Principle to manage established Birmingham property firm’s residential portfolio
An established Birmingham family property firm has appointed Principle Estate Management to look after its portfolio of more than 65 rented residential properties.
Principle will be undertaking full control of rent collection, maintenance, and compliance matters such as statutory gas safety testing at the 66 rented flats and houses, which have total annual rents of around £470,000.
These properties are in various sought-after Birmingham suburbs like Bournville, Edgbaston, Harborne and Sutton Coldfield, with others in Halesowen and Kidderminster, and one as far away as Notting Hill in London.
Principle will review any properties that become vacant, providing strategic advice such as whether refurbishment is needed before reletting or even if a sale should be considered.
It will also be reviewing the rents at the end of tenancies should existing tenants wish to remain, and it will oversee the re-letting of any vacant units.
Brett Williams, managing director of Principle, said: “We’re proud to have been appointed to take on the management of this portfolio.
“We are a property management business and our core business is the management of blocks of flats.
“Now we are well established in that arena it is part of our strategic growth plan to undertake wider instructions in commercial management and residential rented management, including build-to-rent, expanding on the existing instructions we have in those areas for some of our mixed investor landlords.”
“As chartered surveyors, we are able to deal with all aspects of property management to include the three core areas of rent collection, maintenance and compliance matters.
He added: “We are not a letting agent but we can and will appoint trusted third party agents to relet vacant properties, overseeing the process from start to finish.”
Some of the company’s properties are on regulated tenancies and others are on assured tenancies, but the majority are on modern assured shorthold tenancies.
This mix requires carefully dealing with various items such as rent registration applications, a process that Principle already manages for other clients.
The identity of the company is not being disclosed, but its owner said: “We were impressed with Principle’s approach to the tender request.
“During that exercise it struck us that they are similar to our company which is a property management business.
“We don’t deal with the lettings side ourselves, but appoint the most appropriate local letting agent to deal with each property in turn. We liked that in Principle’s proposal.”
Mr Williams first met the second-generation owner of the business in the early 1990s when he was a graduate surveyor.
The owner added: “It is comforting for the family business to be handed over to someone that I have known for so long.”
Mr Williams, a past-chairman of the Association of Residential Managing Agents who has nearly 30 years of experience in the sector, launched Principle in 2018.
The company has since grown from what was virtually a one-man band into what is now 28 staff looking after a portfolio approaching 6,500 units in around 250 developments across the UK.