As the property market becomes even more turbulent, research suggests that there may be a golden opportunity for property owners to expand their portfolios. The combination of sellers cutting prices and buyers dropping out due to perceived instability means that we’re currently in a marketplace full of potential.
Read on to see what’s happening in the industry, and to see how Opago could fit into your potential expansion plans.
What Do the Numbers Say?
According to the latest Nationwide Index, property prices have dropped by 3.5% on average in the last 12 months. In all, each region in the UK has experienced a decrease in price, apart from Northern Ireland. This reduction in price hasn’t gone unnoticed, either. In a recent interview, Jonathan Hopper of Garrington Property Finders said: “In some areas double-digit price reductions are now not uncommon. For many sellers this will be a bitter pill to swallow, albeit one that is preferable to the limbo of having their home sit unsold for months before they cut the price anyway.”
This air of near-desperation to sell is great news for property investors, as they have the potential to pick up fantastic units for under market price. Mortgages are still readily available for this type of purchase, too, with research from Nationwide’s chief economist, Robert Gardner, saying: “Longer term borrowing costs have risen to levels similar to those prevailing in the wake of the mini-Budget last year, but this has yet to have the same negative impact on sentiment. For example, the number of mortgage applications has not yet declined and indicators of consumer confidence have continued to improve.”
What Can You Do?
Now that we’ve considered the numbers, it’s time to look at the next steps for adding new properties to a portfolio.
First, it's crucial to conduct thorough research to identify the areas in which substantial drops have happened. As well as checking out the property itself, the area should be reviewed to discover whether it has the potential for future growth. Look for locations with strong fundamentals, such as infrastructure development, employment opportunities, and access to amenities. These factors contribute to the long-term appreciation and rental demand, ensuring a sustainable investment.
Second, find a trusted partner that understands the property market and how your investment is going to work. At Opago, we work with property owners and portfolio managers to greatly enhance their outlook. With us, your expansion plans are in safe hands thanks to our expertise in market analysis, property sourcing, and portfolio management. By leveraging our knowledge and resources, you’re free to make informed decisions and optimise your property portfolio's growth.
How Else Can We Help?
In addition to our aforementioned expertise, we offer a comprehensive suite of services to support property investors expanding their portfolios. These services include maintenance, compliance, and guest services, all of which play a crucial role in managing and maximising the potential of your investment properties.
Maintenance
Maintenance is an integral part of property management, and Opago understands the importance of maintaining the value and appeal of your properties. By partnering with Opago, you can benefit from our network of trusted operatives who can efficiently handle routine maintenance tasks, repairs, and renovations. This ensures that your properties are well-maintained and in optimal condition, attracting quality tenants and preserving their long-term value.
Compliance
Compliance is another critical aspect of property ownership that can be complex and time-consuming to navigate. Opago can assist you in ensuring that your properties meet all the necessary legal and regulatory requirements. From health and safety inspections to compliance with local housing regulations, our expertise can help you stay on top of your obligations, mitigating potential risks and avoiding costly penalties. This is particularly important with updated legislation around fire safety and energy performance.
Guest Services
Guest services are particularly relevant for investors looking to enter the short-term rental market or expand their existing vacation rental portfolio. Opago understands the unique demands of managing short-term rental properties and can provide comprehensive guest services. This includes handling guest inquiries and bookings, coordinating check-ins and check-outs, managing cleaning and maintenance schedules, and even offering concierge services to enhance the guest experience.
What's Next?
By leveraging Opago's services, you can streamline the operations of your short-term rental properties and provide a seamless and enjoyable stay for your guests. You’re free to expand your portfolios and benefit from streamlined, efficient property management experience. With Opago taking care of everything, investors can focus on strategic decision-making, property acquisition, and overall portfolio growth.
Opago's professional approach and attention to detail ensure that your properties are well-maintained, compliant with regulations, and provide an exceptional experience for both tenants and guests.
Furthermore, by working closely with Opago, investors can tap into their extensive network and industry knowledge. They can provide valuable insights into market trends, rental rates, and investment opportunities, helping you make informed decisions and optimise your portfolio expansion strategy. Opago's hands-on approach and personalised services make them a trusted partner for property investors seeking to expand their portfolios and maximise returns.
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