New agent rapidly expands Devon lettings portfolio to 408 units
Sara Watkins-Schmindt has acquired the Complete agency, increasing her managed properties from 33 to 408 across Devon towns and Exeter’s Cranbrook suburb, taking over its workforce and operations.
The acquisition completed recently sees Watkins-Schmindt, who previously managed a modest lettings portfolio, take control of a four-branch agency with over 400 managed units. Complete agency operates in Bovey Tracey, Newton Abbot, Teignmouth, and the Cranbrook suburb of Exeter. This move significantly expands her presence in the Devon rental market and brings the management of 20-plus staff under her leadership.
Watkins-Schmindt intends to maintain Complete’s established brand, branches, and team, focusing on building the agency’s residential sales and lettings operations. She emphasised the value of the agency’s local reputation and personal service ethos, which aligns with her own approach as a local business owner.
Details of the acquisition and strategic direction
Prior to this acquisition, Watkins-Schmindt operated a lettings business launched in 2024 as a franchisee of Sourced Living, growing her portfolio organically to 33 properties. The acquisition of Complete was facilitated with support from Sourced Living’s parent company, Sourced Property Group.
Stephen Moss, founder of Sourced, highlighted the current agency market dynamic where established owners consider succession options while ambitious operators seek rapid scale through acquisitions rather than organic growth alone. This deal exemplifies that trend, with Watkins-Schmindt positioned to leverage Complete’s existing infrastructure and reputation to accelerate growth.
The acquisition expands Watkins-Schmindt’s portfolio more than twelvefold overnight, a substantial leap that will require robust management systems and compliance procedures to handle the increased operational complexity.
Implications for landlords and letting agents in the region
This acquisition reflects a broader trend in the lettings sector where consolidation is becoming a key growth strategy. For landlords, the expansion of an agent with a strong local presence and established team can mean more professional management services and potentially greater market reach for their properties.
However, such rapid growth also poses challenges. Maintaining service quality, ensuring compliance with evolving tenancy laws and safety regulations, and managing increased administrative demands will be critical. For letting agents, this underscores the importance of scalable systems and well-trained staff to meet regulatory obligations and tenant expectations.
Landlords should be aware that changes in agency ownership and management can affect communication channels, rent collection processes, and property maintenance protocols. It is advisable to review any new management agreements and confirm that the agent’s compliance with legal obligations remains robust.
What landlords and agents should consider now
For landlords whose properties are now managed by Complete under new ownership, it is prudent to verify that all tenancy documentation is up to date and that safety certificates, such as gas and electrical inspections, are current. Ensuring that deposit protection schemes and tenancy agreements comply with the latest legislation is also essential.
Letting agents expanding rapidly should prioritise investment in compliance infrastructure and staff training. The complexity of managing hundreds of units across multiple locations demands meticulous record-keeping and adherence to the Renters’ Rights Act and other relevant regulations.
Both landlords and agents should monitor communications from the agency closely during the transition period to address any operational changes promptly. It is also beneficial to maintain open dialogue to ensure tenant needs continue to be met effectively.
Keeping your rental properties compliant with TLA support
Membership of The Landlord Association offers landlords and agents access to detailed compliance resources and practical guidance during periods of change such as this acquisition. TLA’s compliance materials cover tenancy documentation, safety obligations, and regulatory updates that are vital for managing larger portfolios effectively.
Additionally, TLA’s new property management and compliance platform, ORBIT, currently in BETA testing, can assist landlords and letting agents in organising property records, managing rental documents, and recording key actions such as repairs and inspections. ORBIT’s developing features aim to help members keep track of compliance activity and maintain evidence to support regulatory requirements.
Exploring TLA membership and ORBIT BETA access can provide valuable support for landlords and agents navigating the operational challenges of portfolio expansion and agency transitions.
Looking ahead, the integration of Complete’s operations under Watkins-Schmindt’s leadership will be a case study in managing growth while maintaining compliance and service standards in the evolving lettings sector.
Sources: Letting Agent Today
TLA - The Landlord Association