Gibbins Richards

Details: Published: 26 December 2023; Hits: 178

Have you decided to make a few changes in 2024? Vowed to get fit, work less or take up a new hobby?

Well, if you’re a landlord, why not make a few property-related resolutions too?

Think about it – if you can introduce changes that make managing your rental less stressful and more efficient, you can spend more time focusing on your personal goals.

Here are five resolutions that could save you time and money.

Insurance

Note down when your landlord insurance is due for renewal, so you’ll have ample time to shop around for a new deal. (Never automatically renew in case your insurer has significantly hiked premiums or the standard excess, in the hope you won’t notice.) Ensure there are no glaring omissions in a policy that could leave you vulnerable. With the recent spate of bad weather, check you’re covered for flooding and water damage.

Letting agent

Did your letting agent deliver the goods as promised this year? If the service was mediocre at best, speak to other local letting agents and see what they can offer. While you’ll obviously weigh up the financial side of things, don’t overlook interpersonal factors. It’s essential to choose a letting agent you can trust to take good care of your property and tenants.

Property management strategy

Being well-organised can help you stay on top of maintenance and nip minor issues in the bud. Schedule all electrical and gas safety checks, appliance servicing and inspections in a calendar so you know when they’re due.

Long-term upgrades

Spending the bare minimum on property maintenance can be a false economy. Finding good quality tenants is much easier if your rental feels fresh and modern. Also, bear in mind that older kitchens, bathrooms and boilers may require more repairs. Sometimes it’s wiser – and better value in the long run – to upgrade instead of patching things up repeatedly.

Improve communication

A good landlord / tenant relationship can make life much less stressful for both parties. Encourage your tenants to contact you if there is an issue, but don’t rely on them alone to flag up problems. They may be reluctant to reach out for fear they’ll get the blame for the issue, or they may not realise the dangers of leaving a minor problem unaddressed.

Details: Published: 18 December 2023; Hits: 209

There’s no doubt that 2023 was challenging for the private rental sector, but looking ahead, landlords have plenty of reasons to be cheerful.

While no one knows precisely what will happen in 2024, economists believe interest rates and inflation have peaked, and that the economy will continue to rally.

Here’s an idea of what forecasters predict for the next 12 months*.

Demand

The long-term imbalance between supply and demand in the property market shows no sign of abating. So, the strong levels of demand and high occupancy seen this year look set to continue. Zoopla predicts rental growth of 5% to 6% in 2024 (this year, it nudged 9%).

Changing search criteria

As a result of the increased cost of renting, there has been a rise in renters sharing with other people, looking for homes in cheaper areas and looking at smaller properties. The latter is part of a long-term trend. The Resolution Foundation says that over the past two decades, there’s been a 16% reduction in floor space per renter.

Energy efficiency

The high cost of heating and powering a home means many tenants are paying closer attention to the energy efficiency of a property – a trend expected to continue into 2024. About 57% of renters say they’d be less likely to look at a property if it had a very poor energy rating (Shawbrook Bank).

Mortgages

After several rises in interest rates this year, the tide appears to be turning. The Bank of England base rate is currently stable and could fall to 4% by the end of 2024 (Source: Berenberg Bank) and 3% by the end of 2025 (Source: Capital Economics).

It’s unlikely we’ll see a return to the historic lows we saw a few years ago, but many will welcome the fact that the mortgage market appears to be steadying.

Meanwhile, landlords should also expect to enjoy a wide product choice when arranging a mortgage. Back in October 2022 (when we were all reeling from the ‘mini’ budget), there were 1,000 buy-to-let fixed-rate and variable products on the market. A year later, that figure has grown to 2,500 (Source: Moneyfactscompare.co.uk).

Inflation

This year, inflation had a noticeable effect on the cost of materials and labour for repairs and renovation. However, change is afoot. Price rises are slowing (inflation was 4.6% in October, down from 6.3% the month before). Number crunchers at the Bank of England expect inflation to be 2% by the end of 2025.

If you’d like more insights on the local rental market, contact us here at Gibbins Richards Lettings and Management Ltd today.

*None of us has a crystal ball. The figures in this article are predictions, not guarantees.

Details: Published: 11 December 2023; Hits: 179

Landlords are often portrayed as Grinch-like characters. Devoid of fun, lacking humanity and relentlessly greedy.

In our experience, working with dozens of landlords, this Scrooge stereotype simply isn’t true. In fact, we often get contacted by generous landlords seeking ideas to spread a little Christmas cheer to their tenants. So, with that in mind, ho, ho, how’s this for five little things that can make a big difference when it comes to building goodwill and rapport?

Personalised simplicity
A handwritten Christmas card can go a long way. Tailor each message to show you know and value your tenants. It’s the thought that counts, and this personal touch gets remembered.

Feelgood festive treats
Everybody loves a goody bag – especially at Christmas. Assemble small bags of seasonal treats like chocolates, biscuits or even a small Christmas ornament. It’s a sweet gesture that brightens your tenant’s day, making them feel good and showing you value them.

Seasonal upgrades
Consider minor seasonal upgrades to the property – a new doormat or improved lighting for these darker months. It may be your investment / property, but it’s worth remembering it’s also your tenant’s home.

A winter warmer
Offer a winter maintenance check-up, ensuring heating systems run efficiently and the property is weather-proof. It’s a practical ‘gift’ demonstrating your commitment to your tenant’s comfort.

Recognition of loyalty
Acknowledge long-term tenants with a token of appreciation for their loyalty, such as a local coffee shop / restaurant / gift shop voucher. It recognises their tenure and supports local businesses – a double dose of festive goodwill.

A little Christmas cheer from landlords can make a big impact.

Whether it’s a personal card, a festive treat, thoughtful property upgrades, a timely maintenance check or a heartfelt token of appreciation, these gestures build goodwill and show tenants they’re valued.

Details: Published: 04 December 2023; Hits: 203

Forecasters predict this winter will be cold and dry – making it likely we’ll get lots of snow.

While this is excellent news if you’re a skier, if you’re a landlord, it means there’s no room for complacency when it comes to maintenance and repairs.

Freezing temperatures can cause all sorts of property damage, so it’s vital that your rental is ready for the tough months ahead.

Here’s a list of seven ways to winter-proof your property to avoid expensive repair bills and ensure that you and your tenants can rest easy on cold, dark nights.

Schedule a chat with your tenant and ask them if any minor issues need looking at (better to hear about problems now and rectify them). Also, check your tenant can locate the stopcock. Explain that if a pipe bursts, they should turn off the mains water to minimise damage.
Have the boiler checked by a qualified professional and bleed the radiators so that they’re working efficiently.
Cover pipes that are located outdoors or in colder areas of the property with lagging so that they don’t freeze. A frozen pipe can mean no hot water or heating (a problem in itself), but it can also cause a bigger issue. If the pressure in the system builds up, the pipe could burst and cause extensive damage to floors, walls and ceilings.
Clear out the gutters and remove any leaves, twigs and moss. Also, check that the water is running off – you don’t want it building up in the guttering or running back onto the property. If this is the case, the water will seep into brick and timberwork and cause dampness.
High winds can wreak havoc on fences and sheds, so ensure that everything is fixed to the ground. Also, look out for wobbly gates or shed doors that don’t close properly (as they’ll flap about when it’s windy).
Check over your landlord insurance and note down the renewal date (just in case it’s due to expire over the holiday period). Ideally, your policy will cover flooding, water leaks and storm damage.
If you have outdoor lighting, ensure it’s in good working order. It’s reassuring for your tenants to see what they’re doing if they come home from work in the dark.

If you’d like more advice about managing a property over winter or to learn about our property management services, contact us here at Gibbins Richards Lettings and Management Ltd today.

Details: Published: 27 November 2023; Hits: 232

As any experienced letting agent or landlord can advise you, ‘expect the unexpected’ when it comes to rental properties.
And that’s why it pays to follow the Scouts’ motto and “be prepared”.
Being prepared for any eventuality can mean the difference between a minor hiccup and a full-blown catastrophe if you’re a landlord.

With that in mind, we’ve created a Landlord Emergency Kit.

Let’s dive into five essentials that can save the day.

Back-up keys

Locked-out tenants? Spare keys can quickly resolve this common issue. Store them in a secure yet easily accessible place, and always have duplicates for all doors and gates on the property.

Important contacts list

A printed list of essential contacts can be invaluable, whether it’s an electrician, a plumber or emergency services. Make sure to also have digital back-ups, ideally on your smartphone.

Basic tool kit

From tightening a screw to securing a loose gutter, a basic tool kit can help. Include essentials like a hammer, screwdrivers, a wrench and pliers.

Property information folder

Keep an organised folder containing essential information about the property. This can include gas shut-off locations, water mains and electrical fuse boxes. It can also feature your insurance policies, guarantees and tenancy agreements. It’s a good idea to keep this in a printed folder and have a digital cloud version.

An experienced letting agent

In urgent situations, an experienced letting agent who knows their stuff is the difference between a drama and a crisis. A good letting agent is experienced in emergency protocols and can coordinate repairs or services at the drop of a hat. They’ll have vetted contacts, ensuring you get reliable and swift service. And if you’re in the thick of an emergency, they can be your point of contact for tenants so you can focus on the bigger picture.

With a well-equipped Landlord Emergency Kit at the ready and a good letting agent within easy reach, you’ll have peace of mind and instil confidence in your tenants.