Lockdown Update

Can I still market my rental property?

Following the recent announcement by the government that England will move into a new national lockdown we can confirm that agents can continue to work and house moves are permitted to go ahead.
The guidance states:
“You can still move home. People outside your household or support bubble should not help with moving house unless absolutely necessary. Estate and letting agents and removals firms can continue to work. If you are looking to move, you can go to property viewings. Follow the national guidance on moving home safely, which includes advice on social distancing, letting fresh air in and wearing a face covering.”
With this in mind a Tenants’ safety should be letting agents’ and landlords’ first priority and tenants consent must always be obtained to carry out any visits to the property.

If you need any further information please do not hesitate to give us a call 01709 365584.

You can find more information by following the link below:
https://www.gov.uk/guidance/national-lockdown-stay-at-home#moving-home

LET US LET YOU

Our Promise to Landlords

At Bricknells we take our responsibility to our landlords very seriously.

We are proud to be an independent estate agency because that allows us to give a far more personal service to our landlords and tenants.
That’s why we’ve put our commitments down on paper and have created the Bricknells Landlords’ Care Charter. It’s our promise to our landlords and we are delighted to share it with you.

1) We will always treat you in an honest, respectful, friendly and professional way.
2) Our fees are transparent with no nasty hidden ‘surprises’.
3) We will always provide timely feedback on any rental offers your property has received.
4) We will always do our very best to accompany you on every viewing.
5) We will always respond to your questions and enquiries within a working day.
6) We are here to help you and will answer all your questions in a patient and professional way. If you need us, we are just a phone call or email away.
7) We hold all the required insurances and industry qualifications to give you total peace of mind.
8) Above all else we will always be honest, professional and friendly.

Thanks for reading and if you have any other property related questions please don’t hesitate to get in touch with us – we’d love to help you.

Black Friday and why you should be wary of cheap letting agents

On November 27 (2020) the phenomena that is Black Friday will sweep the USA and more increasingly than ever – the UK and indeed many other parts of the globe.

Online giants Amazon have already started a countdown in the run up to the day which sees prices dropped, shoppers go bonkers and sales rocket.

It’s not just Amazon and other retailers, who believe that going cheap is a good way of gaining business.

We’ve seen some lettings agencies do it too. Although not themed around Black Friday we’ve come across several agencies whose fees are so low it leaves us thinking ‘how can they charge that and still give a good level of service and expertise?’

The trouble is they can’t and a ‘Black Friday’ approach to lettings and property management doesn’t work. Over the many years we’ve been in the business we’ve seen agencies try this cheap and cheerful route but become unstuck.

It’s an unsustainable business model.

Landlords and tenants both suffer from ridiculous low fees as something has to give. It could be the calibre of staff working in pile them high and let them cheap outfits. Or the level of property management, inventory or inspections that is provided.

The old adage you get what you pay for is particularly true in the world of property.

We have always been about charging a fair fee but delivering a superb, personal service and we like to think our track record and testimonials prove that approach works for the landlords we serve.

Having a successful working relationship with landlords and tenants takes time to build rather than a ‘buy now, gone tomorrow’ way of running lettings agencies.

Like everyone else we love a good bargain but some cost corners are not worth cutting.

Thanks for reading and if you have any other property related questions please don’t hesitate to get in touch with us – we’d love to help you.

PS: If you want to let your property quickly, professionally and cost effectively call our team on 01709 365584 or email: enquiries@bricknells-rentals.co.uk for honest, expert and friendly advice.

Things to Consider When Choosing a Letting Agent

The letting agency business is a very competitive one. And with so many different agents to choose from finding the right one to let your property can be bewildering.


That’s why we came up with these tips to make our landlord’s lives easier.


Here are six things to consider before you instruct a letting agent to market and possibly manage your property.


1) Do they have a track record in renting properties like yours? Ask for evidence of properties like yours that they have let and achieved a good monthly rent on.
2) Do they have client testimonials? A good agent will always have previous clients who will vouch for them or have positively reviewed them.
3) Do you like them? You’ll be working closely with the agent you choose so it’s important that you like and trust them. If in doubt, go with your instinct.
4) Fees and costs. Remember the old saying ‘If you pay peanuts you get monkeys’? Well it’s never truer than in the world of estate agency. Those agents who offer very low fees are often desperate for instructions so they go in very low on commission fees.
5) Where do they advertise? Increasingly buyers begin searching on the internet. So, ask the agents where they advertise. It’s also worth asking an agency how its marketing strategy differs from its competitors. What makes it stand out from the crowd?
6) What kind of contracts do they offer? Ask the agents about the length of their standard contracts. Usually it’s three months.


Thanks for reading and if you have any other property related questions in addition to those above please don’t hesitate to get in touch with us – we’d love to help you.


PS: If you want to let your property quickly, professionally and cost effectively Call our team on 01709 365584 or email: enquiries@bricknells-rentals.co.uk for honest, expert and friendly advice.

Landlords Insurance – A waste of money?

There are plenty of things in life which turn out to be a waste of money.

Such as buying shares in the social networking site Friends Reunited just before Facebook rose to absolute dominance.

Or the scores of unknown footballers around the World brought for millions by English clubs and who never even graced our green and pleasant pitches.

Just a couple of examples of money going down the proverbial drain. There are plenty more.

However, in our experience landlord’s insurance isn’t one of them.

We need to qualify that last statement a little. Good landlord’s insurance is a worthwhile use of money and often very good value.

The quality of policies and what they cover vary enormously. Like many things in life the cheapest option is rarely the best and is cut price for a reason.

Insurance policies not only give you peace of mind but when they are needed can save you time, money and a lot of hassle.

There are two main types of insurance we recommend to landlords, legal and rental. Both are good investments.

Legal insurance covers you if you ever have to get solicitors involved in a dispute with a tenant. Usually these disputes involve damages or rent arrears.

There’s also rental protection. This does what it says on the tin and protects you if a tenant stops paying their rent.

Again we’ve seen this cover serve landlords well in the past especially if the monthly payments are going towards paying on a mortgage on the property.

Home emergency repair insurance is also something worth considering. It gives the landlord cover if say for example a pipe bursts or something unexpected happens.

These policies usually offer a 24/7 service which means the issue is fixed quickly in most cases.

Don’t forget buildings and contents insurance.

Even if you don’t have a mortgage on the property you’ll still need buildings’ cover.

And if you’re property is not furnished contents insurance is often still worth having as building cover does not include your carpets, curtains etc.

So when it comes to being covered it’s certainly not a waste of money.

Thanks for reading and if you have any other property related questions please don’t hesitate to get in touch with us – we’d love to help you.

 

PS: If you want to let your property quickly, professionally and cost effectively call our team on 01709 365584 or email: enquiries@bricknells-rentals.co.uk for honest, expert, and friendly advice.

Landlords and the Law

Being a landlord is a responsible role and carries certain legal obligations.
Below is a very brief summary of just some on the areas covered by laws and regulations.

Consents to Let
Do you have permission from your mortgage lender to let the property?

Tenancy Agreement
This is a very important document in the lettings process. The Assured Shorthold Tenancy (AST) is the most common type of agreement which provides the tenant with certain protections and gives the landlord rights to regain possession.

Gas Safety
Every gas appliance must be checked before a tenant moves in and annually thereafter.

Electrical Safety
Every rental property must have a valid EICR and all electrical appliances in the rented property must be checked by a qualified engineer to verify their safety.

Energy Performance Certificate
As a landlord, your property must have one of these certificates assessing its energy performance.

Smoke Alarms
Properties built after 1992 must have mains wired smoke alarms on each floor. We strongly recommend that landlords provide smoke and carbon monoxide alarms in their properties.

Tax on Rental Property Income
All rental income from property in the UK is taxable. If you are unsure of your liabilities contact a specialist tax accountant.

Tenancy Deposit Scheme
For all AST’s the tenant’s deposit should be registered with a recognised deposit protection scheme.

Inventory
Before the rental starts a full inventory should be undertaken and supplied to both the landlord and tenant.
*The information here is for guide purposes only. It does not constitute legal advice.
Thanks for reading and if you have any other property related questions please don’t hesitate to get in touch with us – we’d love to help you.
PS: If you want to let your property quickly, professionally and cost effectively call our team on 01709 365584 or email: enquiries@bricknells-retnals.co.uk for honest, expert and friendly advice.

Let us let you

What’s Next for the Rotherham Property Market?

There is no doubt that Coronavirus will affect the Rotherham property market, but just
how?
The ensuing economic challenges are going to impact the Rotherham (and UK) property
market, yet no one knows the real answer. The newspapers eulogise different opinions, but
that’s all they are – opinions and everybody’s got a different opinion. The truth of the
matter is we don’t know and won’t know for another few months at least, if not more?
There have been some outstanding Government supportive measures both for tenants,
landlords, home buyers and sellers (including a pause on evictions for tenants, and for
landlords and homeowners, mortgage payment deferments and stamp duty reductions to
make buying a home cheaper), and whilst these are only temporary, they have done their
job, meaning there is a good level of activity in the Rotherham property market.
A lot of that is pent-up demand from a couple of years of uncertainty because of Brexit.
Also, we had the General Election in late 2019, so there have been so many reasons for
people to sit on their hands. At the beginning of 2020, it was like a water hose ready to
burst with the Boris Bounce in January and February. Then, just as things were beginning to
get going in the Rotherham property market, we had everything freeze up for months
during lockdown. So, since lockdown has been lifted …
the Rotherham property market is open once again for business
and there is unquestionably some impressive activity both in
the sales and rental market
So, back to the original question and where are we going? I think what we will see is a subtle
change to where people want to live because of the pandemic. People working from home
has shown that the need to be in the big cities has reduced and as employees have realised,
they can work very efficiently from home, plus they are happier and have a better work/life
balance. Their employers are also happy as they get more work out of their staff and can
reduce their costly office footprint in the cities. The same goes for Rotherham tenants as
they are wanting more from their rental homes. Three trends we have noticed is there is
greater demand for properties with gardens, greater demand for Rotherham landlords who
will accept pets (as they now can have them as they work from home) and finally, tenants
willingness to pay top dollar for ‘top of the range’ properties, whilst more basic and uncared
for properties without all the ‘bells and whistles’ need to go for a discount. There certainly
has been a flight to quality.
Yet, what worries me is the fundamental future uncertainty in 2021 and beyond. What will
things look like say in spring 2021 when the Stamp Duty reductions are phased out? Any
property sold needs to have completed by the end of March 2021 to take advantage of the
tax holiday, meaning you need to have sold your Rotherham property by November 2020 at
the very latest to ensure your property purchase and sale deal goes through in time (as it is
taking on average up to 17 weeks between sale agreed and completion). This is where the
difference between a great solicitor, brilliant estate agent and awesome mortgage broker
compared to average ones will show. Good ones, when all three are working together for
you, can get the sale through in 6 to 8 weeks, not the national average of 17 weeks,
meaning if you are cutting it fine, you might not be able to take advantage of the tax savings
in the Spring. Give me a call if you want to know who the best of the best in Rotherham are
to ensure you don’t lose out on those tax savings.
The value of the average Rotherham home
currently stands at £141,300
So, what is going to happen to the Rotherham property market? It really depends on the
economy as a whole and of course the property market is a large part of that. I know one
thing that buy to let landlords and home buyers don’t like is ambiguity and the British
housing market has always lived and breathed on emotion and sentiment. People will only
buy and sell property (and borrow the money to make those transactions happen) when
they feel good. Are all these things like Stamp Duty holidays just putting off the inevitable?
Are we heading for the mother of all property crashes?
Well, let me put sentiment and opinion aside for a second and look at the simple facts.
We have an increasing population,
yet we don’t build enough houses
Since 1995, we have built on average 150,200 properties per year. The Barker Report said
2004 the country needed 240,000 per year to satisfy annual demand for new homes and
whilst the number of new homes built in the UK last year rose 1% to a 13-year high, only
161,000 homes were built. That means over the last 25 years, with the difference between
actual homes built and the targets set out in the Barker Report, we have an inbuilt shortage
of 2,245,000 fewer homes, meaning.
Since the Millennium, property values in
Rotherham have increased by 169.4%
Other factors have contributed to that. The average age of a person leaving their parents’
home in the UK is 24.4 years and that has been dropping for a few years meaning more
homes are required. People are also living longer (in 2000 the average person lived until
77.7 years and now it’s 81.1 years – doesn’t sound a lot until one considers for each
additional year the average person lives in the UK, we need an additional 356,500 homes).
Finally, we have got immigration. In the year ending March 2019, 612,000 people moved to
the UK (immigration) and 385,000 people left the UK (emigration) – meaning a net increase
of 227,000 people (or a requirement of c.100,000 homes to house them in one year alone).
All those factors in themselves mean …
we have more demand for Rotherham property than we have
supply and that’s not going to change any time soon.
Property markets are driven (like all markets) by supply and demand so I believe Rotherham
property values can only rise in the long term. The question is whether Rotherham people
will have the sentiment and confidence to borrow money on a mortgage and invest in
Rotherham property, yet at the moment with ultra-low interest rates, borrowing money to
buy a home has never been so cheap and if you are in it for the long-term (which you should
be with property) then I think it’s good news.
One piece of good news is that mortgage lenders are willing to lend up to 90 per cent loan
to value mortgages for first time buyers (and in some rare cases 95 per cent), albeit with a
lot of strings attached … yet this is a good sign as the banks and building societies wouldn’t
be lending at these levels if they were too scared.
Investing in property, be it for yourself to live in or buy to let is a long-term game. We might
see an uplift in prices in the short term because of the demand mentioned above, then
again, we might see a dip in 2021 … yet again for the reasons mentioned above – until we
start to build new homes to the scale of 300,000+ a year (something that has never been
achieved since 1969), the long-term picture appears to be good. Be you a Rotherham
landlord, Rotherham house seller or Rotherham buyer, you have to be a lot more strategic
and thoughtful about what you are going to do. If you would like to pick my brains, drop me
a message on social media or pick up the phone.
So those are my thoughts, tell me your thoughts for the future of the Rotherham property
market?

12 Things Every Landlord Must Know

We serve landlords and tenants across Rotherham and take enormous pride in our reputation for looking after our clients.
During the years running a lettings and property management agency there’s not much we haven’t experienced.
This guide shares the top twelve things that every landlord, regardless of the size of their portfolio, needs to know and understand.

1. Choose your agent very carefully.
This is probably your biggest and most important decision. Look at the agent’s track record and ask to speak with landlords they work with.
Don’t be shy about asking what qualifications they have, which industry organisations they are members of and ask to see copies of their insurance policies if needed.
Above all choose an agent with experience, professionalism and one you feel you can have a positive and mutually beneficial working relationship with.

2. Price your property competitively.
In order to secure the best tenant you need to ideally have several applicants interested. Good quality applicants look for “a good deal”, or “value for money”. They don’t say to themselves, “I want to spend every penny I possibly can on renting a property.” No one thinks like that.
Rents are already higher than ever, so whatever you get can be already be considered as “very good”

3. Stay on the right side of the law
Pay attention to the legal side of the business, and it is a business. The industry is becoming very heavily regulated and getting even small things that go wrong can come back to haunt you and cost you so it is vital you are aware and well informed.

4. Be ready for unexpected costs
Budget for unexpected expenditure on the property as well as for void periods.
A good idea is to have a separate bank account where money towards maintenance and improvements is saved.
Landlords who do not have the finances in place to survive void periods tend to struggle and are under more pressure to let without properly vetting tenants.

5. Get Covered
Seriously consider taking out landlord insurance. This will typically include rent protection and legal protection. Rent protection will pay rent when the tenant defaults and a good legal protection policy covers you against virtually any legal dispute with your tenant.
In our experience this is often money very well spent.

6. Take out a British Gas Homecare policy.
Besides the assurance of one cost per year covering parts and labour, you can be assured of a prompt response at all times of year.
Independent contractors are often in high demand when the weather turns cold and might not be able to attend for several days, or even weeks!
A cold tenant is a very dissatisfied tenant, and the compensation claims soon come flooding in.

7. Use Gas and Electric Experts
When getting your gas and electric safety checks done, try to use a company which specialises in testing only.
This is usually better than choosing a company whose main income is derived from carrying out repairs and replacements to defective items.

8. Meet your Tenant in Person
This is a very important tip.
Try to meet your tenant before signing on the dotted line. It’s important that you feel comfortable with the long-term relationship you are about to embark upon.

9. Cheap is Rarely Cheerful
When carrying out repairs/refurbishments, don’t go for the cheapest options. Poor quality materials usually have a short lifespan and will cost you more in repairs and early replacement later on.
It’s usually more economical to go for better quality materials that will last considerably longer and prove a wiser investment.

10. Protect your Money
When instructing an agent to represent you, check that they have Client Money Protection insurance.
If things go wrong and your agent can’t or won’t pass on your rent to you, you could end up losing that money without this vital insurance.

11. Take time to Understand your Tenancy Agreement
Read the tenancy agreement early on. Check that it is appropriate to your property and your circumstances.
If you have any questions a good letting agent will have no issue in answering them and being fully transparent.

12. Choose Legal Advice Wisely
If engaging a lawyer for legal advice, ensure that they have in-depth knowledge of this very specialised industry.
Over the years we’ve heard stories of solicitors taking clients’ money claiming to know what they are doing and then going on to make a mess of it.
This can be a very frustrating and expensive experience for the landlord and is one that can be avoided by doing some research and recommendations.

Thanks for reading and if you have any other property related questions please don’t hesitate to get in touch with us – we’d love to help you.

Do we really need ‘real’ letting agents in this internet age?

If you believed all you heard from many online letting agents you’d probably think us ‘traditional’ agents are a dying breed.
Thankfully reports of our death have been greatly exaggerated (thanks to Mark Twain for that quote).
Firstly, let us clarify what we mean by ‘traditional’ agents and online companies.
As a traditional agent (sometimes referred to as a real agent) we have an office people can visit, we meet many of the landlords and tenants who we work with and am based in the area we serve.
Most online agents do everything, unsurprisingly online and can often be based miles away from the areas they are touting for business in.
There are many reasons why good letting agents are still thriving in these digital days. We emphasis the word good, as not all agents are.
Here are just a few of the reasons why in our opinion good ‘traditional’ agents are better than the online equivalent.
An experienced local letting agent is more likely to find a better, more suitable tenant in a shorter period of time and, quite possibly, at a better rental.
The lettings industry is and always has been a ‘people’ business. Does a landlord really want to rent their property to somebody they (or their agent) has never met before? Somebody that’s just filled in a form online and then been processed via some automated procedure?
Personally vetting tenants (and landlords) is one of the most important (and valuable) things we do as agency. We’ve seen plenty of situations where good references have been forthcoming however the tenant has turned out to be unsuitable.
By meeting potential tenants you can learn a lot about them. A face to face meeting can give an insight into their personality in a way which digital correspondence can’t.
We’ve also seen situations where referencing has been very much borderline.
Online agents tend to use the ‘computer says no’ approach and dismiss some applications due to criteria without speaking to the applicant first.
A quick phone call can sometimes unearth information that wasn’t on the forms and often gives you a feel for the person and whether or not they will make good tenants.
Every tenancy is different and every tenancy is individual. An automated process can never deal with such individuality as by design it’s set up to be process rather than people driven.
A good local agent will know each of their landlords and tenants personally, as well as know the property and the area – in detail.
They will tailor the tenancy agreement accordingly, and likewise respond to maintenance issues with the benefit of background knowledge.
Another point where good local agents differentiate themselves from online rivals is in terms of their availability.
Many online agents run their operations from call centre type set ups and don’t have out of hours office systems in place.
We take calls from landlords and tenants in the evenings and weekends in cases of emergency and as you’ll only have point of contact with us you will never feel you’re problem is being passed from pillar to post.
A good local agent is going to take care of EVERYTHING for the landlord. This frees up a landlord’s time and provides reassurance that everything is being handled with maximum efficiency by someone who does this day in, day out and in our case, for the past 21 years and counting.

Thanks for reading and if you have any other property related questions please don’t hesitate to get in touch with us – we’d love to help you.

PS: If you want to let your property quickly, professionally and cost effectively call our team on 01709 365584 or email: enquiries@bricknells-rentals.co.uk for honest, expert and friendly advice.

Eight easy ways for landlords to save money.

Everyone likes to get value for money and in the list below we show landlords eight ways to make money go further.

They are in no order but in in our many years as letting agents we find they all save landlords money. It’s not about being a cheapskate but it is about getting the best value for money.

  1. If using a letting agent ensure you check their full list of fees before instructing them – not just the headline ‘instruction grabbing’ rate. Check any ancillary charges as well. You might be surprised at some of the things some agents charge extra for.
  2. This is a potentially huge one. Check your mortgage. Consider using a good mortgage broker – it could be that there are better mortgage offers available and the saving could potentially be hundreds if not thousands of pounds over the year.
  3. Don’t try to let the property for the absolute maximum possible. Every day the property is empty is a day’s lost rent. Set the rent right and you will be more likely to have a number of interested people within days. Set it too high and you may have virtually no one interested in a whole month.
  4. Where possible rent your property unfurnished. You won’t necessarily get higher rents for a furnished property so why go to the expense of providing / buying items? In our experience, there’s very little for landlords to gain but a lot to lose when marketing and managing a furnished property.
  5. If you are providing white goods always ensure you have a fridge freezer in place. Fridges with a small ice box area are unpopular with tenants and for a little extra you can get a lot more for your money.
  6. If you have a garden, keep it simple. Elaborate outside areas require much more maintenance.
  7. UPVC window frames, doors and fascias last longer than timber ones so represent a better investment if you have to replace these at any point.
  8. A lot of the cheaper carpets on the market look exactly that. Cheap. They feel bad underfoot, don’t look good either and have a shorter life span than better quality carpets. Often by increasing your flooring budget by as little 20 % you’ll add years to the length of time the carpet will last.

There’s several more ways landlords can save money without cutting corners.

Thanks for reading and if you have any other property related questions please don’t hesitate to get in touch with us – we’d love to help you.

PS: If you want to let your property quickly, professionally and cost effectively call the Bricknells team on 01709 365584 or email: enquiries@bricknells-rentals.co.uk for honest, expert and friendly advice.