Buyers can check the property documentation before they buy. Documents include rental history, valuations and surveys. Investors can then buy at the advertised property price or make an offer. LettingAgentToday.co.uk notes in a February 2018 article about the site that because many documents are already prepared, completion times are fast.
As well as the price, property listings on the site include the current rent, the gross rental yield and the House Price Index growth over the last five years in the area.
The system means that purchasers do not have to find tenants, and sellers receive rental income up until the sale has been completed.
Russell Gould, Vesta’s chief executive, claims:
“The unique Vesta online marketplace is designed to provide buyers and sellers with more choice and a faster, simpler and assured process while reducing the chances of gazumping. Buyers can make offers or choose to buy at a guaranteed price with due diligence complete and tenants in place – a refreshing change to the current outdated system.”
Non-cash buyers will still need to raise finance to purchase any property they see on the site, but a commercial mortgage broker will be able to arrange one. Having a tenant in place with the rent known, and rent yields listed, means that it could be easier for a landlord to create a business plan to support their commercial mortgage application.