Is your Letting Agent any good, are they a member of the
Association of Residential Letting Agents (ARLA)?
When you seek out a good tradesman, you would ask them questions such as:
1) How long have you been doing this work?
2) What qualifications have you got?
3) Can I see some of the work that you have done?
4) How do I know you are any good?
5) Questions about price?
What I find strange is that when a new landlord comes across to us because they have had a bad experience with another agent, they have not asked any of these questions. At NGU Homelettings we all work hard and want to be the best in the industry. I personally pride myself on my work ethic, high standards and my relentless will to succeed and never give up. I work from 5:00am in the morning till 7:30pm at night. This work ethic from me and my staff has allowed me to answer these type of questions categorically:
When your tenant hands in their notice, as a landlord we all get that dreaded feeling. We know we have to prepare for a void period, the property may need some work and the local council even want to take council tax off you when it becomes empty.
That feeling can quickly be replaced by feeling warm and cosy when you find a new tenant and all seems well in the world again. While it is nice to have that warm and cosy feeling, it is essential that the tenant that you are putting into your property is suitable and passes the right lettings criteria. If you don’t do the right checks, unless you get extremely lucky, you will get a tenant who will damage your house and have rent arrears.
When a tenant moves into a property managed by us, NGU Homelettings, our key focus will be completing the tenancy agreement and making sure we provide a thorough inventory with photographs. The tenant’s key focus is generally a lot different and they are consumed by the excitement of moving into their new property
Often at the move-in stage, your new tenant will have family members to help them move-in and unpack cars full of furniture. At this stage even though you are trying to highlight the key points to living at your property it generally goes in one ear and out of the other. It is very important for you and your tenant that you explain HOW your property should be treated so they’ll know what is expected and what isn’t.
This week I wanted to share with you little tips I have learnt over the years which will help you when developing a property for the rental market:
1. When installing double glazed windows only install locks which are push buttons instead of keys. This will mean that you do not have to worry about lost keys over the years.
2. In your bathrooms install UPVC ceilings. This will mean you will no longer have to paint those condensation marks your tenant(s) may leave on the ceiling at the end of their tenancy.
A landlord’s experience…………with NGU Homelettings
What one of our landlords thinks of NGU Homelettings!-Antony & Elvina Gilbert, Bury St Edmunds
Having started buying property in East Anglia in the late 1990s we began to look for opportunities further afield and decided on expanding our portfolio in the North East.
Given the distance and the fact that we have other careers, finding a good management company is of paramount importance. Our experience of agents in the early years was not always positive and we encountered many of the pitfalls of property investment.
When a new tenant moves into your property there is a lot to think about-inventory, tenancy agreement, photos, housing benefit forms, etc. If you find that there is a lot of information to take in what do you think your tenants will think? You guessed it – information over-load. That is why at NGU Homelettings we have produced a Tenant Handbook which we give to tenants when they move in. This handbook provides all the information that a tenant will ever need to be able to enjoy living in their property and to make sure that it is handed back in the correct condition or improved.
House prices have recorded their strongest year-on-year growth in nearly three years, as market activity increases, according to the Halifax.
The rise in house prices is in line with figures published last week by Nationwide, which reported that house prices were now 1.1pc higher than they were a year ago, marking the fastest annual increase seen since November 2011.
The number of mortgages on the market has increased sharply since the Government launched a scheme called Funding for Lending last August, which has given lenders access to cheap finance to help borrowers.
If you are a landlord who is not doing repairs at the moment and they are essential I urge you to think again!
If you do not do an annual assessment of your property in a detailed way to confirm there are no health and safety risks, I urge you to stop and think!
2004 Housing Act
In 2004 the Housing Act changed the way the local council can assess the housing condition of a rented property using a risk assessment approach called the Housing Health and Safety Rating System (HHSRS). If your tenant feels that the property they are living in has health and safety hazards, they can call the council to have one of their officers to arrange an inspection.
Below Market Value Property with High Yields and Capital Growth
Start wanting, start having!
Rental yields of between 7-12%
and at prices of between 15-30% below normal market prices are achievable in the North East of England.
Buy Below Market Value Property & Build a Pension Pot for your Future
NGU sources High Yielding Below Market Value properties to Build a Pension Pot for your Future
- Tenant Find
- Full Management
- Armchair service
20%-30% Discounted Properties
We are able to offer investments at Below Market Value levels as a result of our careful site selection and ability to identify key investment areas ahead of time.