Day in the life of a Buying Agent
Opening emails at the start of this week, we have a lot of new business enquiries to get back to. It has been a busy time recently with growing private client interest on the back of global economic uncertainty, weak sterling and low interest rates. After a quieter period, post-Brexit, this is encouraging news. We get on with answering the raft of questions on the market that have been asked. We also hear from a client who has now confirmed that they want to invest and note down their requirements onto the database so we can start the search process for units matching their brief.
With these initial approaches responded to, we head off to meet another client. She has just flown in from Hong Kong for a look around her new buy-to-let flat in Bayswater, W2. Located in a beautiful stucco terrace on a traditional garden square, we acquired this unmodernised one bedroom unit arranged over two floors for her two months ago. It has since been fully renovated by our in-house refurbishment and interior design teams, all to a pre-agreed budget.
“It is a dramatic transformation”, she exclaims on entering the property. The bedroom has been enlarged by making upstairs entirely open plan and the use of light enhancing mirrored cabinetry has a dramatic effect. Downstairs, a wall between the kitchen and reception room has been removed to enhance the flow of the living area and maximise its appeal to the rental sector. Looking out of the windows onto the garden square as the Autumn leaves begin to turn, we discuss what a rare asset it is to have access to outside space in PCL and how it is sure to be an attraction for prospective tenants.
We invite our client back to the office for a coffee and to catch up with our lettings team about expectations for the property on the rental market. Before purchase, LCP financially model every property recommendation for clients, including all costs, taxes & fees and accurate projections of achievable rents. The lettings team think the unit will rent for £500 a week, achieving the top end of our expectations. A good result all around and a lovely gift from the client to say thank you.
Back to our desks now to work on two new search briefs, currently in hand. We are focusing on completely different ends of the spectrum this afternoon. One client has a very tight budget, looking for a one-bedroom property with a purchase price of £550,000, in any of PCL’s micro-markets. Properties at this price point are few and far between but we assure the client that it is our job to find what he is looking for and to negotiate hard – despite the gasps we have been receiving from selling agents.
The other brief we are tackling is a building of 6 or more units from a client who wants to mitigate his tax liability by paying a non-residential rate of Stamp Duty. Another tough brief due to the high level of competition for similar buildings. Screening whole of market, we begin our search by making sure every selling agent is aware of what we are looking for, alongside anyone who may provide off or pre-market opportunities such as lawyers, surveyors and family offices. With a few potential hits on both briefs, we fix up a pre-screening tour for later in the week. So far so good.
To discuss a potential investment brief or get more information on the market, contact email@example.com or firstname.lastname@example.org