Davies Property Partners boosts landlord’s rental income by 43 per cent

The client:

Private landlord

The background:

The Davies Property Partners team has managed a landlord client’s property, located on The Fairmile Estate in Cobham, for 12 years.

Situated within easy reach of Cobham’s private schools including Danes Hill, ACS International and Notre Dame, the property was generating a rental income of £6,300 pcm as recently as December 2023.

The property became vacant earlier this year after the tenants, who had lived there for almost three years, found a new home. Davies Property Partners advised the landlord that they could achieve a higher rental income and create a more attractive property if their asset was brought up to date and modernised during its inoccupancy. It was clear from the onset that it would require a medium-to-high level renovation.

After the landlord agreed to the works, Dave Jones, Head of Property Management at Davies Property Partners, oversaw the project and was the main point of contact throughout the refurbishment period. 

The project:

A six-month programme of works was scheduled in January 2024, during which time the entire property underwent a full repaint, saw new flooring fitted and benefitted from significant exterior landscaping to change its look and feel. 

After providing a scope of work and establishing clear deadlines to which the tradespeople would need to meet, Dave was frequently on-site to ensure that all works were being completed in accordance with the landlord’s wishes and being delivered on time – and to budget.

This hands-on approach was particularly critical given how the landlord was based overseas and wasn’t available to be on-site themselves.  

The result:

In July 2024, the renovation programme was completed and the property became available.

Within days of being relaunched, the property was let at a new price of £9,000 pcm – a 43 per cent increase.

With an additional revenue of £32,400 per annum – or £2,700 a month – the client will achieve a payback on their investment in only three years. 

Additionally, as the renovation investment is tax deductible against the landlord’s rental income – and as the finished property will now require less ongoing maintenance – the payback will be reached faster and the return on investment will be higher.

“As a business, standing apart from our competitors is always one of our greatest challenges. And to stand apart, we must do things differently, which is exactly what we did with this particular property on The Fairmile Estate. The day-to-day management of a property is typically a property manager’s key role. Managing major refurbishment works isn’t. However, the investment of both the landlord’s money and our time has paid off, and we can be proud knowing the client is happy with the outcome and the peace of mind in now owning a more attractive product. By taking on a broader management role, we’ve helped our client significantly increase their rental income in tandem with adding value to the property itself.”

Dave Jones, Head of Property Management at Davies Property Partners

Are you an existing or prospective landlord client of Davies Property Partners? Interested in finding out about our property refurbishment service? Why not get in touch with our property management team on 01932 588299 or email dave@daviespp.co.uk.