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In today’s climate, it’s easy to paint landlords with the same brush – viewing them solely as money-grabbing opportunists.
As a letting agency that’s part of a network of like-minded agents, we get to see the rental business’s good, bad and ugly side.
Yes, there are some unscrupulous, greedy landlords. We do our best to avoid these.
However, many landlords strive to do the right thing for their tenants.
We’ve gathered some inspiring tales that highlight the, more often than not, unpublicised acts of kindness that landlords have done and continue to do.
- In one remarkable situation, a landlord had ten offers for a rental property. He could have easily let the highest bidder win, but instead, he offered the home to a family for £100 less than the asking price because their urgent need moved him.
- When the pandemic hit, many landlords nationwide rose to the occasion. We heard of several who voluntarily lowered rents to ease the financial burden on their tenants. No questions asked, no fuss made – just good-hearted consideration during a trying period.
- We’ve also heard about landlords who’ve extended their empathy to mental health. A tenant, struggling with numerous life events, fell behind on rent. Instead of eviction, the landlord gave him time and assisted with funding for private counselling.
- One landlord went above and beyond in an international context – providing a Ukrainian family, who fled a life-threatening situation, a rent-free property for a year, potentially forgoing £24,000 in annual rent.
- Then, there are those annual gestures that warm the heart. Like the landlord who offers half-price rent every December or others who’ve waived a month’s rent for tenants undergoing treatment for serious health issues, such as chemotherapy or heart surgery.
These accounts come from all corners of the UK, and we have come across similar local stories. They show that not all landlords fit the negative stereotype often portrayed in the media.
They remind us that many landlords view their role not just as a business venture but as an opportunity to make a genuine, positive difference in someone’s life.
To these landlord legends, we say a heartfelt ‘Thank you’.
You’re renewing our faith in human nature, one rental agreement at a time.
Thanks for reading.
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The expression ‘safe as houses’ has been used for almost two centuries to describe something that is rock-solid and risk-free.
But thanks to the elaborate efforts of a small but growing number of fraudsters, not even property is as safe as you think.
Since the pandemic, there’s been a steady increase in what’s known as Title Fraud or House Hijacking. This crime involves an elaborate ruse where a fraudster poses as the homeowner (after knocking up fake ID and documents) and sells it to an unwitting buyer.
Often, the scammer targets cash buyers (to avoid scrutiny from lenders) and markets the property at a knockdown price (to push the sale through quickly). They may also ‘encourage’ the buyer to use a specific conveyancer (who is part of the con).
If the fraudster evades all the usual checks and balances that are supposed to flag illegal activity, they make off with a large sum of cash.
When the genuine owner of the property and the ‘new buyer’ realise what’s happened, they face a lengthy legal process to sort the mess out.
Who is most at risk?
Fraudsters target mortgage-free properties that are empty or tenanted. If the property is vacant, it’s easier to arrange viewings without being detected. There have also been cases where a tenant has posed as the owner and put the property on the market.
Protect your property
To safeguard against such events, HM Land Registry is urging property owners to sign up to its free alert service. It only takes a few minutes, and then you will be notified if anyone attempts to change the register for your property.
If you’re a landlord – especially if you don’t live near your property or spend lots of time abroad – do it today.
You can also put a restriction on your title that prevents a sale or mortgage on the property being registered unless a solicitor has certified that you – the rightful owner – made the application.
A further step is to get a letting agent to manage your property and act as an extra pair of eyes on the ground. A letting agent will also conduct regular inspections to ensure nothing suspicious is going on.
For more information about our property management services, contact us at Gibbins Richards Lettings and Management Ltd today.
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So, you think you’ve mastered the art of letting properties?
With every tenant you place and every lease you renew, you grow more confident in your prowess as a confident, caring and capable landlord.
But are you one of the best landlords?
We’ve put together a quick quiz to help you find out.
Do you regularly update your properties?
A. Of course! I make sure everything’s in top shape.
B. When I remember.
C. Not unless something breaks.
D. I leave that to my letting agent.
How would you handle a late rent payment?
A. Discuss a repayment plan.
B. Issue a late fee.
C. Eviction notice right away.
D. Consult my letting agent for the best course of action.
What’s your go-to marketing strategy?
A. Social media & online platforms
B. Traditional newspapers
C. A sign in the window
D. I let my experienced letting agent handle it.
How quick are you to respond to repair requests?
A. Within 24 hours.
B. Within a week.
C. Whenever I can.
D. My letting agent responds promptly for me.
What do you value most in a tenant?
A. Reliability and communication.
B. Ability to pay the highest rent.
C. Lack of complaints.
D. Whatever qualities my letting agent recommends based on their experience and knowledge.
Scores on the doors:
Tally your answers and find out if you are among the best landlords.
Mostly As: Congratulations, you’re a model landlord. You’ve got the perfect mix of attentiveness, professionalism and knowledge.
Mostly Bs: You’re doing well but there’s room for improvement. Consider brushing up on best practices.
Mostly Cs: You may want to revisit your approach to being a landlord. Your tenants and your bottom line will thank you for it.
Mostly Ds: Smart move! You understand the value of a trusted, ethical letting agent in managing properties successfully.
Whether you’re an old hand at this or relatively new to being a landlord, there’s always something fresh to learn.
And remember, being a great landlord isn’t just about you—it’s about providing an excellent experience for your tenants, too.
If you’re a ‘Mostly Ds’ kind of landlord, it seems you’ve already got that in the bag. If you’re looking for any lettings advice, contact us today.
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In this Halloween Special, we look at five scary things landlords need to be mindful of to avoid nightmares.
- The ghostly guarantee of quick tenants
Some letting agents will convince landlords that finding tenants is a quick and painless process. However, rushing it without proper checks and considerations can lead to choosing the wrong tenant. Patience and due diligence will save you from a frightening future filled with unexpected issues.
- The curse of the bad tenant
Many landlords dread being trapped in a lease with a problematic tenant. This doesn’t have to become your reality. Thoroughly understand your rights and responsibilities and follow proper procedures. The best way to avoid this scary scenario is to work with a reputable letting agent who will guide you from the beginning.
- Beware the zombie-like online valuations
Online valuations can resemble zombies devoid of reality and intelligence. They might provide a rough idea, but only a detailed, in-person professional valuation can capture your property’s unique aspects. Don’t let generic algorithms zombify your rental value.
- Devilish dodgy DIY repairs
Thinking you can fix everything yourself might seem like the most intelligent move, but consider this: while some DIY repairs are possible, hiring professional tradespeople ensures high standards are met, keeping you and your tenants safe from the curse of poorly done fixes.
- The phantom of the “perfect tenant”
Chasing the phantom of the “perfect tenant” can lead landlords down a path of never-ending nightmares. Rather than pursuing an elusive ideal, focus on realistic expectations, clear communication and a strong relationship with your tenant to foster a harmonious rental experience.
Don’t be spooked by rental myths and misconceptions.
A good letting agent who treats your rental investment like it’s their own can be the difference between having blissful peace of mind or having a feeling of dread whenever the phone rings.
Thanks for reading, and Happy Halloween.
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For landlords, having the right insurance coverage is not just a box to tick. It’s an essential safeguard for your investments.
But simply having insurance is not enough; understanding the policy’s specific requirements and declaring everything accurately is crucial.
In the following cautionary tale, we’ll explore a real-life incident involving a landlord who learned this lesson the hard way. The names and details have been changed, but the lessons remain valuable for all landlords.
The story
A diligent landlord, let’s call him Martin, was confident he had secured the right landlord’s policy with a reputable insurance company.
He was upfront and honest with them about renting out his property.
He leased his three-bedroom house to a tenant, let’s call her Sarah.
Martin believed Sarah was a working professional, but she was actually a stay-at-home mother of two, using independent means to pay the rent.
Which she did – on time, every time.
While Sarah was on an extended family overseas trip, a water pipe in Martin’s property burst.
This caused a considerable amount of damage.
Despite informing the insurance company about renting out the property, Martin was entangled in a complicated situation.
The investigation revealed that not all the details about the tenant were declared correctly. It was an honest mistake, but it highlights how important it is to correctly fill in any insurance-related forms.
The consequence? A clean-up bill of nearly £25,000 that Martin was liable to pay.
This incident is not merely a mishap; it’s a stark warning.
While the claim was unrelated to the undisclosed details, it significantly reduced the payout.
There’s no happy ending, but we can learn much from this tale.
Understanding your policy, knowing your tenants and having clear provisions in your tenancy agreement is not just paperwork – it’s protection.
Ensure you have the correct level of insurance for your rented properties and that all details are transparently declared.
Don’t let a small oversight become a massive liability.
If you are in any doubt about your rental insurance whatsoever, speak with us.
We can point you in the right direction about comprehensive rental insurance and answer any questions you have.
