From Spare Room to 220 Properties
Teresa Reid shares how a leap of faith in 2017 grew Reid Rentals into one of Antrim’s most active residential letting agencies.
What inspired you to start Reid Rentals, and how did the business begin?
My journey in property began on 1st December 2003 with East Antrim Property Sales in Antrim. I had zero experience and was hired as an administration assistant under the guidance of Roy Seaton. I will always be grateful to him for taking a chance on me and teaching me most of what I know today. From the first month, I knew I had fallen in love with property.
After three and a half years, I moved on to another company as a Lettings Manager and stayed there for 11 and a half years. Eventually, I became discontent and spent a brief period with another firm. During those weeks, I kept thinking, why am I building a business for someone else?
That mindset led to a leap of faith. Reid Rentals NI Ltd opened on 1st August 2018 with £2,000 from personal savings and a very kind gift from my father-in-law to pay for a printer. The business began in a spare bedroom at home. By the end of the first month, we had two properties and a third on the way. Almost eight years later, we actively manage 220 properties.
What types of properties do you manage, and who are your typical landlords and tenants?
We manage residential lets only. We do not deal with commercial property or HMOs. Our portfolio ranges from one-bedroom apartments to seven-bedroom detached houses.
Our landlords include professional investors with multiple properties and individuals who own just one.
Our tenants are equally varied. We work with single people starting out, couples and full families. Some are local residents looking for a long-term home. Others include nursing staff recruited from outside the UK.
We consider all applications, including those supported by Housing Benefit.
What does a typical day look like for you running Reid Rentals?
There really is no typical day. Most mornings begin around 6.30 or 7am. I use that time to forward landlord payments and respond to emails before the office opens at 9am.
From there, the day can involve inspections, rental assessments to ensure compliance with current legislation, and listing properties for advertising.
Behind the scenes, I have a strong team. Naomi Boyd has been with us for five years and Kathryn Stewart joined six months ago. They prepare tenancy agreements and inventories, update landlords about maintenance issues and instruct contractors to carry out repairs.
That is a simplified overview, but it gives a sense of how varied the role is.
What are the biggest challenges landlords are facing at the moment?
The biggest challenge for landlords is the ongoing change in legislation. New regulations are often introduced quickly, which can mean unexpected costs. Increases in tax and reduced benefits from HMRC add further pressure.
Many landlords are questioning whether it remains financially viable to operate. Some are choosing not to invest further, while others are selling parts of their portfolio. This reduces the amount of rental stock available, which has a knock-on effect for tenants.
What problems do tenants most often encounter, and how does Reid Rentals step in to resolve them?
The main issue for tenants is availability. Where once one or two people might apply for a property, we now see dozens of applications for a single home. A shortage of social housing contributes to the pressure.
While we cannot create more stock, we can guide applicants through the process. We help them present the strongest possible application and advise them on any additional support or benefits they may need to consider.
Our aim is to make sure tenants feel informed and supported rather than overwhelmed.
What are your plans for the future of Reid Rentals?
Reid Rentals has grown by over 10,000 percent in under nine years. Over the past three years, we have listed and successfully rented approximately 33 percent more property than any other agent in the Antrim area.
What started in a spare bedroom is now a dedicated office over two floors with a team of three. We continue to grow each week and have recently ventured into property sales.
If growth continues at this pace, we will need to recruit another team member.
I am incredibly proud of what we have achieved, but it has never been a solo effort. Our team, our contractors and our landlords all play a vital role in the success of Reid Rentals. Their trust is something we work hard to earn every day.
Reid Rentals
Unit 32 Antrim Enterprise Agency
58 Greystone Road
Antrim, BT41 1JT
Tel: 07421 769376
Email: info@reidrentals.co.uk
Website: www.reidrentals.co.uk
