For many care providers and housing providers working with private property, investors give many advantages that they may not have considered.
I know some providers have plans to buy property themselves but I think it is important to think about the benefits working with property investors can bring.
Build relationships to help you both achieve your goals
Property investors often have a wide range of skills and experience you can draw on to help you find the property you need and to get it set up quickly. Building relationships with property investors can help you grow your business and be able to take on new referrals, while many property investors are looking to grow a supported living property portfolio. By working together and collaborating you can both achieve your goals.
Help you find property
Spend some time explaining what property you need and help them to understand your requirements. You can then leverage the expertise of the property investors, they often have great local connections to help them source property, that may not be on the open market. This can save you considerable time and stress. Property investors are often very creative and are able to see how to adapt and change a property that you may have discounted as being unsuitable.
Have build teams to develop and adapt property
Often property investors have a team of trades people they can call on to renovate and make adaptations to property. In the current market, reliable tradespeople are in high demand and can be challenging to find. Established property investors have relationships with their build teams and can often get work done more quickly.
Taking time to explain what your tenants require and the level of adaptation and finish you need in a property means the property investor can understand your vision and will help to deliver the kind of quality property you are looking for.
Many property investors have done training and have access to big networks of experienced property professionals so they can support you on property compliance. There are many things to consider such as EPC, Gas safety check, Electrical safety checks, HMO licensing and regulation, the list can seem endless. Property compliance can be complicated and fast changing and so having a trusted partner who is up to date on these issues can be a big time saver.
Separation of tenancy and care
Relationships between property owners and care providers are under increasing scrutiny and so especially if you are working in regulated care provision then working with property investors can help to demonstrate the separation of tenancy and care provision.
Obviously, you need to do your own due diligence on any property investor you are looking to work with but building relationships with trusted property investors can be a great way to help you access more quality property and means you can get on with growing your organisation and supporting more people.
Download my free guide “How to find supported living property” here