In early 2013, the UK’s largest residential landlord, Grainger PLC, entered a joint venture with Dorrington PLC to purchase a £111m property portfolio in South London. Once refurbishment of the nearly 600 units was completed a number of 1, 2, 3 and 4 bedroom flats were released to the market.
Once refurbished, properties within the portfolio were released to the market with vacant possession. Our brief was to quickly and efficiently let the properties in order to minimise these void periods while maximising rental income and adhering to specific guidelines from the client on verification of tenants in order to reduce non-payment issues.
Our lettings senior management team worked closely with the client to produce a clear set of standards and procedures to ensure our branches hit key milestones and met expectations. Our network of branches local to the portfolio meant multiple lettings teams were able to fulfil the client’s requirements. In order to deliver efficient reporting and one point of contact for the client, all lettings activity was managed by a lead lettings branch in Kennington.
KFH’s success meant that after 12 months we were awarded sole instruction on the ongoing letting of properties within the portfolio. Void times were significantly reduced and because of improved vetting and verification of tenants, non-payment of rent reduced was reduced to a negligible amount.