5 bedroom Grade II listed house in Regent’s Park rented out and managed for a Chinese entrepreneur client who was recommended to SP Property Group by another property company.
Our clients’ property had been sitting vacant since January. Due to receiving poor advice, the property was 15% overpriced and his void period had cost him nearly £100,000 in foregone rent.
We were instructed to take over the management. Straight away we advised him to upgrade certain areas of the house and change the rental furniture. He also reduced the price as we explained that the corporate relocation process often prevents corporate tenants from bidding on overpriced properties. Therefore to attract a corporate tenant he would need to remove the large negotiation margin he had built in to the original price.
Within 18 days of re-launching the property on the market, we had secured a long term asking price offer on the property.
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