PROPERTY
What athletes need to know about real estate Many professional athletes come into their wealth at an early age but may not be prepared to manage such a sudden, large influx of earnings. Connecting athletes with trusted advisors is imperative to ensure that these individuals are able to make their wealth last throughout their lifetimes – not just at the peak of their careers. Professional athletes often find themselves in a position to purchase sizable real estate assets at a young age. Whether it be buying or leasing homes, their real estate needs tend to be career specific and benefit from having the expertise of a broker with a sports and entertainment client base. Alexander McLean, Head of Sports Desk at Knight Frank. For more information email alexander.mclean@ knightfrank.com, call +44 (0)20 3811 1762 or visit www.knightfrank.com’
Knight Frank is one of the few estate agents with a dedicated sports desk, led by Alexander McLean who spoke to Premier Sports Network about supporting professional athletes in their residence search.
What are some of the most common challenges faced in purchasing property, and how does Knight Frank remove this challenge for buyers? Finance is often an issue as lenders cannot provide athletes with a traditional form of mortgage due to the length of their careers. We have a team that specialises in assisting 54 | OTFF ISSUE 15 ★ APRIL 2021
clients with bespoke mortgage facilities ensuring they get the most competitive rates. Why should a professional athlete choose a sportspecific real estate agent? We have an extensive research department which provides leading market knowledge and forecasts, this enables us to give clear and concise advice to a client when they are searching for a property. Given the short time and warning sports professionals are given to relocate, how does Knight Frank overcome this to successfully assist professionals to move in a short time frame? Due to the nature of our business we have teams that can assist with a quick turnaround whether it is management or progressing a tenancy agreement. An example of this was in the last transfer window a player viewed a property late on Friday and moved in on the Monday. This usually takes 5 working
days to ensure the property is prepared and paperwork can be completed. Can you provide best practice advice for sports stars and professional staff who are required to up and move to a new location? Relocation often means that Athletes need to move quickly therefore break clauses are imperative, these are often tenant only which provides them with greater security within their tenancy as well as flexibility in case they need to relocate. Why should a professional athlete choose a sportspecific real estate agent Our Home Solutions team is made up of Move Consultants who work with our clients to ensure your move is as smooth and stress-free as possible. We provide a variety of services and work with you to guarantee a seamless approach, supported by our experienced service providers.
