Two landlords were fined £11,000 for breaking house in multiple occupation management rules.
After the successful prosecutions, Newport City Council, South Wales, has warned that local enforcement teams are cracking down on landlords who ignore housing laws.
In the first case, Saeed Zafar was found guilty in his absence by magistrates on charges of failing to licence an HMO and not running the property properly. Continue reading HMO landlords fined £11,000 for mismanaging properties
Police are warning about fraudsters who are ripping off landlords and tenants by posing as bogus letting agents.
Scotland Yard detectives are looking for those behind two scams.
In the first, tenants pay over a deposit and first month’s rent on buy to let homes that are already let. Continue reading Buy to let fraudsters target landlords and letting agents
Rightmove Premium Listings ‘Do they work?’
Rightmove themselves state that their own research indicates that properties with a “Premium Listing” banner generate 21% more enquiries. Of course they have a vested interest because they charge Agents £10 for every listing, which is all extra profit for them.
In truth, it is impossible to test this independently because no-one can ever run the same listing in parallel as both a Standard and a Premium listing. There is undoubtedly some benefit in featuring a property, and obviously more enquiries means more viewings and the property will therefore be let more quickly. Continue reading Be wary of Letting Agents Pushing Rightmove Premium Listings
So far in these articles we have looked at actions, activities and principles a 21st Century Letting Agency can adopt to deliver a truly 21st Century Service to their Landlord, but how will the landlord ever know if they are actually doing what they say they do? I, among the majority of landlords, have believed the words coming out of a Letting Agents lips only to regret it. From experience I am tempted to apply the old adage applied to politicians ‘If their lips are moving they are lying’ but that is a sad indictment of the industry and not actually true of the majority of agents. The trouble is that landlords are not provided with the means to judge whether the agency is living up to its claims or not. Yet this is the digital age with the internet superhighway and most landlords can access the internet, all sorts of companies provide their clients access to their own secure data. Even the NHS is considering this so why not landlords. Continue reading The 21st Century Letting Agent- Transparency
Last summer I met a very well heeled friend for lunch and listened as she commiserated her devastating investment losses over the past couple of years. She said “I need to get into property! It’s the only thing that I can rely on for the future and I’m fed up of hearing how much money my financial advisor is losing me – and he doesn’t even apologise!”.
I accepted the challenge of preparing a buy to let proposal for her based on the different markets, comparing returns in the local area and seeing whether it was student/HMO, family or renovation projects which would float her boat. Heady days, lying in the garden carrying out research courtesy of wi-fi – what better way to apply one’s brain? It was an interesting exercise as I’m so caught up with HMOs that it’s easy to forget the other markets. Doing the financial analysis vs hassle factor was enlightening too and, not one for numbers, I actually enjoyed fiddling around on Excel with percentage returns! Continue reading HMO Landlady Becomes A Letting Agent!!
Last issue we looked at how a 21st Century Letting Agent utilises new technologies and techniques to maximise the chance of securing a good long term tenant and minimise the periods of voids in the a portfolio.
In this we will look at how 21st Century Agent can- and should- provide a service that keeps both the tenant and the landlord happy with neither of them considering a move away because of the day to day management by the agent. Continue reading The 21st Century Letting Agent -The Day to Day Management
What should a landlord expect?
ARLA have been complaining that the Government should regulate Letting Agents in the same way they have done for Estate Agents. They may have a case, but ARLA standards are still pretty minimal compared to what the best agents are providing already. Landlords often make their own bed by going for the cheapest headline option without looking in detail at the service being provided. Added to which Grant Schapps and the government are not minded to regulate in the near future and with the current state of the economy, I believe they have more important issues to attend to.
Continue reading A 21st Century Letting Agent
Lettings firm Belvoir intends to join the City’s Alternative Investment Market to raise capital for further expansion.
The specialist lettings agency runs 142 franchised offices – and wants to raise up to £8 million from floating on AIM. Continue reading Letting Agent Plans £8 Million Stock Market Float
Landlords can take the strain out of comparing letting agents to find the best deal with a new online service.
The site lets landlords list details of their property for free – and invites local letting firms to pitch their deal against the clock.
Continue reading Getting Letting Agents to Bid for Your Business
I am writing this blog to balance out another article on this website and to raise a question about whether it is reasonable for a business to be exposed to a trial by social media.
Is it even possible that a group formed on Facebook could muster up enough support to potentially bring an established business to its knees without a fair trial? Until this week I would have thought not but I have evidence that it is happening right now. Continue reading Letting Agent Ripped Apart by Social Media