Limited company creation firm GetGround has launched GetProperty, a service created to support and guide landlords through the difficult process of buying investment property.
The service pledges to bring together all elements of the buying process.
Taking into account an individual customer’s investment experience, their preferred property location, valuation bracket and target tenant demographic, the service sources and filters investment opportunities
Once a suitable property is found it connects users with conveyancers, brokers, letting managers and furniture suppliers. It also helps investors with ongoing annual accounting and tax returns.
Since launching in early 2020 GetGround has established a partnership network of 1,300 businesses.
Moubin Faizullah Khan, chief executive of GetGround, said: “Buying investment property is a convoluted process made up of disconnected parts. It costs too much, takes too much time and comes with too high a risk of failure. It’s a failed system that’s hurting not just landlords and investors but the millions of people who rely on our private rented sector to be healthy, buoyant and active.
“GetProperty solves this. Whether a customer requires the education and confidence to invest, or signs up for our market-first packages of lending, conveyancing, incorporation and property management services, we’ll be there to make the experience better.
“In the last two years we’ve established a strong, loyal and expansive partnership network spanning more than 1,300 partners across the whole of the property investment market. GetProperty is a natural next step in GetGround’s development. With GetProperty we’re leveraging this network to offer the sort of one-stop-shop purchase experience landlords want but can’t find, in a way that generates leads for our partners and reduces time and expense for our customers.”
GetProperty users select from three packages of services, depending on their requirements and past experience of property investment:
• “Self Starter” – the portal’s entry-level package is free to use and provides users with tips, advice and direct access to experienced service providers with the right expertise to cater to individual investors’ specific sets of needs. Free
• “Helping Hand” – the mid-level package brings together pre-approved mortgages, conveyancing and property management. Costs £1,588 (worth £4,000)
• “Peace of Mind” – GetProperty’s top level package expands on the services provided in Helping Hand to cover mortgage broker and tenanting fees as well as secure discounts on furniture. Costs £5,888 (worth £9,400)
GetGround said GetProperty was set up in response to landlords’ dissatisfaction with the current process for buying investment property.
In a survey conducted on behalf of GetGround in August 2022, 77% of landlords said that the process of buying a property decreases their appetite to buy.
Four in five of them (78%) reported that at least one of their buy-to-let transactions has fallen through and almost all landlords surveyed (95%) said the cost of buying investment property has increased in the last 12 months.
For 88% of landlords surveyed, reducing the time taken to complete a purchase is key to improving the buying process. Some 71% called for better ways to source good property and the same proportion (71%) believed lowering transaction costs can make the process better.