In the past couple of week I’ve driven to Preston, Burnley, Rochdale, Ossett, Normanton, Newark and Doncaster. This week I’m due in Stockport and Bury. No offence to anyone that’s from any of these towns but they are generally not regarded as glamorous or perceived to be established wealthy areas, BUT the simple fact is that towns of this type are where the growth is. Let’s not forget that they are all northern towns and truly demonstrate the northern powerhouse potential.
The core point is actually going to meet developers, agents and more importantly viewing the developments on offer. If you have bought buy to let properties from other companies, why not ask them if they have actually been to the scheme, spoken to local agents face to face, checked out the surrounding streets and general area? I bet they haven’t!
This on the road approach might be putting miles on the clock of my new car but it means our job is being done correctly. A hands on approach backed by proven experience.
The mildly amusing thing is that our knowledge is a real learning curve for the local estate agent. Their closed mind and parochial view on property rarely fits the wider buy to let approach. My trip to Normanton last week demonstrated the point well when I met up with an undoubtedly knowledgeable local estate agent who simply couldn’t see why a southern buy to let property investor would invest in his local market. A reminder of low prices, great rental demand and high yields made him consider the point and ultimately come around to our way of thinking. I’m not trying to belittle him but merely consider a wider approach. The key word in this paragraph is southern. The north of England buy to let property market is still dominated by the south of England investor. Lower prices and higher yields easily explain their focus.