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Upon purchasing a property you may consider making it available to tenants. In doing so, you take on all of the responsibilities that are expected as per current regulations and the agreements that you sign with your tenant(s).

There are many tasks involved in property management that can take up a lot of your time, but it is important that you stay on top of things, both to keep your tenants happy and to ensure your buildings continue to meet the minimum regulations required.

Here are just some of the things that property managers need to do.

Continued Maintenance

If your property is not well-maintained, issues will arise that can cause tenant dissatisfaction and possibly lead to you being unable to let the building out. As such, it is crucial that you have a routine in place that allows you to inspect the building fairly regularly, in addition to establishing lines of communication with tenants so they can report unforeseen issues as they occur.

When inspecting, you always need to inform the tenant of your intentions to visit the property, providing them with the notice they need to ensure they are there if they want to be. Furthermore, it is crucial that property managers have access to trusted contractors to complete any maintenance work required. Those that own larger buildings and apartment complexes often find that it is beneficial to have a janitor on staff to help with the maintenance issues.

Rent and Other Financial Issues

In an ideal world, rent will not be an issue. In most cases, it will be taken as a direct debit payment from the tenant’s bank account and property managers will not need to intervene, outside of setting rent payments and ensuring the security and return of deposits where relevant.

Unfortunately, not everything goes according to plan and there will be times when tenants do not pay their rent, for whatever reason. In such instances, property managers must understand the legal recourse that is available to them, so they can get back the monies owed in the proper fashion, should the tenant refuse to pay. Furthermore, many property managers also maintain more personal relationships with tenants that allow for new payment structures to be created to alleviate the issue, though this is a much rarer occurrence in cases of failed rent payment.

Documentation

There is an awful lot of documentation that goes into letting a property, but we will focus primarily on the agreements you draft up for tenants. In all cases, these agreements must protect the property manager from liability, while also ensuring the tenant’s rights are met.

There is no room or vagueness in a tenant agreement, as this can be used against you should any disagreements arise. Instead, the document needs to explain, in clear and concise terms, the duties of the property manager and tenant. This often requires the aid of a legal professional, especially in regards to the various regulatory issues related to the agreement.

Furthermore, property managers are responsible for making updates to these agreements and informing tenants of when these updates are going to occur and become actionable.

It’s a lot of work to take on, so contact Hills Estate today if you are looking for a quality lettings agent and property management company in London.

We’ve all heard the term “curb appeal” before. It refers to how appealing a property looks when viewing it from the curb, and it may surprise you to find out that it plays a large part in the decisions of prospective buyers and tenants.

Many will see properties that look like they need a lick of paint or a bit of TLC and their opinions will be instantly coloured. First impressions count after all, so there is no reason to create a bad one and then leave extra work for yourself to pull the buyer or tenant’s interest back.

Thankfully, there are a few things you can do to improve and stage the exterior of the property to ensure it looks the part. Here are a few tips to help you get started.

A Lick of Paint Always Helps

The benefits of applying a lick of paint here or there on the outside of the home are truly remarkable. They can offer the property an extra brightness and verve that really make it stick out from those around it and it only takes a few hours to do. Take some time to examine all of the painted areas of the exterior of the property, looking for places where paint has worn away. Recoat it with a couple of extra layers and you instantly increase your curb appeal.

Take Care of the Garden

If your property has a front garden, understand that it is a major selling point for the house. Plenty of people enjoy gardening in their spare time, but many may not see the potential in a garden that is clearly in disrepair. Keep the lawns mowed and cultivate a few simple plants to give the space a little bit of colour. Show visitors how the space can be maximised. Better yet, a nice garden will catch the eye of people passing the house, who will then go on to see the “For Sale” sign.

The Drive

Much like the garden, a well-maintained drive adds to the overall presentation of the property. Drives tend to get a little dirty over time thanks to repeated footfall and the various stains that can be left behind by cars. These can be a bit of a hassle to clean off if you don’t have access to the right equipment, but there are many services out there that can do the job for you at a reasonable rate, Consider paying for drive cleaning as an investment into the later sale of the property.

The Personal Touch

With these main three areas of the exterior of the house brought up to snuff, you can focus on adding a little bit of a personal touch. You need to strike a little bit of a balance here, as going overboard will make it difficult for viewers to see how they can make use of the space for their own personal knick-knacks. Keep things subtle and look for places where a nice ornament could be used to spice things up a little.

Choosing a letting agent for your property can be difficult, as you need to find somebody who can be trusted to ensure the property is looked after as you expect it to be and that it is advertised well when it is available for rent.

While your face-to-face meetings with the agent will reveal a lot, you also need to look for a few qualities that tend to define lettings agents. If yours lacks any of these it may be time to start looking for a new one.

Local Knowledge

Any lettings agent you work with should have comprehensive knowledge of the property market on the national level, of course, but local knowledge is what is really going to count when it comes to getting your property rented out. Your agent should understand what types of property are in demand in the areas where they work and what factors local renters consider before moving into a property. This will inform the way the property is advertised.

Attention to Detail

Lettings agents are responsible for many things when they take control of your property and they must have excellent eyes for detail to ensure nothing is missed. This means they must be capable of spotting maintenance problems in addition to being able to point out the small changes landlords can make to their properties to make them more attractive.

Tenacity

Being able to locate potential clients is only part of the job of a lettings agent. Yours should be trying constantly to ensure your properties have tenants and that their needs are met. They will follow up on all visits and make the effort with the tenants that already rent from you. Laziness leads to mistakes being made that can affect tenant relationships and slow down the process of getting new tenants for vacant properties.

Presentable

Appearances count in the property industry, so your lettings agent needs to put forth a professional appearance at all times. This is critical when meeting prospective tenants, as a poorly-presented lettings agent can make the viewer uneasy about the prospect of working with them, as presentation is a reflection of the pride and respect the organization has for its own work.

Honesty

A key trait in all who work in property, honesty, and transparency ensures that all actions carried out in relation to the property are above board and that you are informed at all times. It also gives you peace of mind, so you can feel safe in the knowledge that your lettings agent is acting in your best interests. Be wary of any who try to baffle you with industry terminology or avoid pointed questions.

Technologically Adept

Technology plays a major role in the modern market, as lettings agents need to be able to advertise properties online as well as handle a lot of computerised paperwork. The former is particularly important because most people searching for properties will check the web before arranging any viewings. This means your lettings agent must be capable of representing you and your properties online as well as they do in person.

Selling your house can be stressful. You need to find the right estate agents to work with, in addition to making sure the house is presentable for viewers. In many cases, you will also be dealing with the purchase of a new property simultaneously, all of which can place great demands on your time.

The aim, therefore, is to try to get the house sold as quickly as possible while still achieving the price you want. Happily, there are a number of things you can do to ensure this happens.

Share Listings

As the majority of buyers now look online to find properties, you should have a listing for your house on at least one website. Your estate agent should cover this on their own, plus the property will likely pop up on a number of aggregator websites for the industry. However, you can do more to get the word out that the property is for sale by sharing these listings on social media sites. Encourage your friends and family to do the same and you widen the audience of potential buyers.

Personality Without Clutter

Staging your property for viewings presents a major challenge. On the one hand, you don’t want the rooms to look bare as this is unlikely to inspire buyers. On the other, infusing them with too much of your personal style and trappings may make it difficult for buyers to envision rooms in the way they would want them. You need to strike a balance that demonstrates the house makes for a good home, while also highlighting what it has to offer. One small tip for this is to remove bulky furniture from rooms that makes them look smaller than they are. It takes a little rearranging but also highlights the features of the room while giving you plenty of space to infuse them with personality.

Focus On Curb Appeal

The buyer’s first impression of your home in the flesh will come when they arrive for a viewing. Remember that the lawn and exterior of the property are just as important as the rooms inside and leaving a bad first impression may colour the rest of the viewing. Make sure gardens are well-maintained and inspect the exterior of the property. Apply a fresh lick of paint where needed and tidy up anything that makes the house look less than its best.

Choose The Right Estate Agent

Choosing the right estate agent can make a massive difference in how quickly your property sells. The best will stay in regular contact with you, make every effort to present your listing as attractively as possible and will also attend viewings to help buyers see what the property has to offer. Before choosing an estate agent, take some time to talk about what they actually offer to you. Look at their history, particularly with properties like your own and don’t be afraid to ask as many questions as you need to before making the decision.

Hills Estate is a lettings and property management agency in London that also offers an array of services to sellers in Ilford, Essex and East London, amongst other areas. Call now on 020 8553 3036 to find out how the team can help you.

 

Finding a trustworthy property expert, whether it be an estate agent, solicitor or lettings agent, is crucial if you are to experience as much success in the property market as possible. If you don’t trust your expert, you will find yourself second-guessing every key decision, making the entire process more difficult than it actually needs to be.

But how do you actually go about finding people you can trust to work with? Here are just a few useful tips.

Do They Communicate Well?

Regular communication is crucial to the development of any relationship and it is no different for the ones you form with your property experts. A surprising amount of estate agents, for example, barely speak to the clients.

Ideally you want something a little different or, at the very least, you need to understand when communication is likely to occur and the channels you need to go through to get in touch with your expert. A lack of communication can make you feel like you have been left in the dark for the entire process, which does not help with trust.

Are They Transparent?

How much does your expert actually tell you about what they are doing to help you? As importantly, how easy is the information to understand?

These are two key questions that, when answered, demonstrate just how transparent your property expert is. The best will explain every action they take in language that you understand. They will take time to ensure you are involved every step of the way and won’t try to brush you off or change the subject when you ask a few questions.

Do They Have Industry Knowledge?

This is always a big one, so you should take steps to ensure your expert actually is an expert. Ask to see qualifications, if necessary, and base your questioning around what you need for your property, rather than keeping it general.

The key is to understand that the property market operates on a local level, as well as a national one. Being able to recite national statistics is all well and good, but if your “expert” doesn’t have knowledge at the local level that can inform the choices you make with your property transactions, you may end up making bad decisions based on poor information.

Do They Have Personal Skills?

All property experts need to be able to relate to their clients. After all, part of their jobs is to be able to communicate well and build the trust that is so crucial to successful property transactions.

This means you ideally want to connect on some sort of personal level, as well as professional. Of course, finding balance between the two is important, but your expert should also show some interest in who you are as a person. This isn’t just nice for building relationships, as it can also offer additional insight into your needs.

If you wish to work with lettings agents in London who are true experts in their fields, please don’t hesitate to contact the team at Hills Estate.

Most people who visit Hills Estate do so with the aim of buying or renting a property to live in for the foreseeable future. However, those who wish to explore the property market in a little more depth tend towards house flipping as a way to make money from the properties they purchase.

Flipping is the act of buying a property, renovating it and the selling it on to another buyer with the aim of making a profit. While experience isn’t necessary to get started, it still takes a lot of talent and foresight in regards to the state of the property market to get right. Here are a few tips for budding house flippers so they have the highest chances of success.

Always Set A Budget

It can be easy to let your finances spiral away from you when flipping a house, especially if you buy a property at the upper ends of your budget, only to find that it needs extensive renovation work before it can be resold. This means you should always be aware of how much money you have and, ideally, how much you will need to spend to make the property sellable. Be patient and don’t jump at opportunities that may stretch your budget too far, as you may never see a return on the investment.

Work On Your Credit Score

You may need to secure a loan or something similar in order to purchase a house to flip. A lot of lenders have been tightening their bootstraps in recent years, especially in the wake of the financial crisis. This means you should have an excellent credit score before you consider applying for any loans. If you don’t have one you should really reconsider making the investment, as it is likely that you have a few other debt-related issues that need to be taken care of before you start spending in the property market.

Learn The Market

Is the property you are intending to buy in demand in the area where it is located? What are buyers and renters looking for from their properties? Is the property near local amenities and schools? How much does a property of this type sell for when it is liveable? These are all questions that can only be answered if you work on developing your knowledge of the property market. Work with professionals where needed and never go into a deal without understanding the potential outcomes.

Find Good Contractors

Once you have your house you need to get to work on it. There may be a myriad of problems, from structural damage through to electric and gas work. Your aim should be to understand what you can do yourself and to locate trustworthy and competitive contractors to do the rest for you. Spend some time researching the local contractors in your area and getting quotes to get an idea of what you should be paying. Don’t waste time on any who appear not to be providing the work you need at a price you think is suitable.

As the owners of property, landlords naturally feel that they have the right to inspect the building whenever they deem necessary. While this is mostly the case, they also need to consider the privacy of their tenants and understand that unexpected inspections can lead to tensions escalating that could cause issues with the tenancy later on down the line.

So how do you go about handling inspections properly? Let’s take a look at some of the key points revolving around the issue of landlord inspections.

Reasonable Access

All landlords have the right to reasonable access of the property, but this may mean different things depending on the landlord. In many cases the tenancy agreement will provide detail as to each landlord’s particular interpretation of reasonable access, but on a general level it should cover things like having immediate access to the property in cases of emergency, such as when something needs to be fixed quickly.

Maintenance and Repair

Landlords or their associated also need to be able to access properties so that they can carry out relevant maintenance and repairs, or to empty fuel slot meters. Unlike with reasonable access, this access is not immediate and landlords need to have more consideration for their tenant’s privacy. Should you need to access the property for these purposes, the law states that you will need to provide at least 24 hours’ notice to each tenant who will be affected.

Room Cleaning

Some landlords may wish to provide a cleaning service, which adds an extra wrinkle into the issue of property access. If this is the case, it is crucial that there is a written agreement I place stipulating the conditions of entry and that the tenant has agreed to this room cleaning service. Without it, you will not be granted immediate access to the property. Consider having a legal professional look over an agreements you draft up so that you don’t run into any issues.

Reasonable Times Of Day

So let’s assume that you have provided your tenant with the necessary 24 hours of notice prior to entering the property for maintenance and repair work. When can you actually enter? There are actually some restrictions on this, as it is expected that you will visit the property at a “reasonable time of day.” This will generally differ based on the tenant but is a stipulation that is there so the tenant has the option of being present during your inspection and so they can tidy up or have a witness present if you don’t have a great relationship.

Bringing Others Into The Property

There may be occasions when landlords need to bring other people into the property. For prospective tenants you need to have written notice handed in by your existing tenant, and even then you can only allow others into the property for viewings once the existing leasehold reaches 28 days or less.

Even then, the landlord still needs to provide the existing tenant with the 24 hours’ notice required for a standard visit.

Exceptions

There are a few exceptions that can be made to the 24 hour rule outside of those previously mentioned. Examples of when immediate access is granted include:

• When a smell of gas has been detected.
• If there is a fire at the property.
• There is a suspicion of criminal damage or activity at the property.
• If the structural integrity of the property has been compromised and needs immediate repair.

While we offer a lot of information to landlords in our work as a lettings agency in London here at Hills Estate, we also want to ensure tenants have all of the information that need to make their relationships with landlords and property managers as fruitful and easy as possible. After all, if everybody involved in the arrangement is kept happy the tenancy can then go on for a long time.

So if you are considering renting a new home, try to keep all of the below in mind.

Check The Property When Viewing

It may seem like a simple tip, but many people fail to give the properties they view the proper once over. This can lead to issues being missed that have not been highlighted yet, delaying repair work and even leading to landlords believing you are responsible for the problem. Examine all taps and electrical sockets and make it a point to speak about any issues you discover during the viewing and what is going to be done to remedy them before you sign anything.

Always Check The Small Print

You will be asked to sign a tenancy agreement before moving into the property. This is a contract and you will be held accountable if you renege on any of the conditions that it contains. This makes it all the more important that you read everything, especially the small print, so you can spot anything that may cause issues. Don’t be afraid to raise objections and to question parts of the agreement that make you feel uncomfortable. It is within your rights to do so and you may find that you can get the agreement changed based on your needs.

Make A Budget

Before you start looking and potential homes, it is crucial that you understand how much you are able to spend each month. Make a budget that takes everything into account, starting with things like council tax, food, electricity, gas and water while also moving into things like the cost of transport, your phone contract and anything else that is an outgoing. Once you have a comprehensive list, you will be able to see what you can actually afford monthly as a rent payment. Also, do not forget that you need to budget for the deposit, which is usually a touch higher than the monthly rent, in addition to a month’s rent, both of which will usually be asked for in advance.

Don’t Pay A Holding Deposit

Some lettings agencies involve themselves in the dubious practice of asking potential tenants for holding deposits. This are different to the security deposit that you will pay when you have made your decision to move in and they should be considered as fees you shouldn’t have to pay. If asked for one be wary and understand that you won’t receive the money back. Point out that agents should only charge for the services they provide, such as finding references and running credit checks. A holding deposit is not necessary. You should also avoid paying a fee to register with an agency or obtain a list of properties, as this is actually illegal in the UK.

Last month we took a look at the few of the reasons why you should consider buying over renting, however, it is important to note that each has its advantages. Renting a home can be a better choice for many, especially when personal circumstances are taken into account, so this month we are going to examine just a few of the reasons why you should consider renting over buying.

Lower Initial Investment

One of the biggest barriers facing potential homeowners is the amount of money that needs to be raised before they can place their bids on properties. With deposits being as high as 20%, this often means that tens of thousands of pounds need to be raised before a person can seriously consider buying. Renting removes that obstacle, lowering the initial investment required quite considerably. Instead of having to raise a deposit, you will only be required to pay a security deposit, which is usually in the hundreds of pounds, and the first month’s rent in advance. There may also be some estate agents’ fees to cover as well, but overall the initial investment is much lower.

Maintenance

As a homeowner you will be responsible for everything in your property. As such, if a window breaks or your boiler stops working, the buck will fall on you for getting them repaired, which can often be a costly endeavour. However, when you are renting you should find that maintenance is much less of an issue. As long as the damage has not been caused directly by you, most landlords will cover the costs of routine maintenance. You may also find that your building is checked over fairly regularly, either by the landlord or letting agency, which means that there is even less chance of a maintenance issue occurring.

Speed

Another major factor when choosing between renting and buying is the speed at which they can be done. Buying a property often takes a number months, as you will need to secure a mortgage, go through the negotiations and handle all of the legalities associated with the move. Renting, on the other hand, is a much faster process. It can often be completed in a matter of weeks as long as you have all of the necessary paperwork and can pay the relevant fees. This makes it ideal for those who are looking to move home as quickly as possible.

Insurance

Another cost that homeowners need to take into account is the various forms of insurance that they will need to take out in order to keep their properties protected. Again, this is less of an issue for those who rent property, as most forms of insurance will have already been taken out by the landlord. Instead, renters need only concern themselves with contents insurance, as the things they move into the property are the only things that they own. This reduces monthly bills quite considerably, often to the point where renters are then able to afford living in areas that they might not have been able to purchase in.