As a landlord, you are probably aware that more people than ever rent a property rather than own. This is due to affordability, lifestyle choices and wanting to free up income for investment opportunities. If you’re an HMO owner, then the pandemic has likely impacted you with extra commercial cleaning to common areas, undertaking socially distanced property inspections and dealing with changed eviction notice periods. We believe HMOs are still a solid investment, even during COVID times, as they are an attractive accommodation choice for people wanting shared houses. However, its interesting to see what the HMO market will look like, post-COVID. Below we’ve listed three trends that may impact the HMO market post-COVID. Trend 1: Working from home Working from home has been an ongoing trend during the pandemic with attitudes regarding working from home improving substantially. One question you may be thinking, is whether most people will continue to […]
property development
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 […]
Technology Changes Impacting Property Management
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 […]
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 […]
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 […]
Brexit: What landlords must do to check the status of their existing EU tenants
Now that Brexit is official, as a landlord you may be wondering what it means for your existing EU tenants and what is your additional responsibility. This blog summarises the details of the UK Government EU Settlement Scheme. For full details, refer to https://www.gov.uk/settled-status-eu-citizens-families. What is the EU Settlement Scheme? The EU Settlement Scheme allows EU, EEA or Swiss citizens to continue living and working in the UK after 30th of June 2021. The scheme allows them to: work in the UK rent in the UK use the NHS for free (if they can now) enrol in education or study in the UK access benefits and pensions (if they’re eligible) travel in and out of the UK When must tenants apply for the EU Settlement Scheme and how much is the application? Your EU, EEA or Swiss citizen tenants can apply from now until the 30th of June 2021. However, they must have […]
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 […]
