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...
Coronavirus has put us all under tremendous pressure financially, but for many landlords that pressure is amplified with the worry of how to manage if tenants stop paying rent. The new COVID-19 regulations are anything but easy to navigate. Are you eligible for a payment holiday? What happens if a bad tenant decides to take advantage of the situation? What if your letting agent isn’t help you work with your tenants? It’s a mess out there right now, but there is a way through it all. Whether, or not, you’re one of our customers, we’ll help you find a way through this situation. It doesn’t matter if you are contracted in with a letting agent, or managing your own properties, just give us a call, we can help you find a way. We’ve got the low-down on the COVID-19 financial regulations, we’re here to help. No chargeIt’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 support they are applying for and when it will become available. I recently put together a Frequently Asked Questions section on my site that deals with the most pressing questions surrounding the Coronavirus and how it affects landlords. It covers: As a Landlord do...
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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