22nd November 2021
What Has The Pandemic Taught Us and How Has The Market Changed?
Unless you’ve owned a rental property it’s hard to explain to anyone what an absolute nightmare it can be to manage a property. Letting agencies can be complex and infuriating to work with. In essence the traditional agency model is fundamentally flawed. Let’s take a look at why? Letting a Property the Traditional Way You employ what you believe to be the best local agent to let the property for you. The front-end letting team controls the marketing and completion of the rental. There are normally two fundamental flaws in this system. 1. The lettings negotiators are normally on personal commission and are therefore battling colleagues to get the deal done first. Quality of tenant is often overlooked in this quest to earn this commission and what is best for the Landlord sacrificed in order to do the deal. 2. There is also a disconnect between this team and the property managers who will be looking after your property on a daily basis. ‘Do I really care if these tenants do not behave themselves as the property management team will have to clear up any mess?’. ‘I have been paid so all good.’ When the property is rented, it’s handed over to a Property Manager. In general, most property managers know how to instruct a contractor, but this is all they know! They usually share a fundamental belief that the tenant is the enemy and should be dealt with accordingly. “The Landlord is my client, you don’t count!” Sadly, “The Landlord is my client” goes right out the window, when it comes time to handling repairs or inspections. The property manager will look for the path of least resistance – you pay...
It’s a worrying time for all of us, but what happens if your tenants stop paying rent? What can you do and what should you do? The big question is whether they’re really struggling because of social distancing, or are they just jumping on the bandwagon and looking for a break? Communication is crucial right now. If you’re letting agency can’t help you reach out to tenants, it’s worth doing it yourself. Start a dialogue with them so you understand exactly what is happening for them and work with them to find a solution. Your tenant is likely to be extremely anxious about keeping a roof over their head, so they will welcome the chance to figure something out and take the pressure off. Obviously, you have to keep the rent flowing, but everyone needs to be compassionate at the moment. If your letting agency can handle the calls for you, be sure they approach the conversation sensitively, so the tenant doesn’t feel threatened. Not every letting agent treats tenants with respect. It’s a common problem that a lot of letting agencies treat the tenants as ‘the enemy.’ That is the last thing you need right now. It’s important that they can prove what their current situation is. Laid off or furloughed? Either way they should have the ability to prove their current circumstances. Perhaps your tenant has been furloughed? If so, he may have a short term cash flow issue, but he will soon receive 80% of his salary. Perhaps you could work out a short term reduction in rent to help them and then figure out a mutually agreeable repayment plan? If they have been laid off, find out what ...
As of 1 July 2020 the new electrical safety regulation will come into being for all new tenancies. You will have until April 1st 2021 to comply on existing tenancies. The new regulations mean that landlords must ensure every fixed electrical installation is inspected and tested at least every five years by a qualified person. Here's a summary of a landlords responsibility under the new law: A landlord must obtain a report of the results of the inspection and test and supply it the teneants within 28 days and retain a copy until the next inspection is due. If requested, the report must be provided to the local housing authority within 7 days. Private landlords must supply a copy of the last report to any new tenant before occupation, or any prospective tenant within 28 days of a request from the prospective tenant. What about the lockdown? You are still required to complete the safety checks despite being in lock down. Proven breaches of the Regulations could result in the local housing authority imposing a financial penalty of up to £30,000 for each breach. It is possible to complete the checks safely at the moment, but it is essential that you ensure your contractor wears protective equipment to minimise the risk of contamination. If you need help arranging your inspections contact us today. We've got you covered. ...
What Has The Pandemic Taught Us and How Has The Market Changed?
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