November at Modus has seen the “northern” contingent of our team moving to a new office with more space. With the addition of our new Business Manager, Helen, we had outgrown our office at Almondbury and we so upped sticks and moved to Holmfirth! The office is located in the town centre and offers sufficient space to accommodate up to 6 people. It also features a large conference room, a lounge/ informal meeting room and a kitchen-diner . It’s a great property that our team will be able to grow into. We’ve even invested in a new plant to liven-up the space, so it’s already feeling quite homely!
Managing Your Lettings
We mentioned in a previous blog that we had brought our lettings service back in-house. We are currently in the process of purchasing a 50% stake in a lettings agency in Huddersfield so we can better manage the full investment process for our clients from sourcing and purchasing the properties to letting them! Watch this space for further details!
We are continuing to experience impressive growth and so are in the process of recruiting another full time member of staff to help manage your projects. We’re still on the lookout for the perfect person. Naturally, they have to be fabulous! We should soon have news of another new face at Modus!
All of our projects are progressing well as are the new purchases which are in the pipeline. Both Mount Vernon in Barnsley and our Newsome Road project have been completed. Check out the contemporary interior and cool colours we have featured at Newsome Road below! The look must have hit the spot because the first tenant has already moved in. The rooms at Mount Vernon have been advertised so it shouldn’t be too long before both properties are fully let.
Top Tips for Investing in Property
- Establish your target market – do you wish your property to appeal to families, young professionals or students?
- Buy in the right area – identify an area which has the transport links, shops, schools and amenities nearby that your target audience will be looking for.
- Renovate the property to the right standard – remember the “goldilocks” factor! A poorly renovated property will reduce your potential rental income but if the standard of the finish is too high, you will have spent more money than was necessary. You should refurbish to the standard that your tenants would be happy with and to the standard that you would be looking to achieve in your own home.
- Manage the exit well – ensure the transition to the market is smooth. It is vital that your letting agent markets your property to achieve the best possible results in the shortest amount of time. A nicely refurbished property won’t help you if there is no one living there and paying rent!
Of course, here at Modus, we manage most of these factors for you. We are familiar with the areas so we will vet the properties before we present them to you, do our research and provide you with all the details you need in order to complete most of your due diligence. Our expertise in refurbishment and lettings will ensure that you are achieving the ideal standard of refurbishment and that your property is being marketed correctly to achieve the best results.
If you haven’t done so already, please contact us to find out more about our investment opportunities and how to join up!