Category: Property Management

Is A Leasehold Property A Good Buy-To-Let Investment?

Posted on by Tim Hill

[Image source: Deposit photos]

When investing in a buy-to-let, there are countless considerations to make, but one that often gets overlooked in discussions is whether looking at leasehold properties is a good use of an investor’s time. When you buy a freehold building, you own the building and the land it’s on until the time comes to sell it, but leasehold means you only own the building for a set period. So, what does this mean for landlords, and are leasehold properties a good investment?

What is a leasehold property?

A leasehold property means you own the property in question for a specific length of time, which is the term of the lease. When the lease expires, the ownership transfers to the person or entity that owns the land. For a landlord, the idea of the investment simply being lost can be a frightening prospect and can put people off wanting to invest in a leasehold home.

Leases can range from 99 or 125 years all the way to 999 years, the latter of which is as good as a freehold. Theoretically, the closer the lease expiry date is, the less valuable it becomes and it can be harder to recoup your investment if you’re looking to sell. If the remaining term falls to 80 years or less, it can be hard to obtain a mortgage on the property, which is something potential investors need to bear in mind when looking for buy-to-lets.

The key differences with a leasehold property

Most leasehold properties are flats, though a leasehold can apply to any property. Properties purchased through the shared ownership scheme may also be leasehold. Because a leasehold means you don’t own the land the property sits on, you don’t have any ownership of communal areas in the case of a flat, meaning stairs, hallways and gardens are not your sole responsibility.

However, while leaseholders usually pay a set fee to the freeholder which goes towards the maintenance of these areas, from June 2022, new legislation on ground rent charges means these rents will be banned on new residential leases to avoid future rent increases, which makes leasehold properties more affordable.

What to consider before investing

The first question an interested landlord needs to ask is ‘does the lease permit letting?’. Not all leases will allow you to sublet the property, so if your intention is to purchase the home as a buy-to-let, this is a critical question to ask. If you go ahead with your buy-to-let without checking this first, you could find yourself in breach of your lease and that can come with fines and complications later on, so it’s important to check first.

Landlords also need to ensure they take into account the cost of maintenance and repairs for the property, as with any buy-to-let, which some leases enforce via a sinking fund to cover any unexpected repairs. Investing in a property as a buy-to-let means landlords need to think about the saleability of the property for the future, as it’s not their primary residence. Problems can occur, as previously stated, if the lease is less than 80 years, so extending a lease may be beneficial when purchasing the property but this can be a costly endeavour.

The benefits of leasehold buy-to-lets

It’s not all bad news when it comes to a leasehold property, especially when it comes to finances. Because of the challenges that you need to face when you buy a leasehold property, you can often find great bargains on the property market as they’re less appealing for many investors. If you’re willing to overcome these hurdles, you could find yourself getting a great deal upfront compared to a freehold.

There are some restrictions with this type of property, because you’re effectively renting space from another landlord who is the freeholder, so you’re at their mercy in terms of what you can do to the property. However, from a landlord’s point of view, the likelihood is you only want to make the property presentable and won’t be investing in any large-scale renovations, so this may not be an issue at all.

It may be possible to extend your lease if you’ve owned the property for at least two years, or if it only has 80 years or less left. Extending sooner rather than later is the best option, as the shorter the remaining lease is, the more expensive it will be to extend. Lease extensions are usually for 90 years, and the cost is typically 50% of the ‘marriage value’ of the property, or the extra value the property would gain from the longer lease, as well as legal fees, Land Registry updates and property valuations.

Is investing in a leasehold the right decision?

The process of investing in any property is complex and time-consuming, and it requires in-depth research to ensure you’re making the right choice. A leasehold may seem more complicated than buying a freehold to rent out, but it can still be a highly valuable investment depending on the buyer’s circumstances. Of course, this might not be the case if it is sat on the market with a short lease and you need to sell it fast.

The trick to investing in a leasehold is finding an agreement that suits the needs of the investor. If it’s an affordable property with agreeable lease terms and you aren’t in any rush to sell the property on, it can be a great way to save money upfront and grab a bargain. There’s certainly nothing wrong with investing in a leasehold property, if it meets the criteria you need from it – you simply need to be aware of the differences that a leasehold property has to a freehold.

There are also some unique perks, such as not needing to worry about the upkeep of communal areas, which frees up your time when you’re managing your buy-to-let portfolio. The best advice for landlords looking to buy a leasehold to rent out is to seek professional advice and speak to local buy-to-let agents who can offer advice based on the potential yields for the surrounding area. This will ensure the best returns, whatever the type of property bought.

How To Resolve Tenant-Landlord Disputes Without Going To Court

Posted on by Dakota Murphey

Every landlord needs to be prepared for a deposit dispute because it’s an inevitability that comes with the job. Whether a minor quibble or a larger dispute, knowing how to handle those conversations professionally (and without the need to take the matter to court) will save you a lot of time and money. There are a few ways you can achieve this. Read on for suggestions of how to deal with tenant-landlord disputes quickly and calmly.

Prevention is the best cure

As a landlord, the old phrase ‘prevention is the best cure’ couldn’t be more appropriate. You don’t want to be wasting time constantly handling disputes with tenants, so it’s best to avoid them in the first place so that a dispute is a rarity rather than a common occurrence.

Many arguments over deposits arise because either the tenant or the landlord don’t realise they’ve broken their part of the lease agreement, or they don’t understand their rights. The best way to achieve this is to know the law fully and stay abreast of any changes to housing legislation, so you can make the necessary amends. It results in happier tenants and lowers the chance of you having an empty rental property for too long, as well as reducing the risk of legal issues arising.

Communicate face-to-face

So many problems with tenants can be resolved quickly simply by having a face-to-face conversation with them and ironing out any issues in person. Keep your temper calm and don’t let the conversation get out of hand. There may well be an honest solution to the problem which both parties are blowing out of proportion, and trying to resolve it over text or email only makes the likelihood of that happening higher. Another way to keep tensions at bay is to meet in a neutral environment, so everyone feels safe and able to say their piece.

Contact a mediator

If you’ve met and tried to discuss the problem to no avail, a professional mediator can help you make progress and find a solution that works for you both. In a mediation, both parties come together with an impartial mediator to reach an agreement and resolve the dispute.

The mediator will be trained to deal with these types of situations so they’ll be able to act as a neutral but experienced party. They don’t assist with working out the issue directly. Instead, mediators guide the parties to negotiation in a constructive way. Mediation isn’t as formal or expensive as the litigation process so it works well for tenants who are seeking an informal solution and landlords looking to save on costs.

Keep detailed records

Having detailed records to hand makes it much easier to resolve disputes because you’ll have evidence of what’s been agreed and what has occurred since. From correspondence with the tenant regarding the issue at hand, to photographic evidence of the property before they moved in and its current state, a paper trail makes it much easier to fall back on hard facts when the time comes. And, if you need to escalate the issue to a legal team, records will be very helpful to show that it’s not just a case of your word against your tenants.

If you handle multiple rental properties, you should keep a file for each one, whether paper or digital, so you can keep your property management records organised and up to date. It can deter a tenant from taking the matter to court themselves if they know that you have evidence to back up your claims and disprove theirs.

Hire a specialist solicitor

If the problem has escalated and you haven’t been able to informally handle it, then the next step is to hire a specialist solicitor who has experience of landlord and tenancy law and will be able to advise you on the best course of action. Contact from a solicitor can often dissuade a tenant from taking the matter further and may help you both reach a fair agreement outside of court.

A specialist solicitor will be able to advise you on your legal rights, and those of the tenant, as well as the likelihood of you getting the result you’re looking for. It’s certainly an expense that you don’t want to pay for, but it can be a beneficial step to take if court is looking likely.

Put it in writing

Putting your complaints, or having the tenant put their issues down, in writing formally dictates any misgivings either party has about the property that’s being let. It’s important when you do this to be as specific and accurate as possible, from the occurrences being disagreed upon to the dates the dispute spans. It’s also important to take into account any previous correspondence.

The reason for doing this and having a record of the issue is that if you aren’t able to handle it out of court, having a document in place that outlines exactly what the issues are will come in handy when resolving it with a legal team. It also ensures you won’t forget any details further down the line, as court proceedings can take some time.

Court involvement as a last resort

Where possible, both parties should avoid taking the matter to court, as it’s time-consuming and incredibly costly. But sometimes it’s the only way to reach a decision. Just know that if the matter reaches the courts, you could be in for a long wait and a lot of legal expenses to have the matter settled, so it’s not a decision to take lightly.

The housing industry has been on a rollercoaster of activity in the last few years and it’s led many people to invest in rental properties. But it’s vital that you understand the issues that can arise with a buy-to-let and know how to mitigate them as much as possible, to save yourself time, money and the need to find new tenants. The smoother you can make your relationship with tenants, the better it is for you and them, so it’s worth making clear who is responsible for what and having thorough records in place to reduce the risk of a dispute.

Sustainable Property Maintenance Jobs Agents Shouldn’t Ignore

Posted on by Dakota Murphey

Property maintenance doesn’t just improve the aesthetic quality of a home, it also helps to retain value, or even significantly increase it. Regular maintenance could increase a home’s value by at least 1% per year while neglecting it can cause properties to depreciate.

Any home is a valuable asset and when it comes to selling, those in better condition understandably tend to fetch a higher price. That’s why it’s essential to carry out regular maintenance on a property or asset, yet some remedial projects are easier to work on than others.

Running the vacuum cleaner around and trimming the hedges is one thing, but grabbing a ladder or some heavy-duty equipment isn’t something most people can do on a whim. Here are our essential green property maintenance tasks that agents shouldn’t ignore when talking to their clients.

Upgrading insulation

Insulation is essential all year, not just in the winter. Effective insulation can help to regulate temperature during the summer months and retain heat when the chill hits. Insulation materials come in many forms and if you are looking for sustainable materials we recommend natural wool, cork, hemp or cellulose.

Using natural materials to insulate a property rather than synthetic or man-made ones does mean that they have a relatively limited lifespan, however. For example, cellulose insulation is typically good for 20 to 30 years but can begin to degrade by the 15-year mark.

Upgrading a property’s insulation provides an energy efficiency boost and makes it more sustainable as fewer resources are required to maintain a comfortable temperature. From cavity walls to the roof and floors, there are plenty of opportunities to upgrade the insulation in a home to improve energy efficiency. And, with the cost of living crisis pinching wallets, being energy efficient is more important than ever.

Gutter cleaning

Perhaps one of the most common household maintenance tasks that gets forgotten or neglected is cleaning out the guttering. They can get clogged with leaves and debris that blows in throughout the year and this causes a blockage.

It is a relatively simple fix but often requires the assistance of a long ladder or a high-level platform to give you the access you require. Without the gutters diverting any rainwater away from the home you are putting your property at risk of water damage.

That water can pool in places which causes leaks that seep into the roof as well as the frames and fascia of a property. If left unattended this water can lead to mould, rot and mildew which risks your tenants’ health and can cost thousands to repair.

General roof surveys and maintenance jobs

The roof is often a property’s first level of protection against the elements, be that the wind, rain or even the sun. But, unlike other areas of a property, it’s difficult to check on the status of the roof due to how high it is.

You just can’t see the roof well enough from the ground so it’s important to gain a better perspective, particularly following a heavy downpour or strong storm. High-access equipment hire allows you to inspect any roof damage from a better vantage point.

Having the right high-level equipment allows for other maintenance tasks to be completed, such as:

  • replacing any broken or missing roof tiles

  • cleaning the outside of windows

  • repointing the chimney breast

  • repairing the roof and gutterings

  • painting elevations and chimney pots, and

  • inspecting solar panels (if the property benefits from having them installed).

Having a safe platform in place to make these comprehensive maintenance checks can also help you to oversee whether a property’s renewable energy sources are running effectively.

Creative and sustainable landscaping

Landscaping and gardening is a job that many people put off but once completed can transform how a home looks and feels. Not only will the outdoor space be easier on the eye, but it can also be more welcoming to residents’ guests and encourage local wildlife to flourish if you take an eco approach.

Many people are opting to include a wild zone in their outdoor space to promote any wildlife to move in, and potential tenants looking for outdoor space may wish for an eco-friendly environment outside their rental home. Ideas include ponds, allowing a patch of grass to grow wild and uncut and composting facilities. It’s important to reclaim as many materials as possible for any landscaping project to help make it as environmentally friendly as possible.

Also try to consider using plants that are native to your area. For example, bell heather is prominent in Kent and adding some to your wild garden will help boost the numbers of bees, moths and butterflies that thrive on it.

Install rainwater collectors

Countries like the UK experience plenty of rainfall throughout the year, even when it’s summer and the sun is meant to be shining. Rainwater harvesting allows homes to conserve water by collecting it throughout the year and using it for common household chores. For instance, harvested rainwater is ideal for flushing toilets, washing cars or watering flowers during hot and dry spells.

This allows residents to cut down on their water consumption, which is not only good for the planet but also helps reduce water bills. Modern toilets use as much as five litres per flush, while older models made before 2001 use up to 10 litres per flush. Depending on how much space you are working with, rainwater collection barrels can collect as much as 210 litres.

Electric car charging point

Perhaps one of the most important upgrades property management companies can make to a modern home concerns transport. Electric cars are very much the future of the automotive industry and with the sale of new petrol and diesel cars to end by 2030, that future is rapidly approaching.

Requiring a qualified electrician, electric car chargers are an important upgrade due to the prominence of electric vehicles on our roads. Zero emissions cars continue to grow in popularity and an electric car charger at home is beginning to be a must-have.

With homes that have an electric car charging point installed selling for 30% more than those that don’t, it is a significant consideration to make. Electric car chargers can cost up to £1,000 to install but considering the value they add to a home, and the convenience they provide, they are a worthwhile and sustainable home upgrade.

Why do more than a quarter of property sales fall through and what can agents do to stop it?

Posted on by Dakota Murphey

Buying and selling property in England and Wales is a complex process that most homebuyers actually know very little about. Property investors with multiple assets may be more clued up, however the majority of residential buyers and sellers rely on the expertise of their estate agent and conveyancer to guide them safely through the transaction.

What’s more, moving home is reportedly one of the most stressful life events, right up there with getting divorced or losing a loved one. With emotions running high and huge financial commitments on the line, it is perhaps little wonder that property transactions don’t always go smoothly.

According to recent findings, around one in four residential property sales falls through every year before completion. In 2021, these figures may be nearer 40% as a direct result of the high-pressure property market we’ve been experiencing. With demand for properties to buy at an all-time high, there are plenty of things that can go wrong between an offer being accepted and contracts being exchanged.

About our guest blogger:
Dakota Murphey has experience in property management with her portfolio of properties expanding in the South of England. Her passion for renovation and home improvement projects is shared through her writing to help educate and inspire others.

A property sale or purchase falling through before the transaction becomes legally binding is not only inconvenient, it can involve substantial financial losses too. In general, it is useful to see if anything can be learnt that might help estate agents avoid sales falling through at all. Let’s, therefore, consider the main reasons for a failed property transaction.

Bad survey results

Once an offer has been accepted and the conveyancing process initiated, most prudent homebuyers will arrange for an independent home survey to be carried out. Having a RICS-accredited building professional inspect the property’s condition and provide valuable feedback is an important due diligence step. And while every buyer will obviously be hoping that the building will be given a clean bill of health, the news is not always good.

The survey report plays an important part in the purchasing process. Building defects and issues of varying degrees of severity may be identified, and while some of these can be easily rectified by the seller before exchange, or a price discount negotiated to cover the cost of repairs after completion, others may represent a deal breaker. The main culprits relate to structural issues such as subsidence and heave, damp issues, timber decay, roof defects, asbestos containing materials, outdated services and invasive garden species such as Japanese knotweed.

No funds available

The vast majority of residential property purchases are funded by way of a mortgage. In a competitive market, a buyer who has an agreement in principle in place is in a stronger position than one who doesn’t, and many estate agents won’t even put forward an offer unless it is backed by an AIP. However, a lender’s decision ‘in principle’ is just that. Before the funds can be released, mortgage companies carry out a variety of checks and obtain their own valuation to assess the risk. There are numerous reasons why a mortgage offer may not be approved after all. From problems with the building itself to irregularities in the application form, a recent job or other changes in the applicant’s personal circumstances, the buyer could unexpectedly find themselves without the funds to proceed.

A growing number of UK properties are bought without the help of a mortgage, which removes the uncertainties explained above and should reduce the chances of a sale falling through on the basis of no funding. However, cash buyers are just as likely to walk away from a poor survey result, or change their mind for all manner of reasons.

Property chain collapse

Property chains are commonplace in residential property transactions. Since most buyers require the proceeds from the sale of their current home in order to purchase their new home, a line of buyers and sellers are linked together in this way, all working towards exchanging contracts on the same day. The chain has a beginning (perhaps a first-time buyer with nothing to sell) and an end, someone who is selling but not buying.

It is the interdependence caused by the ‘linking’ of transactions that can be a problem. Effectively, the chain will only progress as fast as the slowest link in it, and any problems occurring anywhere along the chain will have a knock-on effect for everybody else. Clearly, the longer the property chain is, the higher the risk of something going wrong somewhere.

Property chains can collapse for all sorts of reasons, but there are warning signs that should alert you to urgent action, and plenty of things you can do to keep the chain moving.

Gazumping or gazundering

When buying and selling property in England and Wales, the signing and exchanging of contracts that gives the transaction legal status comes rather late in the conveyancing process. There is typically a delay of several weeks (or longer) between an offer being accepted and contracts being exchanged, during which period the property survey is conducted, local searches are carried out and mortgage offers are finalised. This can be a nail-biting time for buyers and sellers, and anything can still happen.

Unfortunately, gazumping (initiated by the seller) and gazundering (initiated by the buyer) are not illegal practices despite debates over the years arguing that they should be. As it stands, there is nothing to stop the seller from choosing a different buyer if contracts have not yet been exchanged, or to stop the buyer from suddenly dropping the offer price at the last minute. It goes without saying that these unscrupulous tactics go against any sense of fair play and carry a high risk of one or the other party pulling out from the deal.

Change of personal circumstances

Sometimes, there’s no other reason for a property transaction to be aborted than life happening and things changing. Perhaps the seller has good personal reasons for taking the house off the market, or maybe the buyer has found a better property somewhere else or has decided to stay put.

A change of heart could be the result of a job loss, family break-up, illness or countless other personal reasons that may never be fully explained. While it can be incredibly disappointing to lose a property because someone along the chain has simply changed their mind, there’s nothing much that can be done about it.

Can a fall-through be prevented?

Abortive transactions are always frustrating, especially when a failed mortgage application or a horrendous survey report makes any chances of rescuing the deal pretty much impossible. However, more than half of failed property sales are preventable and can be rescued. If delays or inactivity threaten to derail the sale, the key to keeping the momentum going is good communication.

This is where estate agents and conveyancers need to step up to do the best for their clients especially in a booming property market. Reputable agencies will appreciate that it is in their best commercial interest to bring the sale to a successful conclusion, and many have dedicated sales progressors to jolly everyone along and reduce the risk of feet getting cold or minds being changed. Solicitors will also recognise the need for steady progress towards an exchange of contracts within a reasonable timeframe, and should take responsibility for ensuring no undue delays in the conveyancing journey.

Money-Saving Tips for New Property Investors

Posted on by Lucy Cromwell

Getting into the property market as an investor is a challenging but incredibly lucrative endeavour, if you know how to make the right types of investments. If you know how to make the right decisions, property investments can set you up financially for the foreseeable future. Here are a few ways you can save money while you’re making money.

Know where to invest

About our guest blogger:
Based in Worthing, Lucy studied Economics, Finance and Management before turning her focus towards the property market.  She’s a specialist short/long stay holiday rentals and has written for a number of major industry blogs.

Understanding property market trends will help enormously in helping you decide where to invest in property. There are growth areas around the country where rental yields are higher, and these change continually, so it’s important to do your research so you can take advantage of capital gains. Cities such as Birmingham, Manchester, Newcastle and Edinburgh are all popular destinations for investors, with plenty of potential tenants and higher rates owing to the central locations.

Pay attention to average rental rates which will help you determine if an area will pay off your investment costs sooner and whether a property in that area is worthwhile. Vacancy rates will also help you identify areas that are in demand, so you can be sure you’ll always be able to find tenants. This can be an ongoing challenge for landlords, so having peace of mind that an area is consistently in demand will minimise the risk of an empty property.

Get professional advice

While it may seem counterproductive to spend money on professional services, specialists will be able to identify areas where you can make savings, whether that’s finding you the best mortgage deal or reducing taxes. Firstly, you should hire an accountant who can guide you through the process of purchasing the property and help advise you on setting up your investment portfolio. Depending on how many properties you’re managing, you could be dealing with large sums of money each month, so it can be an advantage to have an experienced accountant handle your finances for you.

An experienced mortgage broker will also help you get the best mortgage deal for your buy to let property. As mortgage specialists, Town & Country Mortgage Services explain: “there are now plenty of competitive buy to let mortgage deals around that are specifically aimed at the buy-to-let market, ranging from special offer buy to let mortgage deals to fixed and variable rate options”. In order to ensure you’re getting the best deal, you need to work with someone who understands the nuances between these options.

Shop around for insurance

Insurance is essential for landlords, protecting their property and the returns on their portfolio. However, many people wind up overpaying for their cover, so it pays to shop around. Insurance policy rates vary depending on whether the property is secured via window locks and alarms, the age and profession of the tenants, and what type of property you’re insuring. You can cut costs by checking what the policy you’ve chosen covers, so it’s not more or less than you need, and increasing your excess to reduce monthly premiums.

Determine maintenance costs

The age and condition of the property will affect how much you can expect to pay in maintenance costs, which will impact how good of an investment a property is. If you need to pay out thousands in repairs and renovations, is the property really worth the price you’re paying for it?

Compare the costs of an old property versus a new property – the former will be cheaper to buy, but may need more work, while a newer property will require less maintenance but will cost more to purchase. Extra features like a garden or a swimming pool may also seem like an appealing option, but these will cost money to maintain which will cut into your profits.

Final thoughts

Investing in property requires plenty of research and planning, but when you choose the right property, it can provide great returns. Whether you’re just starting your property portfolio or you’re adding to existing properties, there are always opportunities to save money and boost your profits.

From choosing the location carefully to making sure you balance upfront costs with ongoing maintenance fees, and making sure you work with professionals, there are cost-saving measures that property investors should be aware of.

How To Support Homebuyers During Lockdown 3.0

Posted on by Dakota Murphey

Following the government’s decision to enter into a third and hopefully final lockdown, house sales have, unfortunately, been hit hard yet again.

About our guest blogger:
Dakota Murphey has experience in property management with her portfolio of properties expanding in the South of England. Her passion for renovation and home improvement projects is shared through her writing to help educate and inspire others.

Not only are home viewings becoming more and more difficult to arrange, but also with more people now needing to stay at home to avoid infection, there are a reduced number of interested parties as well.

What’s more, for homebuyers who had agreed to purchase prior to the lockdown, there is now predicted to be significant delays to the sale process, largely thanks to surveys, contractors, conveyancing searches and more becoming difficult to organise within the government’s restrictions.

Therefore, it’s important for you – their estate agent – to support and reassure these homebuyers fully throughout this uncertain time, regardless of where they might currently be in the sales process.

So, with this in mind, we thought we’d compile a quick guide on how to do exactly that, helping you to put the homebuyer’s mind at ease prior to their date of completion.

Keep In Regular Contact

Whether your homebuyer is a first-time buyer or has bought hundreds of houses before, it’s important to keep in regular contact with them to ensure everything is still in order.

Put yourself in their shoes, for instance. They are investing hundreds of thousands of pounds into a process that you are encouraging them to follow through on.

As such, you need to keep them updated along the way and make sure any questions or queries they have are answered as quickly as possible.

Whether it be an enquiry over a survey-related matter, like how carbon-friendly the property is, or something a lot more general, like how long the entire process is likely to take, don’t allow weeks to go by without contacting them. Otherwise, they could start to fret and eventually pull out of the sale, which wouldn’t be good for either of you.

Keep COVID-Secure

If your buyer wants to revisit the property they’re interested in buying but are nervous about how COVID-secure it will be, try to put their mind at ease.

Whether it be the property they’re buying, the estate agency you work for, or the removals company you recommend, it’s important to remember that the coronavirus pandemic is at the front and centre of everyone’s minds right now.

Therefore, you need to help reassure them that each aspect of the move you involve yourself with is kept COVID-secure, to keep the risk of infection as low as possible.

Maintain Social Distancing

While on the topic of keeping viewings, surveys and some of the more physical aspects of the home move COVID-secure, maintaining social distancing is imperative.

It may be perfectly natural to want to follow the buyer around answering any questions they might have but, without sticking to the social distancing guidelines, you could end up putting both you and them at risk.

The last thing you want, after all, is for either you or them to be out of action due to infection. Therefore, it’s imperative to do all you can to avoid contact where possible; you could even simply provide them with a sanitised key to access the property themselves.

Stay Organised

As you should well know, there are a lot of hoops to jump through when it comes to moving house so keeping organised throughout is vital.

Therefore, while it may sound obvious, make sure you are doing all of the basic productivity traits to keep on top of everything.

Make lists, use a diary, write down notes, set reminders – in essence, the more you can do to stay organised, the easier the entire process will be to handle along the way, and the more at ease both your buyer and vendor will feel as a result.

Final Thoughts…

From minimising the spread of infection to ensuring home purchases go off without a hitch, there’s no denying that the coronavirus pandemic has brought with it a number of issues for estate agencies to address – especially in terms of keeping homebuyers onside.

However, by utilising the tips listed above, you can put your estate agency in the best possible position. Helping ensure that you will not only see the sale through to completion, but you will also put the mind of the buyer at ease in doing so.

Meeting the Needs of the 2021 Renter

Posted on by Lucy Cromwell
About our guest blogger:
Based in Worthing, Lucy studied Economics, Finance and Management before turning her focus towards the property market.  She’s a specialist short/long stay holiday rentals and has written for a number of major industry blogs.

Letting services look very different to how they did a year ago. Although business continues (people still need somewhere to live, after all), tenant expectations have dramatically changed and agencies are being forced to adapt their practices to keep transactions moving.

Even when COVID-19 is under control, it’s likely that the pandemic will have irreversibly changed the face of the housing industry. Renters are looking at potential homes through a completely different lens, and faster, contact-free agent services will be the norm. Fostering good relationships between landlords, property managers and tenants will be essential for long-term stability.

So, how can letting agents stay on top of these changes and maintain the trust of their landlords? Here are our top tips for meeting the needs of renters in 2021.

Adapting to Changing Consumer Tastes

Let’s start with one of the simplest adjustments: appealing to new tenant expectations.

Reframing what’s in your portfolio

Faced with many more months of lockdowns and social distancing, tenants will be prioritising space alongside affordability. Boost interest in your listings by focusing on outdoor areas (no matter how small), nearby recreation spaces and interior layout flexibility. De-prioritise emphasis on commuter options, and encourage your clients to stage spare bedrooms and dining rooms to highlight home-office possibilities, with tips on making home workspaces feel welcoming.

Speed up applications

Nobody needs an uncertain, drawn-out application and contract procedure right now, so make your new-tenant process as transparent and efficient as possible. You’ll encourage renters to choose your agency over others and keep landlords happy by filling vacancies quickly. Boost this along using technology (more on that in a moment), and by ensuring safety inspections, cleaning and repairs are carried out as soon as the property is vacant.

Delivering Contact-Free Services

To keep deals moving, the property industry has been pushed to adopt various types of technology much more quickly.

Video walkthroughs

Video tours were previously there to give a flavour of a property, but they’re often now the only way potential tenants will see the property before committing – make sure yours don’t let you down. Software like Giraffe 360, Mattterport and iStaging make it easy to capture professional-quality virtual tour footage from a smartphone the company’s livetour gallery gives you an idea of what’s possible. There’s also an innovative offering suited to new and in-progress developments from DCTR (formerly Doctor Photo) called DCVR.

Digital contracts and eSignatures

Avoid paperwork delays by using digital contracts for tenants and contractors. It speeds up the process of getting signatures and you save yourself the hassle of dealing with physical documents and filing. Compare eSign products for the best price points and look cross-compatibility with any other software you use – this list covers some popular choices.

Building Relationships with Landlords and Tenants

Nurturing your active relationships to protect your current income is the best thing you can do if new business is slow.

Communicate with tenants and landlords

Over the last year, people have faced financial instability, job loss and changes in family circumstances, all of which could be affecting their housing. However, you won’t understand how your clients and tenants (potential or existing) are directly affected unless you ask. Like the application process, fostering transparency will help you navigate any foreseeable issues, either with new tenants or struggling existing clients. The government has excellent guidance that you can pass to landlords or tenants to help support them and build trust.

Managing rent arrears

Discuss solutions for your landlords to remain financially stable even if their tenants are struggling to pay rent due to pandemic-related issues. Rent deferment (postponing rent until it can be paid back in future instalments) is preferable to rent abatement (agreed non-payment for a set period of time), but either is better than having to maintain an empty property, especially if tenants can still cover bills and council tax.

Planning repairs and maintenance

If possible, resolve any maintenance issues that have been delayed due to social distancing measures. Tenants in comfortable properties tend to stay put, and it will prevent landlords being hit with costly repairs in one go. Landlords are allowed to carry out essential work as long as they follow the COVID-19 legislation and current public health advice.

5 Productivity Tips for Landlords and Property Managers

Posted on by Rae Joanne

Managing a property portfolio can be exhausting, especially if you run several different locations.

Throw in multiple tenants, be that student housing or HMOs, you could soon find yourself swamped chasing rent, answering queries, and planning for renovations and repairs. Your housing stock must remain habitable and in good shape, and each of those tenants will have needs and requests that possibly require filtering.

About our guest blogger:
Rae Joanne is a freelance career counsellor with five years experience in the field. When she’s not working, she enjoys experimenting with coffee and playing with her kids.

As a landlord, you may have only your own properties, but a management company may have multiple landlords and multiple properties to oversee and manage effectively. Simply Business explains how you are responsible for assessing every request from a tenant and react accordingly. Productivity is key here – if you spend too much time on the wrong areas, or do not work effectively, then people's lives will be adversely affected.

In our article 20 Minutes a Day productivity Increase, we explained how not only must you find methods to be productive, but also to maintain quality and efficiency in your work patterns. How can you achieve that? By following these five handy tips.

One Thing at a Time

Do not try to do too much at once. You may well find yourself spinning plates for much of the day, but you can only positively impact one problem or task at a time. Even if the phone rings constantly for an hour, once you get time to be productive you can only achieve goals by taking one step at a time. If you try to juggle three or four tasks at a time, you could suffer mental exhaustion remembering what stage each task is at.

Make Lists

If you are doing one task at a time, you will need a clear record of what else needs doing, so make a list. This is important for tracking calls coming in as well as ones you have made, so try to note down every call, with a time, incoming or outgoing. It will help you assess urgency further down the line, knowing when one problem was reported, or when to chase up a call you have placed.

Establish Processes

Having a standardised process for most tasks will ensure productivity as everyone will understand what stage a task is at, and can pick up where you left off. This is especially important in a property management company with multiple employees. With a standard onboarding procedure for new tenants, if you happen to be pulled to another task, someone else knows exactly what needs doing going forward for existing projects. It will also help with scheduling repairs too, if there are standard points at which each project arrives – reporting, scheduling, implementing, inspecting etc. If everyone is working to the same process, the job becomes much easier to understand for the whole team.

Be Prepared

Property management is a career which always brings the unexpected – that is the nature of the job. Nobody expects a pipe to burst, or a drain to become blocked, but they occur regularly with multiple properties under your watchful eye. Being prepared for those eventualities is hugely important. You may prepare by carrying out 'services' of these key aspects of a property, checking drains and plumbing regularly, but that could impact productivity negatively in taking up too much time. Insurance is a good way of staying one step ahead of any unpredictable variables. An overview of the landlord insurance policies on HomeServe, details that tenants can deal directly with the insurer in the event of a problem, cutting out the need for landlords or property managers to intervene. Not only are you prepared for a problem, but when it does occur it is not something that steals your attention away from the other day-to-day jobs you have to fulfil.

Leave the Office

Leaving your desk is a vital part of improving productivity, according to this post on Medium. It helps stimulate the brain and by switching off, you make it easier to switch back on. Stepping out for half an hour might sound counter-productive, but it is proven to improve concentration and application. Want to be more productive? Stop working for a short time and rest your mind.