The Property Rental Market
There are several contributory factors that led to
the increase of interest in rental property, the
largest being national news reports about
pension funds failing to provide the level of
incomes promised when they were sold. As a
result more people are taking responsibility for
setting up their own retirement fund through
acquiring property to let out.
Open Door Properties has monitored the growing
trend since 1988 and was ideally placed for the
new phenomenon in the late 90's by providing a
new a unique specialist letting service catering
for individuals, couples, companies, country
estates, inheritance property, investment
portfolios, consortiums and developers.
In the early days growth in the letting sectors
was slow but has, more recently, been fuelled by
low interest rates and introduction of "buy to
let mortgages". These multi-faceted products
have removed the financial burden of the old
commercial rate mortgage on rented property.
Most finance houses offer these mortgages which
enable people of varying ages and professions to
use rental income to pay for a share in one of
the country's greatest assets - Property!
Who are the tenants?
Faster transport, the speed of communication and
the growth in computer technology have all
played their part in changing the way we work
and where we work. A move away from the inner
city work environment has given people greater
flexibility over where they can work and live.
In addition, rising house prices have meant many
people cannot get onto the "property ownership
Open Door Properties tenants are a mix of local
and commuting working people ranging from
businesses, single professionals, business
people from overseas, couples, families,
semi-retired or retired people. Some of our
tenants own their own home which they let out
while they live in other parts of the country.
Whatever the type of tenant there is never
enough suitable property to meet the demands of
an ever increasing population.
Why do owners use letting agents?
Many property owners find that the responsibility,
legislation and various levels of communication
required in finding the right tenant and
conforming to the various legal regulations too
Our Landlords also use us as a "buffer zone" to
keep the owner / tenant relationship on a sound
business footing and due to our specialist
service, all Open Door properties' owners need
do is relax and receive a monthly income whilst
we, the experts, take care of everything.
So, why property management? Lets look at the
factors - the eventual growth in the market
place, the failure of some pension funds, the
buy to let mortgages, the available properties,
the variety of tenants, the unique letting
service. All these add up to make an ideal
business opportunity for the right person to
build a property portfolio in an ever expanding
Property management couples a rewarding "service
industry" career with a recession proof growth
income, in that once it's under way, business
income isn't wholly financially dependent upon
making a sale on the day!