North West based property marketing firm, Solomon Investment Partners, the marketing arm of Solomon New Homes, is guiding property investors through the pitfalls of becoming first time landlords. Of the 220 properties sold by Solomon in the last 12 months to investors, 90 per cent opted for the ‘hands free’ landlord service citing lack of time and legal knowledge as the main reasons for opting in.
Andrew Ward, founder of Solomon Investment Partners comments: “Despite so much uncertainty this year we have continued to see a huge appetite from investors in traditional ‘bricks and mortar’ – arguably the safest pension pot currently available.
“By accessing our ‘hands-free’ support package investors get all the benefits of being a landlord with none of the time-consuming hassle of legal and financial obligations.”
New landlords can benefit from passive income, capital growth and assured payment. The service offered by Solomon Investment Partners is providing first time landlords with tenant vetting, covering off legal and compliance checks, storing deposits legally, furnishing the apartments and providing onsite support staff.
In recent years, landlords have had to contend with a raft of new tax measures and now, in the wake of the COVID pandemic, it is possible that they might have to deal with one more.
Andrew adds: “For property investors, the last few weeks have been a period of extremes. Rightmove has reported record-breaking levels of market activity and has felt compelled to rise its annual price growth forecast to 7%. Given that some agencies were predicting a 7.5% fall this year, that’s an astonishing turn-around.
Solomon creates homes that specifically appeal to renters, ensuring there is still a strong demand for its developments against the market competitors. For a new landlord’s peace of mind each tenant is insured by Solomon’s partner management company, ensuring the monthly rental is paid on time, every time, whether the property is occupied or not.
Andrew concludes: “With rumours of the Chancellor having commissioned a capital gains tax review, it’s critical to seek professional support and advice when it comes to property investment – especially as a first-time landlord.”