Trinity Property Group has been managing properties in and around Leeds for the past decade. We have seen how the market has changed, what works and what doesn't, and who to turn to for the best results.
The property scene in Leeds has always done things at its own pace. The city has expanded dramatically in the last fifteen years. The transformation of the South Bank, the student population explosion, and the constant influx of businesses moving from London are all evidence of this. This has made Leeds an attractive place for property investors. However, it has also made it more complex to manage a property here than it might have been in the past.
We can manage anything from student lets in Headingley to commercial units in the city centre. We can even help with residential estates in Chapel Allerton.
150,000
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Leeds is not a single market; it is many. The student area around the universities is very different from the professional lets in the city centre. The commercial units near the train station are very different from the retail units in the suburbs. The residential estates in the northern suburbs are very different from the terraced houses in Harehills or Beeston.
We’ve worked in all these areas long enough to understand the differences. A landlord with three student houses in Hyde Park has very different needs from someone with a small office block in Holbeck. What they do have in common is that they both need someone with experience, knowledge of Leeds, and the ability to react quickly when things go wrong, while also dealing with administration.
The rental market in Leeds is now a far more competitive market than it was even just a few years ago. More regulations, higher expectations from tenants, and increased competition from rival landlords. Those landlords who see property management as something to be done on the side, rather than something that needs to be done well, are struggling. Those who do it well, with proper maintenance, swift response to problems, and proper management of tenants, are prospering.
The vast majority of people assume that property management is simply collecting rent and dealing with the odd repair. Well, it's not. Property management is, in fact, far more involved than that, and in a city like Leeds, which is always on the go, it's even more complicated.
Empty houses cost money. Every week that goes by with an empty house is another week where rental income is lost, and that income is never coming back. We’ve developed systems to market houses properly, understanding which methods work best, how to price competitively without losing too much margin, and how to vet potential tenants properly.
Our system of vetting potential tenants is far more involved than simply asking if they have a job and if they can pay the rent. We contact their employer, talk to their previous landlords, and determine whether they’re actually suitable to be living in your property. There’s a big difference, for example, between a student looking to rent a house share in Headingley and a couple looking to rent an apartment in the city centre.
The rental market is competitive, and good properties in sought-after areas are snapped up quickly, but only if they are marketed correctly and priced correctly. We know what works in different areas of Leeds because we can see the statistics from hundreds of properties.
Our partners and colleagues are proudly accredited by relevant industry bodies. This provides reassurance to our clients that we are committed to providing a consistent and high level of service.
Once the tenants are in place, the real work begins. Rent collection has to be managed properly: friendly but firm with those who are late with the rent. Maintenance issues also need to be triaged: some are emergencies, but others can wait for a planned maintenance visit. Tenants also need to be dealt with professionally: sometimes they will genuinely have a problem, but at other times they just don't understand how their boiler works.
We use local contractors with whom we've worked for many years. Our principal plumber has worked with us since 2012: he knows Leeds properties inside out and has no inclination to sell us things we don't need. For electrical work, we use a company based in Morley: they understand old buildings and new installations alike. Prompt response times because they're local; reasonable prices because we've got a relationship with them.
There are particular issues with Leeds properties that we've learned to manage over the years. The old terraced houses that are common in areas like Armley and Burley often suffer from damp problems if they're not properly maintained. Student properties also suffer from wear and tear, whereas most of our rental properties are to professionals. Commercial properties can sometimes be quirky to maintain: they're often based in old industrial buildings.
Landlords want to know where their money is going. We provide clear financial reports to our landlords every month: no hiding behind accounting jargon or mysterious expense categories; just clear information about where the money is going.
Tax regulations for landlords have also become more complicated over the years. While we are no accountants, we design our reports to ensure that things are easier when it comes to tax returns.
For landlords with more properties, we can also provide more information on which properties are performing better or where maintenance costs are higher than usual. This information can also be helpful for deciding whether to continue with the property or consider selling.
The regulations for landlords have also increased significantly. Gas safety certificates, electrical certificates, energy performance certificates, right to rent regulations, deposit protection regulations, prescribed information regulations - miss any one of these and you can face severe penalties.
While landlords should be aware of these regulations, they do not need to be experts. We take care of these regulations for them so they do not need to worry about them.
Leeds City Council has also introduced selective licensing for landlords where landlords need to get a license for properties located in certain zones. We can also take care of this for landlords.
While managing commercial properties for landlords is similar to managing residential properties, there are also some differences. Tenants may be on longer leases with more complicated terms and conditions. Maintenance costs may also be higher for commercial properties compared to residential ones. While the landlord-tenant relationship may be more complicated for commercial properties, the process can also be more lucrative for landlords.
Our properties include office space in the city centre, retail units in suburban areas, and industrial units in areas like Stourton and Armley. All these have their own needs.
Office space tenants expect a certain level of service, such as working heating and air-conditioning, well-maintained shared facilities, and so on. The office space market is very competitive, particularly with flexible space operators entering the market. The properties must be well maintained and professionally managed to attract and retain quality office space tenants.
Retail has been a challenge, particularly across the UK, and Leeds is no exception. The high street is particularly difficult, but retail parks and local convenience shops are doing quite well. We have learned how to price retail space realistically and work with our tenants when the market is hard. Being flexible has made the difference between keeping a good tenant at a reduced rent and having an empty unit with no return at all.
We operate in the entire Leeds area, as well as the immediate surrounding areas. However, we are particularly dominant in certain areas of the city, where we have built up a high concentration of properties over the years.
Student areas, such as Headingley, Hyde Park, and Woodhouse, are familiar territory. Student rentals are very different from professional rentals. Student rentals have a higher turnover, more wear and tear, and need to be turned around very quickly between academic years. We have learned what does and does not work in these types of rentals.
The city center, as well as Holbeck, Hunslet, and other areas, have seen a tremendous amount of development over the last decade. There are many blocks of apartments, some of which are managed effectively, while others are not. We manage individual apartments for landlords, as well as developers for estate management.
In the northern part of the city, Chapel Allerton, Roundhay, Moortown, we have a high concentration of professional rentals, as well as families. These types of rentals require less intensive management than the student rentals, but still require a high standard of maintenance, as well as quick response times to any problems that arise.
Further out - Horsforth, Guiseley, Otley - we're selective about whether or not to take on a property unless it fits well with our existing stock.
Property investment in Leeds is a profitable business, but it needs to be done correctly. The days of purchasing a cheaply bought terraced property, finding any tenant who is willing to pay rent, and leaving everything else to go wrong until it does are long gone - if they ever actually existed.
Property investment is a business, and to be successful at it, it needs to be run like one. This means ensuring that the property is kept in good condition, being responsive to any issues that arise, and being fair to tenants by charging a reasonable rent and being a decent landlord.
We may not be able to make a poor property investment work, but what we can do is ensure that a good property investment is worked correctly. This means being able to deal efficiently and professionally with the time-consuming side of property management, such as finding tenants and collecting rent.
For landlords who are building up their property portfolio, we may also be able to offer advice on which areas of Leeds are performing well and which are not, as well as information on which types of property are in demand and which are over-sold.
Our pricing structure is also very transparent. For property management, it's usually a percentage of the rent collected each month - usually in the region of 10-15% depending on what's involved. Student properties tend to be at the higher end as they tend to be more complex.
For commercial properties, it's slightly more variable depending on what's involved, but we'll be happy to give you a quote once we know what's required rather than give arbitrary percentages.
For estate management, it's usually service charges that are shared out among property owners.
No hidden bills here! If it looks like additional bills might be involved - say, significant maintenance issues, problems with tenants, whatever - then we'll discuss it with you before surprising you with additional bills.
If you're considering property management services for properties in and around Leeds, then why not give us a call? We'd be happy to discuss your requirements and answer any questions you might have.
Are you a property landlord struggling with managing properties yourself? Are you an investor looking to expand your portfolio? Are you a developer looking for estate management services? Whatever your property management needs, we're here to provide you with honest advice about how we might be able to help.
Our partners and colleagues are members of ARMA and RICS, so you can rest assured that you're dealing with professionals in an industry that's had its share of problems.
Contact us today and let's discuss your property management needs.
Trinity Property Group - managing properties in and around Leeds since 2009.
