Buy To Let Hunter recently caught up with one of their first clients and had a chat with him about his experience with Smarter Rent.
Smarter Rent is a clever little company that has sprung up to fill a gap in the market – realising that many renters need flexible, serviced accommodation we help landlords convert their traditional rental properties to be more marketable for the short to medium-term market.
Ken is a blow-in from Seattle, Washington so is used to the rainy weather – in fact he likes it. He came to Richmond via Russia, so really the weather was the least of his worries when he bought his home in an exclusive riverside Richmond Estate on the banks of the river Thames in 1995.
“The prices were low and so we bought, then leasing the house out until we returned in 2007.” he explained. “During this period, another property on the Estate came up for sale – a fascinating garret in the garden overlooking the river we could see from our bedroom window.”
His wife talked him into purchasing The Gazebo with the dreams of turning it into a des-res rental property. Sadly, the reality was that the structural changes they wanted to make were impossible, “There was huge opposition from the Planning Office and the Estate and even though the approval was eventually granted, the cost was too high, and the plans were so different from our original dreams.” explained Ken.
Instead, he gutted the turret and revamped it from top to bottom but abandoned his hopes for any major structural changes.
Realising that his investment was only suitable for shorter-term rental due to being très bijoux, Ken handed The Gazebo over to Smarter Rent and eased into being a very hands-off landlord.
“I have been very fortunate! We have had excellent tenants including several movie people as it is very secure and far more private than a hotel. They can just move in and not worry about utilities or council tax, and, over time, we have been developing a very impressive clientele.” confirms Ken.
Smarter Rent are the best source of great tenants - Ken explains “They are astute in their knowledge of the different platforms and have creative ways of finding renters – every guest has been charming!” This is just as well as Ken is literally overlooking them from his own home!
Smarter Rent are the best source of great tenants.
“Our Estate has very specific rules about lettings which is limiting as such the revenue stream has never been that great and I was advised that for tax reasons it makes sense for me to take an ‘interest only’ mortgage – I feel protected by my arrangement with Smarter Rent – even if the real estate market crashed tomorrow, I could make my money back on the property.”
After the remodeling: expanding the bedroom, updating a marble bathroom, installing underfloor heating, adding an awning over the patio with a little table, chairs, parasol, and BBQ, Ken says: “It is a really charming property – which has led to increased revenue.”
Going on to discuss his experience working with Smarter Rent, Ken says, “I knew when I met Adrian, I was safe – he brings professionalism and is serious about his job – he’s not a high street agent with endless turn-over amongst his employees.”
Ken is also confident he can rely on the company to look after him and his property. “The service is outstanding, and the accounting is brilliant – the company has tip-top integrity and honesty.”
Ken particularly likes the fact that Smarter Rent acts as a buffer between him and the tenant and given that his guest is in the garden he confirms “I can be confident that I avoid any personal confrontations with this arrangement. It works really well for me…”
“Maybe I should return to Seattle… but then I wonder how I would ever leave beautiful Richmond and the riverside. I also remember - you can’t go back…!”
