COVID has brought about unprecedented challenges. However, some changes have had far-reaching benefits to property managers, landlords and prospective tenants. Here we share some technology changes that we have implemented in property management. Zoom Meetings With physical restrictions and lockdowns, most people have gotten used to using Zoom calls to connect with colleagues, family, and friends. Zoom calls allow you to stay in touch, see people and be connected. It is a great tool for work/life balance, which is why we find it beneficial for rental inspections. We do this one-on-one with the prospective tenant, so they can ask questions and see areas they are particularly interested in. The prospective tenant jumps onto the call, and we show them around the property – walking them into each room, opening cupboards and looking under furniture. Not only does this ensure social distancing, but it also means the prospective tenant can see […]
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The Real Value of Property Management for Landlords
Whether you have one property or eight, knowing the real value of property management is essential to help you be effective, organised, and profitable. Here we outline the real value of property management. What is Property Management? Property management is the operation, control, and maintenance of investment properties. In other words, it’s about taking care of your property, so you maximise your rental return and profit. Property management includes the following activities: Ensuring the rent is at market price Screening tenants to ensure they’re suitable and can legally rent in the UK Collecting rent from tenants Keeping tenant vacancy rates low Consistent communication with tenants Providing maintenance and repairs in a reasonable time and with minimal disruption to your tenants Managing the budget Preparing the Tenancy Agreement and lodging the deposit in a government-approved deposit protection scheme Ensuring your property is safe Ensuring the property is not overcrowded Ensuring you have […]
How to Reduce the Pressure of Lockdown
Covid-19 is disrupting everything. Work. Home. School. Social. Health. For many of us, this means chartering unknown waters as we continue to work from home and help our children with home-schooling. In fact, working from home during lockdown has magnified the stress, frustration, and anxiety women experience. With schools closed, no restaurants and some professional cleaners no longer working, women take over more of the chores at home. This includes home-schooling, cooking, cleaning, and providing after school care. What’s more, with no hairdressers or personal beauty salons for waxing and nails, women are feeling tired, stressed and have an extremely limited “me-time.” The result? Some women feel like they are losing control and impacting their sense of self, business and self-confidence. If this is you, then there is hope. Even though lockdown measures are likely to be in place for a while, you can use the time to reinvent, re-energise […]
What to Expect From the Rental Market in 2021?
Now that we’ve put 2020 behind us… an unpredictable year in property due to the pandemic and the uncertainty of Brexit’s impact… we can look forward to seeing what this year holds. To find out if there will be growth in the rental market in 2021, we’ve researched the property predictions. Here is our summary. 1. Renting will remain a popular choice The rental market performed quite strong in the last half of 2020. Interestingly, in some locations, demand in the rental market was nearly 20% higher than in 2019. Our research shows that renting will continue to increase in 2021. This is due to ongoing job uncertainty pushing people to rent instead of buy. Once COVID restrictions ease, international students will likely return, and workers will be able to return to their offices, in some capacity. This is expected to see an increase in demand for rental accommodation. 2. […]
What Landlords Need to Know to Find the Right Letting Agent
Question 1: How much do you want your letting agent to do? Finding tenants only service: These agents will help you find tenants for your property. They will market the property, show prospective tenants through, check references and write tenancy agreements. They may collect the first month’s rent and deposit. Finding tenants and rent collection service: These agents offer the same tenant-finding services as the above, and they will also collect the ongoing rental payments and deposit it into your nominated bank. Full management service: Full management offers a full range of services, which may include finding tenants, preparing the tenancy agreement, collecting rent, managing the day-to-day running of the property, chasing missing rental payments, undertaking repairs and maintenance, solving disputes with tenants, undertaking inventories, doing gas safety checks and even doing emergency repairs. If you are looking for a full management letting agent, make sure you find out exactly what their service […]
7 Tips to Being a Profitable Long-term Landlord
The private rental sector has had several recent challenges and although the rental market is regaining momentum, landlords may be left wondering if property is a good investment. This article gives new (and existing) landlords tips to becoming a profitable long-term landlord. But first, we explore why being a landlord is more challenging now, than before. Buy-to-let landlords have a greater regulatory burden, and more recently, are dealing with the temporary slowdown on the property market. It is harder to evict problem tenants with the abolishment of the ‘no fault’ evictions by removing Section 21 of the Housing Act 1988. Letting fees are not allowed to be charged to tenants. This led to some concerns for landlords as they needed to pay for reference checks instead of their letting agent doing this. And finally, landlords have had to accept the loss of the buy-to-let tax relief on mortgage interest payments. […]
Things You Should Know Before Managing an HMO Property
But you may not know exactly what is involved in managing an HMO on your own. This article gives you tips on what you need to know about managing an HMO. Tip 1: HMO Licensing A critical legal aspect of letting an HMO is getting the relevant licence. If you’re letting an HMO, it’s highly likely you’ll need some sort of licence to ensure that the property: is safe for tenants to live in is in good condition has an adequate number of smoke detectors has appropriate fire exits has enough sinks, cookers, baths and toilets for the number of tenants is well managed To check if your property needs to be licenced, you can contact your local Council. Or speak to us about our HMO Licensing service, which includes applying for the local Council’s property licensing scheme on your behalf. Tip 2: Safety Compliance There are various compliance measures you’ll […]
WHY BUY TO LET IS HERE TO STAY
Investors and landlords have faced several challenges recently including: new rules making it harder to evict problem tenants the loss of buy-to-let tax relief on mortgage interest repayments and temporary lockdown due to COVID-19 …which has led them to reduce their property portfolios or put their growth plans on hold However, our research indicates that buy-to-let is here to stay with opportunities for investors willing to have a longer-term strategy over the coming five to ten years. This blog summarises why buy-to-let is here to stay and what the long-term strategy ideas you may need to consider. Why buy-to-let is here to stay? Demand for housing in London has exceeded supply for more than two decades, which has increased rental demand. Research from the “English Housing Survey”, indicated that the number of UK renters doubled in the past 20 years to over 20% of the population living in the Private […]
Why Female Entrepreneurs Invest in Property
Up until recently, the number of female entrepreneurs was low. However, research conducted by HSBC in 2016, indicates that 59% of entrepreneurs under 35 years of age are female. What’s more, the number of UK female entrepreneurs investing in buy-to-let properties has increased. This is evident from research done by RW Invest that revealed an increase of 140% of females searched properties in 2018. So, why the increase? Women are more financially independent than in the past. And they are focused on achieving financial goals. Although the number of women in business is increasing, there is still a pay inequality gap. This means women are seeking ways to boost their income and are using investing to do this. Out of all the various types of investments, buy-to-let properties are seen by women as low-risk, compared to shares, bonds or cryptocurrency. Real estate and especially, buy-to-let properties can provide a solid […]
How To Convert Your Property into a HMO
A house in multiple occupation, better known as HMO, is a property that is rented to three or more tenants, who aren’t part of the same household, that share amenities. The good news, HMO’s provide more people with affordable accommodation, while generating a rental income increase of four to five times your current return – compared to a single tenanted property. If you are considering converting your current property into an HMO, here’s what how to do it. Step 1: Location, location, location Before you consider converting your property to an HMO, check that it is in the right location. For example, a busy student area or close to good transport connections. Step 2: HMO Licensing A critical legal aspect of letting an HMO is getting the relevant licence. If you’re letting an HMO, it’s highly likely you’ll need some sort of licence to ensure that the property: is safe for […]
