NGU Homelettings offers a property health check on all new properties that we take on for property management. This consists of a rental analysis to make sure that you are maximising your rent and a 792 point property condition report to confirm the current condition of your property.
We quite often take on properties where we are able to maximise rents for both vacant and already tenanted properties. This is achieved in three ways:
- We will carry out comparables based upon the property condition to confirm if the rent is correct for the current market conditions. With more and more people now looking to rent, the demand for rental properties has helped to fuel an increase in rents. We speak to landlords who have not increased their rent for 3 to 4 years and are missing an opportunity.
3-4 years ago a box standard 2 bedroom unfurnished flat in Bensham Gateshead would rent for between £395.00 to £450.00. These same flats are now renting for £425.00-£495.00.
- Opening your property up to Local Housing Benefit tenants can sometimes result in your property achieving a higher rental yield than the private sector. Now I know what you may be saying in your head- if I rent to housing benefit tenants they will trash my house! Well we specialise in housing benefit tenants and have the operational procedures and policies in place to make sure that all of the relevant checks are carried out to give you access to what can be some of the best tenants on the market. Last year 99% of our rent was collected across the portfolio and our rental yields were up on average of 6% across the same portfolio.
- A 2 bedroom terraced in Hartlepool typically rents for £350.00-£395.00 per calendar month.
- If a tenant is on housing benefits in Hartlepool and qualifies for a 2 bedroom rate they are entitled to £95.56 per week which is £414.09 per calendar month. By accepting a tenant on housing benefits you will be maximising your rent.
- We typically find our tenants on housing benefits move less than our working tenants. It is expensive to move properties and someone on housing benefits is less likely to have the admin fees that are needed by a letting agent and the transport costs involved in moving home.
- You may have a sitting tenant who is on housing benefits and their circumstances may have changed. Since moving into the property a local housing benefit tenant may have had an additional child which could have entitled the tenant to an increase in housing benefits or one of their children may now be entitled to their own room which again increases the housing benefits that the tenant is entitled to.
792 Property Condition Report
We produce a 792 point report with dated photos which looks at every aspect of the fixtures and fittings of your property. The level of detail that this provides allows you to fully understand the true condition of your property. This ensures that your property is safe to rent and also makes you aware of any future liabilities that may be on the horizon.
If you would like to have a free property health check, we cover the entire North East and are open from 8:30am in the morning till 7pm at night so we look forward to hearing from you.