28th Jul2011

Renters don’t make good neighbours

by admin

In a recent survey carried out for HSBC, 2000 adults were interviewed regarding their neighbours, it was found that home owners were more likely to be friendly with their neighbours than people renting.

The survey revealed that twenty eight percent of people in rented property, have never introduced themselves to there neighbours, in comparison to just 12% of owner occupiers.

Sixty four percent of homeowners know their neighbours names, with only just 39% of renters who do.

Almost half of the home owners have been inside their neighbours homes, compared with just 28% of renters. Almost a third of owners have lent something to a neighbour with only 19% reciprocating from the renter’s point of view.

Interestingly only eight percent of renters offered to help neighbours with feeding pets, watering plants or clearing post, when their neighbours were away, compared to almost double that 19% of homeowners offering to help renters

Category : landlords, tenants, Uncategorized
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07th Jul2011

As a tenant do I have to pay inventory fees?

by admin

After spending hours and days tramping around Bristol diving in and out of Bristol Lettings Agents offices, you finally find more of less that dream home.

You flash your cash pay the fees and sign the agreement, arrange your move in date with the inventory clerk, all’s going well, then suddenly you realise that, YOU are expected to pay for the inventory clerk!
Hey they can’t do that isn’t it the Landlord who should pay for that?

Well that depends. In reading through the agreement, well you did read it didn’t you before you signed it. AH! You were so excited you really only skimmed it.

Since the deposit protection scheme was brought in for tenants, increasingly Bristol Letting agents, have started to use independent inventory clerks to carry out independant checkin’s and check out’s of property.

It is now quite common for tenancy agreements to include clauses for inventory clerk charges. However, these should be shared equally between the Landlord and the tenant, often the Landlord pays for the check in and the tenant for the check out. This fee is normally collected when the tenancy is signed and fees, deposits and first month’s rent are paid. A tenant cannot be expected to pay for both, or this would be deemed to be unfair contract.

On average the fee is about £45 give or take, anything above would be an exception. If the charges seem reasonable pay up and be grateful that the checkin is being carried out in a professional manner, and by someone independent of the agent.

One tip offered by Landlord Law expert Tessa Shepperson is this, if the fee is way over average, offer to pay (and send a cheque for) the average amount. If your covering letter says the cheque is sent in ‘full and final settlement’ and they cash it, the agent will not be able to claim anything more from you.

If the inventory clerk fee is not mentioned in your agreement, and the demand for payment is the first you knew about it, you may be justified in not paying.

Category : landlords, move in, tenants
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03rd May2011

10 Top Safety issues most Landlords Ignore

by admin

Ten Top Safety issues most landlords ignore.

When renting out any property, one of the things that Landlords often ignore is the basics of health and safety, leaving themselves open to a claim for negligence, and quite possibly a fine or criminal conviction, and don’t we all know how much of a compensation and litigious world we all now live in.

As reported recently by The Association of Independent Inventory Clerks (AIIC), one in ten rented properties have items such as soft furnishings, bedding and furniture that do not have the required fire & furnishing compliance labels and have to be removed. What’s more, AIIC members are still finding the dubious – and illegal – practice of landlords ‘selling’ odd items of furniture, without fire & furnishing compliance labels, to incoming tenants.

Pat Barber, Chair of The AIIC, comments: “A recent tenant told us – ‘I bought the sofa for £1, it’s really old and tatty, but a great bargain.’ When we pointed out that he would have to take it with him or dispose of it at his own cost when he moved out he was not quite so excited.

“We see time and time again, properties with fire hazards such as gas cylinders and chemicals stored incorrectly by the landlord. We have also seen tins of paint without the lids properly closed in kitchen cupboards – an accident waiting to happen.

AIIC has identified the top 10 most common health and safety issues found in rented properties and they include:

- No 1 Non-compliant furniture, bedding and soft furnishings

- No 2 Loose sockets and light switches

- No 3 No smoke alarms or monoxide detectors fitted

- No 4 Obscured gas meters and electricity mains fuse boxes

- No 5 Curtain tracks and blinds where screws have been put directly into the wall without using raw plugs

- No 6 Loose/damaged steps, paving outside the property

- No 7 Loose stair carpet

- No 8 Poorly maintained decking

- No 9 Air vents and air bricks covered in rooms especially where there are gas appliances

- No 10 Locked windows with no keys supplied

 

 

Category : landlords, tenants, Uncategorized
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29th Nov2010

The golden rule for success in renting out your property

by admin

Unfortunately many people lose money because they tend to fall victim to common landlord mistakes. In order to protect your assets, you want to make sure that you do your research and obtain all of the helpful advice and tips that you can get. Those who jump in head first without doing a little research are generally the ones shaking their heads in despair after a tenant leaves them with a trashed home and no rental income. Do not make that mistake.

Even though you may be anxious to get a tenant in the home, do not sacrifice the security deposit. If the person cannot afford the security deposit, they cannot afford to rent from you, plain and simple. The best thing to do is to collect a security deposit that is equal to at least month’s a rent.

That security deposit will help cover the behind rent that you are missing out on and for any repairs you have to make once the tenant leaves.

The more time you invest into getting your property ready and selecting just the right tenant, the better chance you will have at being a success with your rental property. There are plenty of people in Bristol that need a place to rent. Your goal is to make sure that you are selecting only the best so that you maximize your investment and protect your assets.

If you looking for further FREE information or advice on renting out your property in Bristol, I have over 15 years experience in Letting and Property Management in Bristol, letting all various properties from studios to Penthouses. Call me today on 0845 652 1428 or contact me via our site  www.igloolets.com

Category : landlords, move in, Public, Uncategorized
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19th Oct2010

How to clean up as a Landlord AND get your property let fast

by admin

Standing out from the ground, is of paramount importance for any Landlord, even into today’s market, which has a property shortage, and plenty of tenants.  Just having an empty property does not mean you will have a queue of tenants.

Lots of landlords include incentives or extras to entice people in and one thing not often included in any landlords package of extras or incentives is A CLEANER.

Ok before you scream at me, about the benefits and the cost. So lets for a second consider the cost lets say £10 per hour, 2 hours every other week, so thats £40 per month.  That could be a sizeable chunk form any Landlords annual profit. But there are benefits, so Hold up wait before you leave

Carpets , fixtures and fittings and things like kitchens and bathrooms will last much longer if they’re cleaned regularly and properly. You also stand a much better chance of getting your property back in a respectable state at the end of the tenancy. Think about it, If you get a few moire years out of that carpet, bathroom and kitchen, you’ll easily save the cleaning fees.

If you have a house of sharers or students tagging the cleaners costs onto the price of the rent is hardly noticeable to the ingoing tenants, but they will notice that the house has a cleaner, which would seem a great benefit.

As you would know, ITS ALWAYS SOMEONE ELSE’S RESPONSIBILITY TO DO THE CLEANING!! So it never gets done.

Especially when New prospective tenants are looking around, having a house that actually looks clean makes it a better bet to be be snapped up quick than one that has black mould around the baths and sinks. If you nip that sort of thing in the bud you could easily save a few quid in repairs, PLUS its another pair of eyes to keep an overall look on the house.  A cleaner could be your early warning system.

If your considering investing in property in Bristol, why not give me a call, I have been a specialist in the private rented sector in Bristol for over a decade.www.igloolets.com or you can contact me 24/7 on 0845 652 1428

Follow me on twitter @kevinigloo – for topical tips, tricks and ideas for Landlords.

Category : landlords, Public
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10th Jul2010

Landlords – cutting corners.

by admin

The other day my good twitter friend (oh by the way you can follow igloolets on twitter @iglooletsonline) Sally Asling of Surrey Lets posted this article on Landlords cutting corner. It made for some interesting reading so I thought I would share it with you.

Landlords cutting corners is a big mistake

With Landlords holding on tightly to the purse strings and wishing to save every pound to get a decent ROI, I am seeing, more so than ever before, corners been cut by new Landlords on the first initial let. I want to scream that in doing so, they are heading for problems further down the line that will cost them far more than what they thought they were “saving”.

I know this sounds like common sense, but quite frankly, this is a reality in my world on a daily basis!

On a typical new let for a 2 bedroom flat (lets say rents at £800pcm) Landlords have to pay for:
Annual Gas Safety Certificate IRO £80.00
Electrical Inspection (periodic) IRO £250
EPC IRO £50
Rental Insurance (annual) IRO £100
Pro Clean inc carpets & curtains IRO £250
Inventory make IRO £85
Check in IRO £85
Agents fee (Tenant Find Only at 5%) £480
Agreement fee £100

So, £1480 (£1739 with VAT) down the line, Landlords are already 2 months rental into a 12 month contract without seeing a penny. In addition some agents charge up to 10%, thus eating well into the third months rental.

Not surprisingly, Landlords with the need for positive cash flow quickly, are cutting corners. They can’t cut legislation corners, Gas, Electric, EPC (HMO if applicable) and they don’t want to cut out rental and legal cost insurance which will protect them if a tenant defaults on the rental, so, they are trying to cut out the pre tenancy cleaning and inventory with the short term view of “I will deal with it at the end of the tenancy”

The problem with this is that at the end of the tenancy there is bound to be a dispute, and one that the landlord is on a back foot already to win.

As all deposits on ASTs have to be protected (and from 31st October this year, all deposits on all agreements) the deposit cannot be returned to the tenant or given to the landlord without agreement from both parties. If both parties do not agree the matter may be referred to “ICE” (independent case examiner under the arbitration scheme) who will investigate and decide the outcome.

Without an inventory and signed check in form from the tenants to “prove” the condition of the property at lease commencement, the tenant is automatically at the advantage and in my experience will win the case outright.

Most Landlords that have an inventory find that in wear and tear alone, they get back the “cost” of the inventory and manage to keep the property in the same condition as move in.

Its often “little things” that cost alot to put right, or at worst are left to depreciate the value on the property for subsequent lets. Broken drawers in the fridge, hinges from cupboards, rotten rubbers in washing machines, and of course cleanliness and decor. If a tenant leaves a property with a dirty oven, lime scaled sanitary wear and full of cobwebs, a clean will be needed before the property will let again to get the right rental.

It is crazy to cut corners on cleanliness…..start as you mean to go on. Have the property pro cleaned at the start of the tenancy, this is documented in the inventory (which is part of the contract) and the tenants are obliged to have it pro cleaned at the end of the tenancy. If they don’t, your inventory (signed) means you can deduct from the tenants deposit. WIN WIN!

Finally, whilst its tempting to “go it alone” and get rid of agency fees. A good agent is also your best friend. A good agent will ensure the best and fully referenced tenants are found and introduced, and that you are eligible for rental insurance. (Godsend in the current financial situation), they will set the tenancy up on good terms for you, take you through getting the best from your investment and even if they only find you the tenant, will still be in the wings if you need support and help throughout the tenancy.

Get it done properly on the first initial let, and you will find long term, the ROI will be fine if you have done the figures comprehensively initially and not cut corners. Whilst I know it is tempting to save money on initially letting the property, it really isn’t worth it long term.

Its just so frustrating when landlords wont listen to best practise advice!

As the mercat says simple Init!

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