Welcome to our last newsletter of the year! What a year it has been too. In this last article of the year, we will take you through all the developments within the Lifeboat family; the highs and lows and the changes. What has gone well, and what not so well (there is always something).
The Lifeboat Team
Up first, it wouldn’t be right not to start with our excellent team. We said goodbye to some, with Kirsty our Lettings Administrator moving on to pastures new in February. We thanked Kirsty Stevens for her six years of service with gifts and a leaving do at the Curious Brewery in Ashford. At the same time, stepping into Kirsty’s shoes we welcomed Laura Russell to the team and into a new role of Lettings and Property Administrator.
Erin continues to develop in the team and has changed her role considerably this year. Erin joined us as a Junior Lettings Administrator back in February 2022 through the ‘Kickstart’ programme. This year, Erin has retrained as a Lettings Negotiator and started her ARLA Level 3 Propertymark training and passed her first exam with flying colours.
The Directors have also re-defined their roles in the company, each focusing on particular parts of the business, so we are better placed for growth in the future.
Operational Developments
The biggest operational change for the company was changing the way we manage maintenance. In March, we moved over to a system called Fixflo. Together with the bolt on AI-powered triaging plug in ‘Help-me-Fix’, this combined system now manages all our maintenance both within office hours and out of hours. This has enabled us to further improve the service we provide to both landlords and tenants and importantly more effectively positions us for growth in the future.
Now in its second year, our in-house maintenance company Lifeboat Maintenance continues to go from strength to strength. We have expanded our Handyman Service and have welcomed back our first repeat clients – including other lettings agencies, whilst our managed landlords continue to benefit from an efficient, reliable muti-trades maintenance provision.
Growth
2024 has been a significant year of growth for the company. Our client base has approximately doubled through the year – in terms of managed landlords, tenant find only clients and maintenance clients. We now manage properties in most regions of the county excluding Tunbridge Wells. Revenue for the calendar year has increased by approximately 40%. In a first for the company, we also agreed and completed our first acquisition in the second half of the year with our purchase of the Dover based lettings agency Kersney Property Services.
Challenges
Things haven’t all been plain sailing though. The Private Rented Sector continues to come under the spotlight and under pressure from successive governments. Landlords continue to be battered by increasing legislation, associated costs and risks to their businesses and investments. In the latest iteration of this – the Renters’ Rights Bill – seeks to wrestle further control of properties from the hands of landlords into the hands of tenants. Unsurprisingly, this has had a knock-on effect and many landlords – including some of our clients – have decided to leave the sector altogether. This has had an immediate impact on rents, which we have seen rise by 8% this year alone. Lifeboat Lettings continues to rise to these challenges on behalf of our managed landlords. Despite these headwinds, we have taken on a number of new landlords throughout the year and will be helping them all navigating through all the changes when they happen.
Philanthropy
Lifeboat Lettings continued to support the local community. Over the year we have been a regular supporter of the Little House Project Shoe Box Appeal (Unleashing Lives), and earlier in 2024, Director Alex Smith was invited to meet the Mayor of Ashford to receive a personal thank you for our efforts. Also, this year, Alex raised £1000 for the Movember Charity.
It has been a challenging but rewarding year for Lifeboat Lettings. Next month we will look forward to what’s in store for the company in 2025. Thank you for supporting us throughout the year and we look forward to working with you in 2025 and beyond.
If you want to learn more about how we can help you and your investments in 2025, book a chat with the team and we will go through all your options with you.
