Gibbins Richards

Details: Published: 03 October 2022; Hits: 602

How to Be a Smart Landlord

It’s fair to say that tenants’ needs have changed in recent years. With more people working from home than ever, has your rental property got the tech to appeal to top tenants?

In the current digital age, there are countless smart apps and devices that can help your property stand out in a crowded market.

In this quick read, we look at some easy ways to become a tech-savvy landlord, attract the best tenants and save money.

Broadband
Let’s start with the basics. Everyone wants to be connected, so ensuring you offer the fastest broadband at your property is a must. While there’s no obligation to provide tenants with broadband, it’s much better to get it installed before a property is occupied rather than receiving irate calls from fed-up tenants struggling to connect (or letting them do it themselves)

Smart meters
If your rent includes bills, then a smart meter is an excellent way to understand how much you’re paying and identify potential savings. Similarly, if your tenant is responsible for bills, a smart meter will make them aware of their energy usage and spending. Smart meters are being rolled out to anyone responsible for paying energy bills and are an essential budgeting tool in the current cost of living crisis.

Smart heating
This wireless thermostatic device is a great way to save money and energy. It allows tenants to control the property’s heating from their phones, so if they’re going to be home later than expected, they can adjust the thermostat accordingly. The temperature can be controlled on a room-to-room basis and uses artificial intelligence to learn people’s heating needs.

Smart doorbells
These not only improve the security of your property but make a home more attractive to renters as they can see who’s coming and going and manage deliveries. With the added ability to record and store footage, this is a great safety feature.

Smart lighting
Smart lighting is a great asset if you own an HMO with communal areas. It allows you to control the times when lights come on and off or when motion is detected – saving money and reducing energy expenditure. Landlords of high-end properties can take smart lighting to another level, offering tenants mood lighting – all controlled by an app.

Smart smoke detectors
Installing smoke detectors is a legal requirement for all rental properties. But why not go one step further and install a smart smoke detector that will notify you if there’s a problem. This is helpful if your property is vacant or your tenants are away, as you can act quickly to ensure the safety of your rental.

If you’ve got a property to let out, contact Gibbins Richards Lettings & Management LTD, so we can find you the right tenants.

Details: Published: 26 September 2022; Hits: 597

Gen Z – the New Tenants You Want in Your Rental

They’re young, they’re moving out of their parents’ homes, and they could be your next tenants. We’re talking about Generation Z, the workforce of the future and a generation that’s ready to pay rent.

Over the next three years, it’s estimated that Gen Z (born between 1996 and 2012) will pay a larger share of the UK rent bill than any other age group, as found by property giants Hamptons.

While it’s true that some 20-somethings choose to stay in the comfy nests made by mum and dad for a bit longer than other age groups, more and more are cutting the apron strings and venturing into the rental world. So, what do you need to do to attract the best Gen Z tenants?

Get connected
Gen Z don’t know a world without the internet. Wireless technology, smartphones and streaming are the norm. (Most won’t have ever seen a cassette tape. A Walkman? What’s that?)

Fast, reliable broadband is a necessity. In fact, not having broadband already installed in your property would probably be a huge drawback for Gen Z tenants, as much of their life revolves around being connected.

Office kit-out
At this age, some might be starting their first jobs, but others already make up the army of employees totally used to working from home. With this in mind, location and proximity to transport links may not be as important as they once were to tenants. In fact, Gen Z has been described as the first generation of digital nomads (able to work from anywhere).

So, now what really matters is home office space. Furnishing a rental property with desks and chairs or a cool breakfast bar (for coffee shop vibes), having enough plug points, wireless internet and so on will help boost a property’s desirability.

Communicate
Described as a generation of savvy consumers who value integrity, sustainability and ethical buying, Gen Z tenants are likely to be passionate about things like home improvements, tenant rights and eco-friendly properties. So, to be a good Gen Z landlord, it’s important to keep an open line of communication and be prepared to be challenged if you fall short of your obligations.

Use a reputable letting agent
If you want your rental property to reach potential Gen Z tenants, the best way to do so is by working with an experienced letting agent. They’ll have tried and tested marketing strategies to target young professionals looking for rental properties (and access to a marketing budget which you might not). Take advantage of their skills and expertise by hiring a team that can find you the best tenants for your property.

If you need tenants for your rental property, contact Gibbins Richards Lettings & Management LTD to get the search started.

Details: Published: 20 September 2022; Hits: 596

How Much Rent is Your Property Worth?

As a landlord, you want to earn a good return on your property investment, but how do you decide what rent to charge? In the current market, rents are at an all-time high, but what’s the fairest way to set your monthly price?

Check out the local area

While not all properties are the same, researching the local market is the first step towards finding out how much rent to charge.

Use a combination of local agent sites and nationwide property portals to do your research. Start with a general area check and then make it more postcode specific. Look at what landlords with similar properties (for example, a two-bed flat with one bath) in the same area are charging.

Does your property have a USP?

Factors such as outside space, private parking, modern fittings and proximity to transport and amenities will impact the amount of rent you can charge.

Don’t get greedy

Yes, the demand for rental properties is currently high. However, it’s worth remembering that tenants are extremely savvy and will have done their own research. You may lose out in the long run by setting your property’s rent at the highest level, as the price could put people off before they even arrange a viewing. And even if you do secure a good tenant, they may move on quickly (meaning you have to go through the tenant selection process all over again) if they feel they are paying above market value.

Cover your expenses

While owning rental property is widely considered a sound investment, it’s important to understand that monthly or annual rent is not pure profit. Ensure you’ve accounted for all your expenses such as mortgage payments, service charges and ground rent (for flats), taxes, utility bills, insurance and maintenance.

Use an experienced letting agent

You may want to avoid fees and find your own tenants; however, this can be risky as you won’t have access to the same resources an agent has. An experienced agent can provide you with an accurate rental valuation, market your property, organise viewings and save you a lot of time and hassle (plus, you can claim agent fees as an expense on your tax bill).

If you need a rental valuation, contact Gibbins Richards Lettings and Management Ltd. We have a database of potential tenants and are ready to get your property rented.

Details: Published: 12 September 2022; Hits: 611

Landlords – A Legally Important Date for Your Diaries

A significant change in how rental properties must be maintained comes into legal effect on Saturday, October 1st 2022.

The law affects what alarms landlords must provide in their properties to protect against potentially lethal carbon monoxide poisoning.

Failure to comply with the new rules can result in landlords getting a hefty fine.

The new Regulations, as outlined in the government-issued Smoke and Carbon Monoxide Alarm (Amendment) Regulations 2022: guidance for landlords and tenants state:

1. Landlords must ensure at least one smoke alarm is equipped on each storey of their homes where a room is used as living accommodation. This has been a legal requirement in the private rented sector since 2015.

2. Ensure a carbon monoxide alarm is equipped in any room used as living accommodation which contains a fixed combustion appliance (excluding gas cookers).

3. Ensure smoke and carbon monoxide alarms are repaired or replaced once a landlord has been informed and checked they are faulty.

Local authorities enforce the requirements. They can impose a fine of up to £5,000 if a landlord fails to take action following a remedial notice.

And while there’s no need to panic, it is worth acting as quickly as possible to ensure your rental property and/or property portfolio is compliant.

Several types of tenancies are exempt, including care homes, student halls of residence and shared accommodation with a landlord.

And remember, ignorance isn’t a defence, and by acting now (if you haven’t already), you’ll protect yourself, your tenants and your rental investment.

As with any significant legal change, landlords must know further caveats and details. Alternatively, use a letting agent who does.

Our friendly team of experienced experts are available to answer any of your questions and/or refer you to trusted tradespeople who can install the alarms.

Thanks for reading, and stay safe and legally sound.

Details: Published: 05 September 2022; Hits: 611

Why Tenant Reference Checks Matter to Landlords

Landlords, you know that good tenants are hard to come by. Those that care for your property like it’s their home (because it is), who won’t call constantly with silly problems and who pay their rent on time.

So, what’s the first step to finding them?

It might feel like a boring admin exercise, but a thorough reference check is more than just finding out whether someone can meet the monthly rent.

Unfortunately, lots of landlords cut corners when it comes to this stage.

In this two-minute read, we look at some common mistakes landlords make when it comes to referencing.

Doing it themselves

If you’re a landlord trying to save every penny, be warned: scrimping on a tenant reference check could lose you future rental income. A reference not only looks at whether a tenant can afford the rent, but also informs you of their past credit history, employment history and previous dealings with former landlords.

If you go it alone, you may miss vital information and find yourself in trouble later.

Ignoring Right to Rent rules

In February 2016, the Right to Rent scheme was passed. This requires landlords to ensure that their tenants have the legal right to live in the UK. If you’ve skipped the referencing stage, or not checked proof of identity records properly, you could face hefty fines if your tenant is found to be illegally living in the UK.

No references from previous landlords and/or employers

It’s not all about the money. You want to know what type of person your tenant is and how they will treat your property. The referencing process allows you to make checks with previous landlords and/or employers, so you can get a feel for who your tenant is. If a previous landlord reports that they were late with rent or damaged the property, you can avoid yourself a lot of hassle.

Not using a letting agent

Letting agents deal with landlords and tenants every day. They know the referencing process inside out, so why wouldn’t you use them? Yes, you may save some money on fees, but it’ll be worse if you choose a tenant without making the proper checks and they fail to pay the rent completely.

With the Renters Reform Bill looming, landlords should take every step to protect their properties and incomes, and a reference check is essential.

If you’ve got a rental and need help finding trustworthy tenants, contact Gibbins Richards Lettings and Management Ltd today. We know what makes a good reference and can help you find the right people for your property.