×
Request Valuation

Questions and answers with Jason Harris-Cohen of Open Property Group

 16th July 2018

1. Tell us about your property and business journey.

I started out in agency before moving on to investment and acquisitions for a substantial Investment company.

I was involved in the purchase and asset management of multi million pound transactions and property work including; Development, trading, asset management, landlord and tenant, short leases, regulated tenancies, commercial and ground rents.

In 2014 I founded Open Property Group and we have traded over 500 properties in the last 4 years.

We now own a residential p‎ortfolio of over 100 units and we plan to scale our buy to let portfolio with high yielding investments. This adapted strategy will hopefully assist weathering any storms on the horizon considering Brexit and a slowing market.

2. What has surprised you most about how the private rented sector has developed over the past 5 years?

I've certainly seen standards and the awareness of regulations ‎vastly improve which is excellent news.

There has been an overhaul of the market and I believe that there will be a reduction of Landlords year on year over the next 3 years whilst tax changes and regulatory implications take effect.

3. What is your top piece of advice to anyone starting out as a landlord?

Be prepared financially and emotionally; it’s not easy.

4. How important is research and due diligence to landlords when assessing a property area and deal and how do you assess a potential property for investment purposes?

Thorough research is paramount when assessing a property area and deal. Ensure that you are aware of local news along with any regeneration and infrastructure projects ‎which could enhance the area. Conversely, check that there are no significant closures such as a major employer or hospital etc which could be a major source of employment.

Check whether the area has a landlord licencing scheme which will create an additional expense and red tape.

We produce a comprehensive report on each property including; street scene, aerial view, sales and rental comparables, local agents comment on the market, RICS survey, EPC rating to monitor until the next check date (they are valid for 10 years), establish the age of the windows and heating system, and a profit and loss account for the projected term which you wish to retain the property.

5. How important do you think it is to work with a letting agent and how can landlords find their way to reputable ones?

In my opinion its recommended to work with a letting agent who can provide a professional opinion on any prospective tenant and commission right to rent and credit checks along with references.

I would suggest ARLA qualified agents and check online reviews and Google the company name to find out about other people's experience with the company.

You can do it yourself if you have the time, however you need to be fully aware of the process and regulations such as; Right to rent checks and Serving the how to rent guide, gas safety certificate, EPC, rent deposit ‎and AST (signed and witnessed by both parties and 2 x Directors if a LTD) at the start of the tenancy.

6. What do you see as the biggest threat facing landlords?

Potential rising interest rates which will result in decreased profits, landlord licencing, Section 24 and tax changes, ‎change of government (hopefully not Jeremy Corbyn) increased regulations which could become burdensome and mandatory longer tenancies which would reduce flexibility.

7. What do you see as the biggest opportunity for landlords?

Finance rates are historically low and there is ample competition so evaluate your financial position and seek to increase profitability by smarter financing. ‎Personally, I am keen to fix our rates for as long as possible as I feel that rates can only go up.

8 . How do you view the private rented sector in 2018 and will you continue as a landlord?

Firstly, we will certainly continue as a landlord at present, however I would reconsider this if there was a change in Government.

I see that there will be continuous regulatory and taxation changes. Moreover, that there will be increased awareness as tax returns are due ‎which could lead to increased sales and evictions when landlords wish to release capital and exit the market.

9. Tell us a bit about your various businesses and how you plan to develop them going forwards?

Open Property Group are professional property buyers and Landlords alike. We provide a quick and straightforward purchase of all types of residential property throughout England and Wales.

We streamline the house buying process and can offer to exchange contracts on new acquisitions within 24 hours from receipt of a draft contract, or within a timescale that suits the seller/landlord.

We will purchase; Houses, flats, bungalows, apartment blocks, portfolios, short leases, tenanted, HMO's, Land and any type of development or investment opportunity.

We pay legal fees in relation to the sale and the seller saves agent's fees too. In return, we offer a maximum of 85% of the Market Value for a swift service.

We are keen to scale our Buy to Let portfolio and provide a professional service to our tenants. We are studying micro markets throughout England and identifying growth spots where we believe there could be house price inflation over the next 5 years and positive cash flow.

That said we can't keep every property and we do sell a proportion of our portfolio periodically.

Get a FREE cash offer

Sell when you are ready

Your details

First name *
Last name *
Phone number *

Property details

Start typing your street and we’ll search for your address
Street
Town/city
County
Postcode
Or call us now on 0800 990 3939 or 0208 787 5860
2,000+
properties bought and sold by our directors

4.7/5
average review score on the review website Feefo

7 days
or less is the timescale your property can be sold within if you wish
Sell a property in 7 days or less!

We buy property directly and you won't pay any agent's fees.

Request Valuation