An increase in people looking to rent a property has seen rapid expansion at a South Shields company. KIS Lettings are investing £160,000 as they need to grow to meet the high demand for a rented property.
The firm hopes to eventually have twelve branches and become the biggest independent letting agency throughout the North East. Latest research shows that there are now 40% more tenants chasing 10% fewer properties than the same period in 2009. KIS are already looking at some potential sites for a Newcastle branch, after the successful launch of a new branch in North Shields three months ago and the future looks bright for the five-year old company.
Company Director Mr Jagota said: “This is a very exciting time for the business. Though there is some uncertainty in the property markets, where sales and mortgages are concerned there has never been a better time to let. We are working with landlords across the region to manage their property portfolios, enabling them to hand over all of the initial paperwork and day-to-day running of their properties to KIS. In the short term, I’m looking to grow the business to at least 12 branches over the next three years. But, once we’ve branches covering the whole of the North East, my long-term vision is to possibly make KIS a national brand.”
Mr Jagota launched the firm after identifying a gap in the market for a lettings management agency that would provide a high quality service for a fraction of the normal cost. They manage properties for around 240 landlords, ranging from those who have just one property to private landlords with a portfolio of houses that are all covered by buy to let insurance. Most agencies are charging 10% of the monthly rental cost, but KIS are charging just 5% and all landlords are provided with 24-hour online access to their account thanks to new technology that is unique to KIS. The company are offering a quality service at a very competitive price, and they do not see any reason why they will not be able to become a highly successful national letting agency.