The Scottish Property Podcast The Secrets to Scaling a Property Business with Smart Systems with Lindsay Yuill
In this episode of the Scottish Property Podcast, we chat with Lindsay Yuill, founder of Rent Locally, to explore her incredible journey from working in social care to becoming a successful letting agent and property investor.
Episode Highlights:
Lindsay's Career Journey:
- Lindsay shares how she "fell into property by accident" after a career in social care.
- She reflects on founding Rent Locally in 2008 during the financial crash and how this challenging period helped shape her business acumen.
Building and Scaling Rent Locally:
- Lindsay discusses the early challenges of running a letting agency and how networking played a crucial role in growing the business.
- Rent Locally now manages over 2,200 properties, covering Central Scotland and areas like Fort William and Oban.
- The agency has expanded into estate agency services, focusing on off-market and landlord-to-landlord property sales.
Insights on Property Investment:
- Lindsay talks about managing her own buy-to-let portfolio, highlighting the importance of strategic purchases and flexible exit strategies.
- She emphasises the benefits of holding larger family homes for long-term tenants and cautions against being overly leveraged in the current market climate.
Challenges in the Rental Market:
- The episode explores the shift in the landlord landscape, with smaller landlords exiting the market and professional investors stepping in.
- Lindsay addresses the challenges posed by legislation, including lead pipe testing, increased compliance costs, and the impact of potential capital gains tax changes.
The Importance of Systemisation:
- Lindsay explains how building automated systems has been crucial for scaling operations, saving time, and ensuring compliance.
- Her agency uses custom-built software to streamline processes like rent payments and maintenance management.
Advice for Aspiring Letting Agents and Investors:
- Lindsay offers valuable tips for those looking to start a letting agency, emphasising the importance of understanding the market, building strong networks, and being adaptable to change.
- She discusses the human element of property management, sharing the importance of balancing business goals with ethical considerations when working with tenants.
Tune in to this insightful episode for a deep dive into Lindsay Yuill’s career, expert advice on property management, and practical tips for navigating Scotland’s evolving rental market.
Follow Lindsay Yuill and Rent Locally:
Website: https://rentlocally.co.uk/
Instagram: www.instagram.com/rentlocally_ltd
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