February 17, 2020
Your first instinct, when selling a tenanted property, might be to end the tenancy and then use a ‘regular’ solicitor or estate agent that you already know.
After all, it’s just the way things have always been done.
Doing something new or unknown, like selling with the tenants still in place, can seem a little daunting and to choose the path less trodden isn’t something everyone does easily.
In this case study, we highlight what motivated Jonathan Guthrie, a Chartered Accountant and Entrepreneur (plus landlord of four years), to choose #ThePortolioWay and how doing so produced exactly the kind of result he was looking for.
The Challenge
It was early in 2019 when Jonathan decided to sell two of his buy-to-let properties; both located in the city of Dundee.
So the decision to sell was made… but how and with whom was still unclear.
If he decided to end the tenancies, and sell an empty property:
- How long would that take?
- How much work would be required to get the flats market ready?
- How quickly would they sell?
Jonathan was interested in our solution. He saw how selling now, without evicting the tenants, could be an efficient option – and a good fit for his busy life.
… But what if this fresh and apparently savvy option wasn’t going to help him achieve his goal? He needed to sell for the right price, and thereafter put those funds towards purchasing a new home for himself and his family.
Jonathan really didn’t want to waste time and energy by choosing the wrong option or the wrong company.
The Solution
In order to determine the decision was right for him, Jonathan asked a lot of good questions. He wanted to know all about our processes, who the potential buyers would be, how long it’d take, and what sale price we could achieve for him.
The approach we took when answering those questions was to not over-promise, but instead to be realistic and fair in our estimation of both speed of sale and of sale price.
As co-founders of Portolio, we have a combined experience in property, and especially buy-to-let, of over 30 years. We’re NAEA qualified and despite doing something that’s innovative we’re also a very “safe pair of hands”.
Most importantly we:
- Took our time to explain our very clear 5-step proven process
- Researched the market to get an accurate idea of how much Jonathan would get for his tenanted property
- Discussed Jonathan’s goals to help him decide if selling was the best way forward for him
- Responded to all of Jonathan’s questions without delay
Furthermore, to help with the decision making process, we encourage clients to get a second opinion. We’ve found this approach shows our methods and attitude to be 100% customer focused, and estimated sales values have been in line with expectations.
The Results
We gave you the answer right at the start! So, you know that Jonathan chose #ThePortolioWay.
Here’s the stats!
Union Street, Dundee
We put this 3-bedroom flat on the market on 20 June 2019. We found a buyer on 28 June 2019 and the sale completed on 19 October 2019. All told, Jonathan received the proceeds of the sale within four months.
Nelson Street, Dundee
We put this 2-bedroom flat on the market on 20 June 2019. We found a buyer on 20 July 2019 and the sale completed 23 August 2019. All told, Jonathan received the proceeds of the sale within around two months.
Then, after both sales successfully completed, we asked Jonathan how he felt it had gone. In particular, we were keen to find out what made him he chose #ThePortolioWay.
In Jonathan’s own words, Portolio “felt capable”.
Being described as capable may not be a headline grabbing description, but it was just what he needed. He also said there was a “real sense of trust” and that there were “no angles with Portolio”.
Working for Jonathan to sell his two properties was an exciting time for us at Portolio, as it was our first bit of tangible activity in Dundee. We’re proud that he chose us, and even more proud that we sold both properties for a figure above the home report value.
Jonathan Guthrie
“I could not have been better served than by the team at Portolio, who are clearly experts in this specialist field. The marketing was clearly effective, the process was quick and easy, I was kept fully informed throughout, and they secured a better price than the Home Report valuation.
I could not have asked for more and would have no hesitation in recommending Portolio to anyone considering selling their buy-to let properties.”
NB. We realise that the #ThePortolioWay is not the solution for every landlord, and it’s not ideal for every property.
It’s always a balanced discussion where we’re happy to simply help any landlord make an informed decision.
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Written by Chris Wood, MD & Founder of Portolio
Get in touch on 07812 164 842 or email to [email protected]
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