SLC Power Up on PRS
SLC Solicitors have been working with PRS consultants Paul Belson (ex PRS Government Taskforce) and Richard Berridge (PRS expert and strategist) to continue their push in the PRS. Operating nationally SLC have developed a dedicated ‘first of its kind’ PRS team which has been advising institutions on their downstream business for the past two years.
Jo Green, Business Development for SLC said:
‘With all the talk about a £50 billion institutional investment in PRS, little has be made of keeping that investment sound with downstream savvy systems and it’s just not been fashionable to discuss debt provision’.
Belson and Berridge have been advising SLC on the PRS for some time and they have helped develop an institutional specific recovery model, which has been live for the past year as PRS businesses discover debt management has to form part of their business strategies. With all the hype surrounding Build to Rent and the PRS the focus has been on investment, location, and the various management USP’s designed to draw in the customer. SLC are able to use their experience dealing with freehold blocks and managing agents to reduce debt risk in the PRS.
Jo Green further commented: ‘Our primary focus has been for SLC to engage at investor and fund manager level and we have partnered with some of the strongest emerging management platforms to create a robust strategy for keeping debt issues at a minimum. Not only have we been appointed as preferred arrears lawyers for some of the largest established and emerging funds in the sector, but we’re also advising nascent PRS businesses on structuring their tenancy agreements at a granular level including all compliance, data protection, deposit scheme issues etc.
In addition we have secured instructions from some of the largest residential landlords with a strategy for former tenant arrears which is netting revenues from debt which has previously been written off’.
The Urban Land institute, who recently published their ‘Built to Rent: a Best Practice Guide’ have identified that effective debt control is a key element of the PRS management strategy, crucial to maximising yields and minimising voids, a key priority for the investors.
With rents rising across the country and affordability becoming a real issue for many, perhaps it’s time the new PRS looked more closely at how to manage serious leakage in its net operating income. SLC are experts in this field and happy to help advise at any level. For more information please contact Jo Green on 0333 0 300 200.