Advice on tenants fostering children – spooked by LA?

admin    Uncategorized     agents

We rent a 2 bed property to a middle aged couple. They keep it in good condition and always pay the rent on time. They have applied to foster a child, and they informally asked if I was OK with this

The post Advice on tenants fostering children – spooked by LA? appeared first on Property118.

View Full Article: Advice on tenants fostering children – spooked by LA?

your invitation to Meet the Developer – Birmingham 22nd Sept

admin    Uncategorized     agents

If you are looking to invest in the Birmingham property market this invitation is definitely for you.

This very special event is your chance to get up close and personal with Birmingham as an investment destination. After touring our off-plan developments you will be driven back to the venue for lunch

The post your invitation to Meet the Developer – Birmingham 22nd Sept appeared first on Property118.

View Full Article: your invitation to Meet the Developer – Birmingham 22nd Sept

Hackitt: Select Committee backs RLA low cost loans proposal

admin    Uncategorized     agents

Landlords are today welcoming a call by a Parliamentary committee for the Government to fund certain fire safety improvements in privately owned residential blocks. In it’s response to the Hackitt Review, the Housing, Communities and Local Government Select Committee recommends that the government should pay for the replacement of any cladding on existing buildings which had […]

The post Hackitt: Select Committee backs RLA low cost loans proposal appeared first on RLA Campaigns and News Centre.

View Full Article: Hackitt: Select Committee backs RLA low cost loans proposal

Generation Rent wants unlimited tenancies and no sales of rental properties to FTBs

admin    Uncategorized     agents

Dan Wilson Craw, director of Generation Rent, had an article in CityMetric, “an arm of the New Statesman�, last week entitled “Here’s why government plans for longer tenancies don’t go far enough�.

Now that Craw has seen the reduction in the number of rental properties as landlords have left the market

The post Generation Rent wants unlimited tenancies and no sales of rental properties to FTBs appeared first on Property118.

View Full Article: Generation Rent wants unlimited tenancies and no sales of rental properties to FTBs

Finding a Good Agent

admin    Uncategorized     agents

How can I find a good letting agent or property manager?

There are lots of agents around these days, especially with the rapid growth of property letting over recent years.

However, many agents that have sprung up through this, and some estate agents that have recently turned their hands to lettings, when sales declined, have little or no real experience in the field, let alone proper training and qualifications.

Anyone can set themselves up as a letting agent in the UK as this type of business is not regulated, so caution is needed when appointing an agent.

Despite the pitfalls mentioned above, there are some very good agents around, if you know how to find them and select the best.

How do I choose a really good agent?

Generally in this life you get what you pay for and particularly when it comes to services: cheapest is rarely the best. If an agent does not quote you a realistic commission or fee then expect the worst. A let-only arrangement would usually be around 10% of the annual rent and full management would be around 10% to 15% of the monthly rent.

Any figures wildly away from those levels and the agent cannot make it pay if they have their normal overheads to pay. You may get a new business offering less to get started, but then you take the risk they are not experienced.

Watch out for those agents who quote you low prices but then make this up by adding on all sorts of miscellaneous extra charges. Always negotiate hard and pin your agent down to reasonable prices, especially on future renewals, and arrangements over repairs and maintenance. Be wary about paying too much by way of charges for years up-front. If the tenant or agent turns out to be a dud you will be way out of pocket.

Remember: an agent works for you – he’s your agent. Some agents really believe the landlord works for them, or at lease must do everything they say. That’s putting the cart before the horse. Just because an agent knows a lot more about letting than you do, it does not me you bow down to his or her every command.

If you only want the agent to find a tenant, a let only arrangement, try to negotiate a fixed payment, say £500 for the one-off deal.

Read the terms on any contract you sign with your agent very carefully, especially in relation to renewal fees. Clarify what happens if you wish to take the responsibility for management back to yourself – how much compensation does the agent need for you to get out of the contract? Every contract should have a termination clause which spells out exactly what happens on early termination.

The Benefits of Using a Good Agent

There are many situations were using a good agent is a must: if you live far away from your property, or you are abroad, then there’s almost no choice – you need an agent and a good one will save you a whole lot of trouble and heart ache.

Perhaps you have a very demanding job or you travel away a lot. If you can’t spare the time to deal with lettings and tenant management, or you are not available at times when tenants need help, then you need a good agent to do this for you.

Good agents come at a cost, but the benefits you will get from selecting a really good one should far outweigh those costs:

• If you live away from your rental property then a good agent will give you the peace of mind that the property and tenancy is being properly looked after, and you will not be troubled by contacts from your tenant with minor problems and repair issues.
• Agents have good tenant contacts so they will find new tenants quicker and they often have them on waiting lists, so you should have shorter voids.
• If you have a lot of properties or a demanding job an agent will leave you free to concentrate on your work, or investing, developing, refurbishing and growing your portfolio.
• The landlord / tenant relationship is often a difficult one and if you are inexperienced as a landlord you may find this difficult to deal with. The agent puts up a barrier between you and the tenant. This is a big advantage as it stops you getting too emotionally involved and keeps things on a business footing, which is exactly what’s needed.
• If you are a part-time landlord then agents and their staff are available all week to deal with new tenant enquiries and see to tenant problems.

Agent’s Professional Bodies and Associations

Good agents will invariably be members of one or more of these:
The National Association of Estate Agents – NAEA
The Royal Institution of Chartered Surveyors – RICS
National Approved Lettings Scheme – NALS
Association of Residential Letting Agents – ARLA
The Property Ombudsman service

Taking over Yourself

Landlords often start to manage their tenancies themselves because they have had bad experiences with agent and they realise that with a little bit of experience, by developing methodical management systems, and using some common sense, tenant management is not that difficult anyway.

However, with a bit of care you can select only good agents and reap all the benefits mentioned about:

What do I Look Out For?

Here is a checklist you may like to use when next choosing a letting agent:

• Look for evidence that they are members of one of the agent’s professional associations. This means they will be bound by professional codes of conduct and be obliged to carry professional indemnity insurance and bonds for rent collection and deposits.
• Ask then for evidence of their continuous staff training programmes.
• Ask them about their tenant vetting process and get documentary evidence – does it seem thorough and convincing.
• Do they have good references and testimonials from satisfied landlords and property companies?
• Find out how they will mange rent collection, where the money will be held (should be in a separate client account) and how and when it will be paid out to you.
• Find out how they will handle the tenant deposits they take and what scheme they will use to protect it. Ask what they will do with the deposit if you decide to take over management yourself. Ideally you want it paid to you.
• Ask how and when they will perform periodic property inspections and how often they visit the property to make sure everything is running smoothly with the tenants.
• Check out their offices and make sure these are well organised and business like and that it looks as though they are security conscious – they are dealing with a lot of personal information from tenants so make sure they are data protection registered and following the guidelines.
• Do some research, ask around locally and find out the reputation of the agents in your high street. How long have they been in business, how much experience do they have?
• If there is any doubt in your mind or if you see signs of trouble (especially financial difficulties) with a prospective or existing agent, you might consider doing business financial checks on them – this will show if they have debts or credit problems

By following these simple guidelines you should ensure that your experience with your agents is a good one. Even if you only intend to use an agent in the early years of your landlord career until you get experience yourself, it’s well worth being highly selective.

MyDeposits Guide for landlords using a letting agent – see here

Terminating a Letting Agent’s Contract see here

By Tom Entwistle,

LandlordZONE®

If you have any questions about any of the issues here, post your question to the LandlordZONE® Forums – these are the busiest Rental Property Forums in the UK – you will have an answer in no time at all.

©1999 – Present | Parkmatic Publications Ltd. All rights reserved | LandlordZONE® – Finding a Good Agent | LandlordZONE.

View Full Article: Finding a Good Agent

Landlords back MPs fire safety plans

admin    Uncategorized     agents

LANDLORDS are today welcoming a call by a Parliamentary committee for the Government to fund certain fire safety improvements in privately owned residential blocks. In its report responding to the Hackitt Review into building and fire safety, the Housing, Communities and Local Government Select Committee recommends that the Government should pay for the replacement of […]

The post Landlords back MPs fire safety plans appeared first on RLA Campaigns and News Centre.

View Full Article: Landlords back MPs fire safety plans

The National LIS Awards

admin    Uncategorized     agents

The National LIS Awards, is proudly brought to you by the organisers of the National Landlord Investment Show.

Connect with the very best in the industry at the National LIS Awards on Thursday 15th November 2018 at the Grosvenor House

The post The National LIS Awards appeared first on Property118.

View Full Article: The National LIS Awards

‘Lending for Refurbishment Costs’ – up to 100% of refurb costs

admin    Uncategorized     agents

Shawbrook Bank the specialist property investor lender has released a light refurbishment option called “Lending for Refurbishment Costs”, to their STL range and is a unique approach to this type of lending.

In addition to borrowing 75% Loan to Value against the lower of day one purchase price or value

The post ‘Lending for Refurbishment Costs’ – up to 100% of refurb costs appeared first on Property118.

View Full Article: ‘Lending for Refurbishment Costs’ – up to 100% of refurb costs

July Buy-to-Let Market Update

admin    Uncategorized     agents

Welcome to ‘Buy-to-Let Market’, a column aimed at providing you with recent criteria and product updates within the Buy-to-Let lending markets. Buy-to-Let Market Update: – Virgin Money – will now offer its full buy to let range to portfolio landlords. The lender will now accept applications from landlords with up to 10 mortgaged properties, and […]

The post July Buy-to-Let Market Update appeared first on RLA Campaigns and News Centre.

View Full Article: July Buy-to-Let Market Update

OMG a cure for my front door OCD

admin    Uncategorized     agents

I am absolutely terrible at having to go back and check I have locked the front door and often have to reverse the car back up the road to double check!

Mark Alexander has found me a Press Release if it is of interest to anyone else:

70% OF US FORGET IF WE’VE LOCKED OUR DOORS

New research reveals extent of carelessness around home security

The post OMG a cure for my front door OCD appeared first on Property118.

View Full Article: OMG a cure for my front door OCD