a good LL is that because there's so many cr4p ones out there it's common-sense mostly about being better than the vast majority of the competition.
Personally, I am planning to test the market with a flat done to a very high standards including air conditioning system to try and distinguish my property from the competition.
My thought that this will pay for itself by minimising void weeks.
I like your thinking! With global warming, we may be experiencing some very hot summers. You are definitely thinking ahead! On the topic of global warming, at the Southampton Boat Show last year, I came across a new concept called "Marina Houses" that are moored in a marina, so no concerns about flooding. They cost about £80K and rent out for £150.00 per night all day long on an Air BnB basis. You can even get finance for them.There is a new portal that sells boats as an overnight stay. It is called "Beds on Board" and is the Air BnB of the boating world.The people who designed the marina houses have six of them at Southampton, and they are in huge demand.I can see this being a great investment for people, especially those who might like to use the boat houses themselves on occasion.It was featured on a documentary recently where the son built a marina house for his father - you may have seen it?
I have not seen it (might look up)
Yeah, with hot weather, I think A/C might give me an edge in a competitive market!
The floating home idea is (or was) something I had superficially looked into and its interesting that you mention it. The following is cut and pasted from a Rightmove advert.
"A brand new example in the form of the Inspiration 28 will be available to view at Brighton Marina in May 2018 - but you can choose your own specification, opting for either a 28ft or go for the much larger 3 or 4 bedroomed 35ft model; both are able for viewing in our home marina in Southampton.Call to arrange a viewing strictly by appointment. *Subject to terms and conditions. Please note : As part of the Marina's terms and conditions, boats are not able to be sub-let. Only the owners, friends and family are able to use the vessels "
Maybe that restiction at the end only applies to Brighton Marina, I couldnt find any listed in Southampton, do you have any links please?
Hi Layla,The company is based in Shamrock Marina and have permission for the sub-letting there. They are also gradually setting up agreements with other marinas around the UK to allow this activity.This concept is still in the very early days, which is why it is exciting to be exposed to it under the remit of this thread.I have contacted Daniel and Marina Boats and asked him to pop along and answer any questions the community may have.
I wonder what the mooring fees + maintenance costs are compared to bricks and mortar???
Adapt or die - Charles Darwin