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 […]
Property developer
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. […]
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 […]
How to Attract Tenants… Even During Quiet Times
The good news is that the fall in demand has rebounded, and the increase in demand is consistent across the market. What’s more, the annual rental growth is expected to grow more than last year. With a potential second wave of coronavirus, it is important that you focus on attracting your ideal prospective renters, in case there is a decline in rental demand. This article looks at some ways you can attract tenants to rent your home, and hopefully, keep them long-term. Step 1: Get your property “rent-ready” Before you start to list your property, make sure it is ready for potential renters. This means making sure it is safe, well-maintained, and clean. Now is the time to tidy up, declutter and fix the handyman items. Also consider if you want to rent your property furnished, unfurnished or partially furnished. Step 2: Choose the right letting agent The next critical […]
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 […]
