If you’re a new landlord, you may find that managing your property can seem overwhelming. Firstly, you need to know how to take care of your property, so you maximise your rental return and profit, which includes the following activities: Ensuring the rent is at market price Screening tenants to ensure they’re suitable Collecting rent from tenants Keeping tenant vacancy rates low Consistent communication with tenants Providing maintenance and repairs Managing the budget Secondly, you may still be dealing with the pandemic impacts… extra commercial cleaning needed socially distanced property viewings dealing with changes to eviction notice periods difficulty in securing good quality tenants … that’s why we’ve put together a list of 7 tips for stress-free property management to help you navigate the operation, control, and maintenance of your new investment properties. Tip 1: Create a Strong Online Presence If you want to secure good quality tenants, you need to […]
investors
HMO Conversion Essentials… What You Need to Know Before Converting
Whether you’re a new landlord looking to buy a property to convert or an experienced investor planning to convert a current investment property into an HMO, you need to be aware that conversions can be challenging, as well as rewarding. Of course, the many benefits of converting an existing property to an HMO include: increased rental return multiple tenants leading to a reduced risk of vacancies tax advantages with a reduction in VAT potential increased property value creating affordable accommodation for tenants …however, there are some essentials you need to know before you consider converting an existing property to an HMO. Depending on the features of your property, converting it into an HMO can be a compelling investment with very profitable rental yields, but it does require more work and maintenance. Essential 1: Is it the Right Property? The first essential item to consider is whether the property you want […]
Landlords Secure a Cash Bonus When Helping Vetted Tenants Get Their Own Home
You may be aware that Brexit and coronavirus have made it difficult for tenants to find good quality London property to rent. Although many people left the city for a lifestyle change in the countryside, the trend is shifting. Over the past few months, the demand for rentals has significantly increased. The reason for this is that people are looking to return to London. Plus, domestic and international students are returning to campus. What’s more, the type of rental property is limited as most tenants are searching for the same sort of property… a place with enough space to work from home with a garden or terrace. Finally, thousands of people have lost their jobs, had their income reduced or lost their homes during the pandemic. Now they are struggling to find a suitable home to rent within their budget. What’s the solution to this housing crisis? Introducing the Reka […]
The 7-Step Guide to Being a Responsible Property Manager
Whether you are a new landlord, or if you have owned property for years… it’s good to know your property management responsibilities. That’s why we have put together our 7-step guide to be a responsible property manager. The Essentials of Property Management Property management is about taking care of the investment property to ensure you maximise your rental return. This involves the following activities: Setting rent at the market price Screening tenants to ensure they’re suitable Collecting rent from tenants Keeping tenant vacancy rates low Providing maintenance and repairs to ensure the property is safe Consistent communication with tenants Managing the income and expenses associated with the property 7-Step Guide to be a Responsible Property Manager Below are the key steps you need to be aware of as a Property Manager: Step 1: Screening potential tenants You need to ensure that you use a rigorous screening process to find the best […]
The Beginners Guide to Converting Your Property into an HMO
If you are considering converting your current property into an HMO to increase your rental income while providing more people with affordable accommodation, here’s how to do it. Step 1: Plan First Before you consider converting your property to an HMO, check that it is in the right location for an HMO. Ideally, your property should be in a busy student area or close to good transport connections to attract tenants. Step 2: HMO Licensing When you convert your property to an HMO, you’ll need an HMO licence to ensure that the property is safe and compliant. We recommend that you contact your local council before planning your conversion to find out what you need to include in a compliant HMO property. If you want assistance with your application, you can talk to us about our HMO Licensing service. This service includes identifying what is needed in an HMO property […]
Why is the UK’s Property Market Heating up?
The good news for investors and landlords is that the UK property market is heating up. However, to better understand why this is happening now and what is the future trend, we have investigated current market trends and future property predictions. Here’s our summary. UK Housing prices are growing at the fastest rate in 17 years, with all regions picking up. Although we are in the middle of a global pandemic, property prices remain high. We have seen that at the start of the pandemic, the property market was put on pause. Now we are seeing sales surging, with the average sale price of a home in England increasing by 10.2% since March 2020. People have reassessed their lifestyle and work situations while they have been forced to stay home. We see a trend that people want to continue to have the flexibility to work from home in comfort. What’s […]
5 Rental Trends You Need to Understand as a Landlord
Here we look at the five rental trends that may impact the rental market that you need to be aware of… 5 Rental Trends You Need to Understand as a Landlord The abolishment of ‘no fault’ evictions, Section 21 Without Section 21, landlords will be required to go through the courts to gain possession of their property, where there is a legitimate reason. Usually, a Section 21 notice gives your tenants at least two months’ notice to leave your property. However, during the pandemic this has been extended. If you give your tenant notice after 29 August 2020, the notice period must be at least six months. Home ownership rates are declining The current trend indicates that home ownership rates have declined recently and may continue to decrease. The main reason is the challenge in saving for a deposit. Currently 71% of young families said they are renting because they […]
How to Attract Good Tenants for Your Property
Finding the right tenants is key to making sure your property is looked after. But there is a balance between making sure you’re not missing rental payments because your property is empty and dealing with troublemakers. Here are our tips to making sure you attract the right tenants for your property, so you can receive a stable rental income. Tip 1: Figure Out Who You Want to Rent to You need to first think about who your ideal tenant is so you can appeal to them. For example, there is always a high demand for rental properties that allow students and has communal shared spaces. This not only reduces the rental amount for students, but it also serves as a social outlet. Tip 2: Get your property “rent-ready” Before you list your property, make sure it is ready for potential renters. This means making sure it is safe, well-maintained, and […]
7 Tips on How Landlords Can Survive the Pandemic
If you’re a landlord, the pandemic has likely impacted you in some way. Maybe that’s with extra commercial cleaning to HMO common areas, undertaking socially distanced property viewings and dealing with the eviction notice periods. What’s more, according to a recent survey undertaken by National Residential Landlords Association (NRLA), you may have some tenants that have built up rent arrears. Around 840,000 private tenants are in rent arrears, which began during lockdown. This impacts young tenants and self-employed people, with one in five tenants having debts of more than £1,000. The worst hit was in London, where 9% of private renters are in arrears. Established landlords or HMO property owners with a strong portfolio may be able to absorb the rent arrears. But what about landlords that rely on the rent as the sole income source? Below we’ve listed 7 tips to help these landlords survive the pandemic. Tip 1: […]
Brexit: what is the impact on the property market?
Now that Brexit’s uncertainty is behind us, we have collated our research to summarise the impact of Brexit on the property market. What we’ve found are positive signs for property investors. Post-Brexit Factors that Impact Property Investors Low-Interest Rates Remain Competitive The Bank of England has reduced the base interest rate to the lowest it has ever been in UK history. The 0.1% rate was chosen to help stimulate the economy after the impacts of the COVID-19 pandemic. This low rate will benefit property investors, first-time homebuyers and people who want to remortgage their home as we depart the EU. First-Time Homebuyers The record-low interest rate is attracting first-time buyers to get started in the property market. They have the benefit of being exempt from paying stamp duty (for property under £300,000). With more homebuyers coming onto the market, this stimulates the property market and gives confidence to sellers and […]
