22nd November 2021
What Has The Pandemic Taught Us and How Has The Market Changed?
Or does it? The government are saying that in light of the new increase in COVID-19 cases that the ban will remain under constant review. Even if the ban is lifted permanently the back log of cases in the courts is huge and bearing in mind they will have reduced capacity due to working to COVID-19 guidelines there really is little for Landlords to be enthusiastic about. Priority is being given to cases where rent arrears exceed 12 months rental (9 months rental where the rental income accounts for more than 25% of the Landlords income). Other priority cases are squatters, domestic violence, fraud, deception, illegal sub-letting and property abandonment. Two important points to remember... If you have an ongoing case you MUST remember to reactivate it with the courts. Failure to do so will lead to your case being dismissed.If you simply want to reoccupy your house or sell it you must give your tenants a minimum 6 months’ notice not the usual 2 months. (The tenants statutory rights will always prevail over anything that is written in a current contract) It looks like the second wave is coming, so please stay safe. ...
Lettings are your bread and butter … how about increasing your profit by 40% AND delivering a better service to your clients and tenants? Lettings are a vital component of every estate agency, but managing a letting business is hard, costly and time consuming. Doing it right isn’t easy and demands a high level of expertise and experience, which doesn’t come cheap. Not only is it essential to employ experienced property managers, there’s a whole bunch of annual licenses, training and fees to pay. Including; Client Money Protection Scheme Professional Training Management Software Non-resident Landlord Scheme MARLA Membership Bank Fees for client accounts The list feels endless when you’re running an agency. But, the value of running a lettings business speaks for itself, despite the high costs there’s still plenty of profit to be made. But what if there was a way to offer better service, without any of the management headaches that come along with rental properties, and increase your letting profits by up to 40%? Sounds like one of those ‘too good to be true’ type of deals right? Well, it’s actually not as far fetched as it sounds. It all comes down to outsourcing. Not off-shore, or to an impersonal call centre, but to a highly professional (and focused) property management company who have better systems, more experience and a one stop shop for both tenants and clients. You get to keep the profits and drop the costs. Your clients don’t see it as outsourcing, because the whole service is branded with your name. Both landlords and tenants will see an immediate...
Is your property portfolio Energy Performance compliant? It can feel like every time you turnaround the government is introducing a new bill that will impact the profitability of the rental market. The government is constantly balancing policy with customer safety, and it feels like private landlords often end up with the sticky end of the stick. Keeping up with new regulations is a constant source of irritation and, more often than not, cost. This latest proposal has come out of the Department of Business, Energy and Industrial Strategy in a consultation document released as part of a government initiatives to de-carbonise buildings in order to mitigate the effects of climate change. The proposal sets out that it wants EPCs on private rental properties to be Band C (or above) by 2025 for new tenancies, and by 2028 for all tenancies. Ok, it’s a few years off but the financial impact of making this happen could be huge if you have an older property with ageing appliances and heating systems. Legislation placing requirements on letting agents is already in place. This includes provisions contained in the Energy Performance of Buildings (England and Wales) Regulations 2012 (hereafter ‘EPB Regulations’) and in the Consumer Protection from Unfair Trading Regulations 2008. The difference now is there is a hard deadline for change. It’s time to consider a renovation strategy for your property that will help you spread the cost and maximise rental income. Being ahead of the game can reap rewards in the amount of income you can generate from your property. A well-presented, compliant property will deliver higher rental values and better-quality tenants. Even if you only have one property it’s important to think ...
What Has The Pandemic Taught Us and How Has The Market Changed?
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