'Safety net is always the word I use to describe what Platinum is'
Within weeks of signing up as Platinum’s youngest franchise partners and with their full location report produced by the franchise’s planning team as a guide, the brothers decided on their Berkshire investment location.
Days later, they found themselves alongside their buying mentor viewing dozens of properties over two days.
“It was pretty intense,” says James with a smile, “but it’s the best way to do it, otherwise it’s easy to find yourself going backwards and forwards and not getting anywhere - similar to how we’d found ourselves when we’d initially gone it alone.
“I can't quite remember precisely how many properties we viewed, but it was a pretty hefty amount over the two days.
“Around lunchtime on the second day, we viewed one particular property with our mentor and quickly realised it could be a solid investment for us.
“Having that support and safety net there in our mentor was fantastic. ‘Safety net’ is always the word I use when anyone asks me what Platinum is and having our mentor there to show us what to look for in each property was amazing.
“Without them there, there’s absolutely no chance we’d have found that first property and got our business off the ground.”
With their first property fully renovated and converted into a co-living HMO, with the guidance of their refurbishment mentor and the franchise’s planning and lettings teams, James and Harry had successfully let all their rooms by the end of 2019 – just as the stories of a new virus were starting to dominate the news agenda.
“We finished our first property around four months before the first Covid-19 lockdown,” reflects James.
“So, very quickly we were hugely reliant on the franchise’s support team and the network of more experienced franchise partners.
“We had tenants going on furlough leave and some were struggling to pay their rent, so we were having to deal with those issues as new landlords and we couldn’t have done it without the lettings team’s backing.
“The support from Platinum throughout the pandemic was phenomenal and just the legality of everything during that period would have been a minefield for us if we were doing it alone.”
Fast forward to the present day and the Tuckers have added two more properties to their portfolio, backed again by Platinum’s mentors, power team of suppliers and experienced head office team.
“Over the first couple of years we built up a really good relationship with an estate agent who then moved from Berkshire to a London office,” says James.
“They knew us well and knew what kinds of properties we liked to convert so recommended one to us in Hanwell, which became our second HMO.
“Another agent we knew in Clapham then suggested a further property and that one, as I speak, is about to be finished, too.
“If anything, we’d have liked to grow a little bit faster than three properties but the property market went crazy after Covid-19 and there’s also been rising interest rates and refurbishment costs to consider since then as well.
“To be able to even complete three properties throughout all that really shows how resilient the HMO market and the Platinum business model are – and having Platinum’s external power team behind us has made a huge difference, particularly the mortgage guys, whose advice and guidance has been invaluable in a market where rates are rising.
“Not only that, but our fellow franchise partners are always there to help as well – it’s a hugely collaborative network. It’s honestly invaluable and it’s something you just don’t get with other, traditional franchises, where there’s more of a competitive edge.”
If a year is a long time in politics then four years is an age in the world of property and franchising and James admits both he and his brother have developed and grown as individuals throughout their time with Platinum.
“We’ve learned a huge amount about ourselves,” he admits.
“But we’re always looking to grow and improve as people and as business owners and being part of this really gives us the opportunity to do that.
“Our aim now is to keep growing the business as much as we can, be it through the capital which we've got left, money we'll make on the projects going forward, finding external investments or joint venture partners – another unique thing that being part of the Platinum network gives us.”
