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 […]
landlords
Pros and Cons for the Rent2Rent Strategy
There has been media speculation recently about whether Rent2Rent is a feasible investment option. We’ve collated information to bring you the pro’s and con’s of Rent2Rent so you can decide. What is Rent2Rent? Rent-2-Rent is when a property is let on a single let basis to one person (say the head-tenant) who has been given the right to sub-let some or all of the rooms, by the landlord. Rent2rent companies or head tenant will probably live somewhere else and will have the responsibility to sub-let the rooms to separate tenants, usually four or less. They will be responsible for paying the property’s single let rent and the bills. They will make profit by pocketing the difference. The Rent2rent or head-tenant provides the landlord with a guaranteed rent, meaning that even if the property is vacant, they will be responsible to pay the agreed letting amount to the landlord. Why would […]
How To Help Our Frontline Workers
In addition, the NHS is running a recruiting campaign to encourage more overseas nurses to come to the UK to help during this COVID pandemic. This means there are thousands of key workers that may need somewhere to rent. At Reka Property Management, we offer discounts to key workers. This includes reduced rent, discounted property management fees, and savings on HMO related projects. It is our way of saying thank you and offering support to our key workers. As landlords, you are in a unique position to help and support our frontline workers, while ensuring you receive rent. The property market is quiet in some HMO areas due to COVID restrictions, lifestyle changes and loss of work. This has resulted in an increase in vacant HMO rooms. If you are struggling to fill your rooms during the pandemic, then we recommend the following: 1. Offer Discounted Rent One way to […]
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. […]
Five Tips to Convert Your Property to an HMO
If your current property is in a good location, for example, a busy student area or close to good transport connections, then you may want to consider converting it into an HMO. 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 property into an HMO, here are five tips to do it easily. Tip 1: HMO Licensing A critical legal aspect of letting an HMO is getting the right licence. To check if your property needs to be licenced, you can contact your local council. Or speak to us… we provide our clients with an HMO Licensing service, which includes applying for the local Council’s property licensing scheme on their behalf. The HMO licence will need to ensure that the property: is […]
Renting in London: Top 10 Tips to Finding Your Next Home
Although London is a brilliant place to live, work and study, it has the highest rents of any city in the world. However, because there are so many people wanting to rent in London, the rental market can be competitive. The good news is, if you spend time researching, you will find flats that are good value and located in a good location. We’ve put together these top tips to save you time, money and stress when you are searching for your next home. Tip 1: Before you start your search, write a list of your essential criteria. Be clear on what is important to you and your family, such as: What transport links are close by? Do you need parking? Do you want to live in a flat or a house? Are you happy to live in an HMO? Tip 2: create a list of suitable locations. But never assume that […]
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 […]
Coronavirus Advice for Landlords
We hope you and your family are staying safe during this uncertain time. We acknowledge it is a challenging time for both Landlords and Londoners living in the private rented sector. The good news is that the Mayor is working to ensure renters get the support they need from the Government to help them through the coronavirus pandemic. There have also been discussions of giving vulnerable tenants grants to help them clear their arrears and pay their rent to their landlords. The Government emphasised that if a tenant or renter is having difficulty paying the rent, landlords should help them by setting up an affordable repayment plan. This article gives ideas for landlords tackling this uncertain time, especially as the threat of a potential second wave of coronavirus is imminent. Financial Help for Landlords (extended): As part of the Government’s response to the coronavirus emergency, banks and lenders agreed to […]
