A landlord approached us and explained how he was achieving £450pcm for the last 8 years with no increase. He asked his former estate agent to increase the rent. The agent was reluctant to do so and persuaded the landlord to maintain the current rate.
Shortly after their discussion, the landlord chose Lemon Lettings to manage his property. Lemon managed to increase the rent to £600pcm, a 33% increase whilst maintaining the same tenants. This was achieved by offering a friendly, satisfying service and upgrading some furniture in the property. This minimal investment now generated the landlord a 13% yield. The landlord has since given Lemon two more properties.
Residential Lettings – St Ann’s Drive, LS4
One of our landlords acquired a property which had previously been rented at £700pcm (3 bedrooms). On assessing the house and the area, Lemon Lettings & Sales advised the landlord to convert the extra sitting room into a bedroom – turning the house into 4 bedrooms. We advised to rent this property per room which now generates £1550pcm including bills. After bills £283pcm, this allowed to the landlord to profit £1267pcm. Lemon Lettings & Sales increased the monthly income by £526 / 81%, which is an extra £6312 per annum!
This shop was let as a African food and hair extension shop in June 2016. There was no referencing carried out by the landlords previous agent nor business plan put forward. The tenant was unable to make the business successful and failed to last longer than 6 months. The landlord lost rental income as the tenant could not afford to pay the rent. The shop also laid vacant after the tenant moved out.
In April 2017 the landlord approached Lemon Lettings who were able to advise on and successfully recovered arrears from the previous tenant. After an interview of potential tenants, Lemon carefully selected an entrepreneur who had a rigorous business plan and sound cash flow in place. The tenant was found within one week and Lemon Lettings secured a lease of 5 years – providing the landlord the reassurance of a long term tenant at an increased rent of £650pcm.
Commercial & Residential Lettings – The Enterprise Hub, BD4
The landlord was struggling to rent a vacant office suite of 3500 sq ft for £25,000 per annum. We advised the landlord to split the unit into 12 offices and a shop. The total rent created was £45,240 per annum with tenants including the NHS. Lemon also created additional income from the car park which had surplus space. From the 50 spaces available, we allocated 10 spaces to container storage which generates an additional £10,000 per annum. Lemon applied for planning that was approved for 4 apartments in a vacant corner of the building that the landlord was struggling to rent as office space – due to limited window space and distance from the entrance. Each apartment is currently rented at £450pcm.