Select sets up in-house lettings division
Described by chief executive Adam Price as “the final piece of the jigsaw”, Select Residential will aim to elevate customer care and plug a gap in the service the company offers investors.
Select Property’s newly established lettings division aims to provide “seamless and transparent” rental management service to buyers, eliminating the need for third party agents.
“Investors have always valued our approach of developing, managing and selling premium build-to-sell residences,” Price said.
“Owning the full piece instils trust while removing the stresses of our investors needing to be hands-on landlords.”
One function of the division will be to assist investors in their exit strategies, a service Price believes is often overlooked.
“A lot of developers don’t really think about the customer past the point they have signed up and purchased,” he said.
“We like to help people and say: ‘you bought with us in 2016 for X, the price is now Y and if you will make a 50 or 60% return on investment and here is another scheme that might be of interest to you’.
“It is [about] recycling investor’s cash while offering a top-quality service.”
As well as advising on exits, other functions of the division will include:
- Finding and vetting tenants
- Completing contracts and handing over keys
- Rent collection
- Managing resident move-ins or move-outs and supporting tenants’ queries and maintenance needs.
- Managing investors’ exit strategies at the time of sale.
The service is currently available to investors in Three60, a scheme Select is marketing as part of its strategic partnership with developer Renaker.
The ultimate aim is to offer the Select Residential service to investors in all future and existing build-to-sell projects in Manchester and Birmingham, including the 477-apartment One Port Street, which is under construction.
Select Residential currently has a six-strong team, which is expected to grow significantly in the coming years.
“Select Residential is the final piece of the jigsaw for us, creating a genuinely unique end-to-end approach for investing in build-to-sell,” Price said.
He added: “It gives investors the simplicity of one point of contact, and the added reassurance that the professionals responsible for their investment always have an intimate understanding of their property, have no competing interests, and are committed to attracting the best tenants while maximising returns.”
