Many people are happy to own just the one home, but those keen to take advantage of the opportunity often find they lack the knowhow to navigate the legalities and technicalities to create their profit centre.
If you’re looking to convert a property to an HMO (Houses in Multiple Occupation) then the process is more complicated and needs some experienced advice. That’s the moment when Platinum Property Partners enter the scene, offering a franchise opportunity for willing investors.
Managing director, Emma Hayes, explains a bit more: “Platinum is all about certainty. Over our 15 years in business, we have perfected a low-risk model for creating a long term, reliable income stream – enabling our clients to enjoy their time doing things they really enjoy. Our USP is the experience of our team and our incredible network.”
That network currently comprises 205 franchisees and more than 700 different properties across the UK. The expansion and recruitment process to find new suitable partners is ongoing.
“We are actively recruiting new Partners into the network and aim to support each individual with their own personal property investment strategy. For our Partners it’s more important to maximise each of the assets they acquire, as opposed to being too focused on the number of properties. However, most of our Partners aim to acquire a minimum of three properties throughout their Platinum journey.”
Covid and the accompanying lockdown, saw many businesses struggling but Platinum was lucky to be able to turn it into a positive.
“From a business perspective, Covid really reminded us of the resilience of the co-living model and demonstrated again the importance of good-quality HMOs in mix of all housing options available.
“Covid also helped us innovate the way we communicate with our Partners and has demonstrated to our network that there are multiple ways to connect and engage.
“From a team perspective, it has given us the confidence to support members of the team that need more working from home and shown us how well a hybrid model can work – especially for the parents in our team who have school runs and other commitments!”
According to Hayes it takes “drive, motivation and access to funds” to become a Platinum franchise partner. The firm’s Flex scheme (slightly different to the basic franchise offering) offers an eight-year franchise term costing an initial £23,975 + VAT, followed by a monthly subscription fee of £250 + VAT and a 5% monthly management service fee on gross rental income. Plus an additional franchise fee and other charges for mentoring on a second property.
“Although we are all about high end housing, there is certainly a sliding scale of what affords this practically,” she explains. “Our partners focus on providing good quality, safe, clean accommodation and many achieve this without investing significant capital. It all depends on our Partners’ level of funding, their location and investment strategy.
“Our new Flex product has just opened the door to an even wider pool of people who may want to achieve a long-term financial income with the support of the Platinum community, without necessarily having a large pot of capital to get them going.
“Flex is designed to support new Partners to get their first property up and running with long term operational support. Not only does it have a lower entry cost into our franchise, and it’s also aimed at supporting those people who may not be ready to invest all their time (just yet!) into building a portfolio and recognises working or family commitments. Additional support and mentoring is then provided at the point where the Partner is ready to expand and grow their portfolio.”
The focus for 2022 is about celebrating the firm’s 15th year of business but also about continuing to promote the concept, adding to the number of franchisees and properties and refining the offering.
“This year is all about getting out there and having great conversation about our space in the property market. We are focusing on shining a light on our expertise, the resilience of the model, and on us celebrating 15 years in business!
“We have some incredible experts and fantastic partners in the Platinum network, and our marketing plan this year is concentrated on telling more of their stories and sharing their wealth of experience with those outside of our network for the benefit of the private rental sector and its future evolution!”