Need a helping hand?
Friday, April 1st, 2011Take the hard work out of being a landlord with these 10 things Baxtertodd Property can do for you…
Value your property
Baxtertodd Letting Agents of Warwick and Leamington Spa can help you value your property for rental income to ensure the price is pitched correctly for the current market and help prevent you underselling your asset or overvaluing it and potentially encountering periods of void.
“A professional property agent will be able to supply a landlord with an accurate valuation on the property,” says Carl Baxter, proprietor of Baxtertodd Warwick. “They will research the area to advise of similar properties locally and what they have achieved, they will also know what type of tenants the property should attract and how long it would typically take to let. On the valuation they should provide landlords with their legal obligations as a landlord, what they should do to make the property more attractive and guide them through how the process works.”
But always be realistic and do your research of the local markets too and pick the agent that you trust the most. “Don’t always go for the agent that gives you the best possible rent projection,” says Ami Phillips, Lettigs Manager – Baxtertodd Warwick. “This may not always be achievable and could result in your property being empty for longer than necessary and ultimately the agent having to reduce the price.
Find a tenant
If you let a management agency look after your property for you, they will find the tenants on your behalf. Most agencies offer a ‘tenant-find only’ service or a more involved full-management service. In terms of finding tenants Baxtertodd Letting Agents covering Warwick and Leamington advertise with all the popular property portals, Tenants that register on our website automatically get emailed our properties when they become available too. And also, as a pro-active agency, we tend to contact our tenants on a weekly basis once they are registered with us.
References and credit checks
These are absolutely essential, completely critical! Unfortunately, it’s easy to produce fake references these days (it’s not hard to get hold of headed paper or create your own on the computer), so on-line credit checks are the most valuable source of information -and not all individual landlords have access to them. Here at Baxtertodd we use an FSA approved credit referencing company to carry out ALL our checks, these include – credit checks, employment references and, if applicable, a previous landlord reference too.
Handle deposits
Under law and changes to the Housing Act 1988 all deposits after April 2007 have to be protected by law. If a deposit is not protected within 14 days of the tenancy then the landlord can be fined up to three times the deposit amount should it ever proceed to court. At Baxtertodd Warwick our deposits are held within the Deposit Protection Scheme (DPS). And tenants are given the correct prescribed information within the tenancy and a certificate to show their reference number and amount of deposit held. There are two forms of deposit, there’s a reservation deposit (which becomes rent when the tenancy starts) and there’s a damage deposit. It’s just as easy for a landlord to register a deposit as it is a property management agent but if the landlord is letting the property themselves they’ve got to consider whether they can be objective. It’s inevitable that they will develop some form of working relationship with the tenant and when it comes to the end of the tenancy are they going to be able to look at the damages and access fairly, or are they going to feel they can’t charge them as they know them? Not only is an agent more objective but they also understand how to access for damages because of the various training courses they have been on.
Organise specialist insurances
Baxtertodd Property Letting Agents have a number of insurance products which we can offer to all our landlords,” says Carl Baxter. “These include rent guarantee, buildings and contents and home emergency covers.” It is also vital that you are insured for malicious damage caused by the tenant or a visitor, plus accidental damage. When purchasing insurance check the un-occupancy clauses, plus that you will be covered for any accidental or malicious damage by the tenant or a visitor. Where possible, use the agent’s insurance as they are likely to have a good relationship with the insurer so any claim can potentially be much faster. Plus, the agent can keep both the landlord and tenant up-to-date with what’s going on – if a problem occurs communication is the key.”
Market the property
“One thing many landlords take for granted is advertising and getting the property visible on the internet,” says Ami Phillips. “It sounds simple but if you’re a private landlord it’s not easy at all as you’re going to be competing with so many people who are paying to be seen through search engine optimization and the main portals. It’s essential to choose an agent who is visible in all the main portals.” At Baxtertodd Warwick we take marketing very seriously and advertise on more than 52 websites at any given time. Online marketing and social media are the way forward. We also encourage client feedback and respond professionally to any negative comments we receive. A good agent will have a marketing package for all properties. It is particularly useful if the property is advertised on rightmove.co.uk, which is one of the UK’s largest website portals. Professional photographs should be taken too. A property should not take longer than three weeks to let in this climate and, if it does, the agent should review the marketing and refresh it if needs be!
Compile inventories
Inventories are an essential part of the letting process but can be time-consuming to put together. However, invaluable for proving the condition of the property before tenants move in and when they move out, they should never be overlooked. All our inventories are written and backed up by pictures and the details of each property are closely monitored, such as ensuring all meter readings are taken. We list everything, including makes and models of appliances and also colours of doors, as well as ensuring the condition of the property is noted. A well-conducted inventory can make all the difference if you need to prove that a tenant has mistreated your property, and can reinforce your argument to keep hold of the deposit if necessary.
Viewings
An agent will do hundreds of viewings every month and will be well practiced at showing properties in their best light and selling the idea of living there to your potential tenants. On viewings we ensure the tenant is called at least 30 to 45 minutes prior to the viewing and are advised who they will be meeting, where they are meeting and, more importantly, advised when the property is available and what is included. Viewings can be conducted at short notice too as the majority of keys are held in the office, which makes it easier to show the property to as many people as possible.
Oversee property maintenance
If your tenant has a problem with the property, a management agency can often sort it out on your behalf – many can deal with emergencies too. Good management of the property is one of the most important parts of lettings! Baxtertodds service standards state that once a property management issue has been reported, our contractor is instructed within the hour. The contractor calls the tenant the same day and makes an appointment, plus our contractor follows up each call by either an email or a text message to the tenant and we are then updated ourselves so we can monitor the progress. To prevent you being disturbed every time there is a minor problem, such as a leaky tap or faulty appliance, Ami Phillips advises, “Allow your agent to go ahead with jobs up to an agreed limit, £100 for example. Always ask for copies of the bill from the contractor and for any bigger jobs get a few quotes.”
Evictions
If the worst happens and you have to start eviction proceedings against a tenant, many landlords find it reassuring to have an agent on their side. If your property is with an agent on a fully-managed basis they should be able to help you with evictions and ensure that they are done legally and that the correct paperwork has been issued,” Carl Baxterl. “If you are managing the property on your own it may be advisable to instruct an agent to act on your behalf or seek legal advice beforehand if you are faced with an eviction situation.”
For further information on the Letting and Management of a Property in Warwick, Leamington, Stratford or Coventry please download our Landlord Lettings Brochure on our Landlords page or call one of the team tha will be pleased to help with any questions you may have -
Warwick 01926 411774 Leamington Spa 01926 702166 Stratford 01789 270411 Coventry 02476 960688
