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First BTL property in Crewe with Ltd company-Tips and Pitfalls


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hi all, My name is Su and we bought our first BTL property with limited company in Crewe. Exchange is done and waiting for the completion in few months time.

I like to share a tip and my worst experience so far. I put an offer in Oct 2021 for a 3 bed terraced property.I realised from Estate agent that the vendor is in a situation wherein her previous buyer had pulled off from the sale and she wanted few months until completion so that she can find a new home. I offered  to work on her timelines waiting for few months for completion as long as exchange is done asap. Also being an investor with no chain and certainty of the sale, I was able to get the property 8000£ lesser than the previous offer in this competitive market. My tip for all the fellow investors is to empathise with your vendor, understand what they want and if possible provide a solution for their situation.You may get a property in below market value. My worst experience is dealing with Estate agent-Butters john bee in Crewe. Getting an appointment from them is a nightmare. When you call, it goes to their concierge service who take up all your details for branch member to call you. But then, no one from the branch will call you. Once, I travelled 2.5 hrs from my hometown in southeast to Crewe for an appointment . They sent a message 10mins before the appointment to inform that vendor had cancelled the appointment. When an appointment is cancelled, they may call you and if you miss their call, they don't inform you through email or text message. If you are lucky, they may call you 30 mins before the appointment to inform that it is cancelled. Pathetic service from them as they don't appreciate your time and effort. For your sanity sake, Please avoid them if you plan to sell or let your property with them. Sorry about the rant. I really like the propertyhub forum , magazine and the podcast. You guys are an inspiration for me to move forward with many more properties. Finally, I would love to link up with fellow investors from Crewe. 

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Hi @su va 827

Thanks for sharing your story, and welcome to the forum!

Also sorry to hear about your negative experience, but it's good to share your experiences with other users so they'll know what to avoid in the future!

If it's other investors in the Crewe area you're focussed on connecting with, I think this thread might be a good place for you to start; https://propertyhub.net/forum/topic/14063-crewe-investing/

Out of interest, do you ever plan on investing outside of Crewe? I know that for many investors it can feel more secure to invest close to your home, but there are loads of benefits to branching out further if possible...

Mark Rocks
Community Builder and Content Writer

www.propertyhub.net

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Hi Su, 

A good tip on working with vendors, this is always something I state to an agent, my flexibility. I have 2 single let properties in Crewe. The last one I let out was a year ago and I used BJB letting service, the head of letting (Steve) came across well and their costs were very reasonable compared to others. However, he turned out to be a poor communicator after he had rushed the property onto portals. I got lots of offers on the property but with each offer a different person would call me about it which caused a fair bit of unneeded confusion. Having accepted an applicant and proceeded I later found out from a social media search that she was clearly planning to move in with others when the tenancy was just in her name! I even called the NRLA advice line about this situation and as suspected they recommended pulling out, it hadn’t started well. Having called BJB to tell them this, the agent (Micheal) accused me of making someone homeless, the applicant was coming from their parents home, so not the case. Extremely unprofessional service. I am pleased to say that after all that we got a good tenant who has been in for a year now. 

Who do you plan to use to let your property? Will you use let only or management as well? 

I live in the South East and so like you I am investing from a distance. 

Best,

Tristan  

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Hi @THosken, Tristan-Thanks for sharing your letting experience with Butters John Bee Crewe.Definitely will not use them.

I am looking for full management of property through letting agent.Do you have any referral suggestions please? I had initial conversation with Stephenson Browne in Crewe. So far good, but I would appreciate if you can suggest someone from Crewe based on your experience

 

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Hi Su Va

Congrats on the purchase! Shame about the experience and service your received. 

I also remotely invest in Crewe (based in London), with a couple of standard 3 bed BTLs. I use Your Move AN to fully manage the properties. Reasonable and fair management fee, and help arrange any works needed on the property, including certificates (e.g. gas, EICR) without slapping on huge mark-ups. You can also arrange your own maintenance if you wish. They provide 6 monthly check-ins and updates, haven't had any concerns or issues with them since I started using their services around 5 years ago. Had long term tenants in both now, with no major void issues during the lockdown period. They're always friendly and willing to chat about the market in Crewe. 

* Note: no affiliation, just providing personal experience and review. 

Personal Blog: https://abcdad.co.uk
Property Spreadsheet and Deal Analyser: https://abcdad.co.uk/property-spreadsheet
Looking to read some Property books? https://abcdad.co.uk/books/property-books
Follow on Instagram: @abc.dad

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