Property Group offers Guaranteed Rent to Glasgow Investors

by Melissa Clark

Tuesday, November 5th, 2013

Letfirst are appealing for landlords with property in Glasgow to come forward to help over 500 people find homes

A property specialist has launched an appeal to find at least 500 landlords in Glasgow offering a model with guaranteed rent and protection from risk for five years.

Letfirst with Orchard and Shipman has launched in Scotland’s biggest city with the startling offer – which represents a potential £11.1 million assured income windfall for property investors.

As an additional incentive to landlords, the company says suitable properties could be let within a week rather than the average 39 days it normally takes to find tenants in Glasgow.

Angela McLachlan, director at Letfirst with Orchard and Shipman, which is already well established across Edinburgh, the Lothians and the Scottish Borders, said: “We fully expect to attract a great deal of attention from landlords. While we have an immediate need for 500 properties in Glasgow that is just the start.

“The way we operate takes away a number of the issues which are often of concern to landlords. No owner wants voids, when a property lies empty earning no rental income, or costs from tenant damage. Likewise they generally could do without the hassle of finding new tenants every six months. The model protects the landlord from these risks.

“If a property is in good condition, then in effect a landlord can give it to us and forget about those worries for the next five years.

“What we are offering is peace of mind that a property is being let, that it is being properly looked after and that there will be a guaranteed rental payment in the landlord’s bank account every month without fail.”

Latest figures from Scotland’s biggest survey of the private rental market put the average rent in Glasgow at £618 – based on those figures guaranteed income for 300 properties over five years could be worth more than £11 million.

Other data from the most recent Quarterly Report from letting portal Citylets also shows the average property in the city takes 39 dates to let. The report is the only authoritative and in-depth analysis of rental trends in Scotland.

Angela McLachlan added: “We know there is extensive demand for good quality, rented accommodation across Glasgow and we are looking for properties of all sizes across the city.

“While rental prices are extremely healthy, the cost of buying a property in Glasgow is currently at a level last seen in 2005. So we know many people are looking at the investment opportunities.

“Those cautious and sensible investors are exactly the kind of people who like the idea of five years guaranteed income.”

Letfirst’s service offers competitive market rents, cost-saving management and 24 hour emergency protection and the company has won awards for innovation with its model.

It is part of the Orchard & Shipman Group, a diverse national property group with a network of offices and over 200 staff nationwide.

Angela added: “As a company our track record is outstanding in working with private sector landlords to help deliver excellent models for landlords and investors alike. Our success in the East of Scotland saw us bring over 2000 units into the area, and with a buoyant and growing market in Glasgow we are confident this opportunity will bring the same success to landlords in the city.”

“Through all of the various aspects of our work we could have tenants in 500 properties immediately. In the longer term we are aiming to build up a portfolio in excess of 1000 properties in the city.”

More information on Letfirst in Glasgow can be found at www.let-firstlandlords.com 

Melissa Clark

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