Anthony set up Repolist Ltd in order to simplify the task of finding repossessed properties and refurbishment projects for himself and his clients. Repolist uses technology to collate these properties in real time from estate agents across the UK. The system is typically browsing 800,000 properties in order to maintain a live database of over 5000 properties nationally.
What Inspired you to develop Repolist?
Repolist was inspired by the spirit of enlightened laziness, but accident and good fortune played a part. For a number of years I ran a sourcing company finding investment properties for clients. My stock primarily came from private traders, auctions and repossessions. Part of my process involved browsing hundreds of houses on Rightmove, looking for specific indicators of potential. I had a chance discussion with a software engineer who worked in the same office as me. He chuckled as he explained that he could do my job in a nano second! The concept of Repolist mushroomed from there.
What benefits does Repolist offer to subscribers?
Repolist saves you time and effort. To be a successful property entrepreneur you must have a system for looking at lots of property. Most properties on the market are not good value from the perspective of a professional investor. Perhaps 1-20 properties are. Repolist distils 800,000 properties down to that subset of properties, that common sense and statistics indicate offer value. From this list an investor creates a shortlist of properties worth visiting. To give an idea of scale, we currently have over 950 live properties in London that are either repossessed or require refurbishment. Some excellent deals lie within that group.
How is your service different from the other repossession list services?
We are transparent about what we do. We have license agreements with a national property portal and other data providers. This means that our database is as up to the minute as Rightmove or Zoopla. We make no silly claims about having clandestine relationships with banks to sell repossessed properties (which would be illegal in most cases).
Some data providers obtain their information manually. This is like painting the fourth bridge – the information is always out of date. In addition we provide oodles of curated information about houses that require refurbishment.
What do you dislike about the property market?
We have a chronic housing shortage. We have a vast army of buy to let landlords who are entrepreneurial and skilled. It annoys me that the planning, financial and tax system does not encourage them to build. It is easy enough to buy and refurb but building is tricky. Large house builders strike me as land banks that build from time to time. The market hasn’t worked well enough for ordinary people. Small builder revolution!
What is the best advice you could give for someone who is thinking about taking on a repossessed property project?
The advice that I would give to a person buying repossessed property is; Cash or bridging are the 2 best ways to purchase repossessed property. If your offer is accepted, offers may be invited from the general public for a period of 2 weeks "public notice". After this period has passed you can exchange contracts. Any extended period of delay, particularly if you have a good deal might lead to a price increase.
What is your outlook for the property market?
Money is still very cheap. I see a rise in interest rates as a mid term inevitability. I think I’m one of the few people that thinks a correction is still due. Borrowers have had a great decade at the expense of savers. Low yield properties will become a drain on portfolio holders in the coming years.
