Are the properties in your portfolio drifting?
The last letting is done, the boards come down (eventually) and the estate looks great from all your repositioning efforts. Your focus turns elsewhere. At this point, many investors default to type and leave the estate to a standard property management appointment; this is fine but this does mean the estate can suffer from a lack of ‘client level’ oversight.
What are the signs of property drift?
- The tenancy boards are wrong – they don’t reflect the occupier line up
- Dead, overgrown or life end landscaping starts to feature – this impacts on profile
- Faded / damaged estate signs are looking dated – this impacts on presence
- Tenants start erecting their own signs without consent creating a ‘noise’ – this impacts on branding
- Poor parking controls – this impacts on circulation
- Increasing service charges
- EPC’s expiring
- Lower levels of tenant engagement
- Competing estates seem to get better rents
- Lesser understanding of tenant intentions – this encourages voids, cap ex and absorbs time.
This is ‘property drift’ and we see this all the time. It might not impact on the valuation initially but without ‘someone’ continuing to provide that client level insight then sooner or later, it will.
YOKE is that ‘someone’ who will ensure that client level insight, intuition and experience continues to be applied even if you are focussed elsewhere.
If this sounds familiar and you want some additional ‘client level’ oversight then get in touch.
