LANDLORDS AND TENANTS ARE A WORKING PARTNERSHIP

Old style conflicts between tenants in rented properties and their private sector landlords are largely the stuff of fading legend these days – according to the country’s largest property franchise Belvoir.

Delia Thing - Lettings Manager

“In the real world, no-one achieves anything that old fashioned way,” says Delia Thing, the Lettings Manager of Belvoir Andover on Bridge Street. “The modern approach is more about tenants and landlords cultivating partnerships.

“Both have interests to protect and they can both achieve that better by working together. If they can’t, then something is wrong – and mis-matches do happen - but good relationships are more the order of today.

“The truth is that a rented property may be part of a landlord’s livelihood but it’s also home to the tenant and the ideal situation is for them to work around each other.”

A professional lettings and management agency, such as Belvoir, will always look after the interests of both parties.

Methods of creating perfect harmony include:

·           Agreeing on periodic visits so the landlord can see how a property is being looked after. That also gives a chance to see if there are any repair jobs or maintenance issues that need attention. And it gives tenants an opportunity to discuss anything that is bothering them.

·           Tenants letting landlords, or their agents, know if they are planning a holiday and the property is going to be empty. Occasional visits can be made to ensure the property and the tenant’s possessions are safe.

·           By mutual agreement neighbours can have the agent’s or landlord’s phone number so they can get in touch if anything seems wrong, e.g. a burglary, fire, flooding, intruders or unusual behaviour.

·           Along with a tenancy agreement Belvoir provides new occupiers and landlords with a video inventory to record the state of decoration, furnishings and fittings. “An honest, upfront, practice like this creates a precise record of contents and condition that is beyond dispute,” says Delia. “And that can save a lot of arguments later – especially over returning deposits.”

·           Important communications should be done by e-mail or letter - which creates a paper trail of any problem that arises. This gives both tenant and landlord a firm record instead of trying to rely on half-remembered conversations.

Phil Pinkney - Belvoir Andover Co Owner

Past conflicts in rented properties have swung from the serious to the comic.

According to official statistics, two years ago, the numbers of housing tenants growing commercial crops of cannabis was sufficiently large to lead the national Crimestoppers charity trust to publish an eight-page leaflet highlighting the issue.

While another recorded case outlined how a tenant caused irreparable damage to a washing machine at his furnished flat because he put in a house brick to “stonewash” his denim jeans.

“Whether it’s a laughing matter or an indictable criminal offence, the relationship between a tenant and a landlord is at the heart of today’s private rented sector,” says Phil Pinkney, co owner of Belvoir Andover.

“Closer relationships obviously work better for both parties and, thankfully, that’s the way things are moving. The 170 branches throughout our UK network are reporting fewer and fewer cases of serious conflict.

“The current housing crisis has turned the private rented sector into a major home provider with nearly two million landlords renting to some 10 million tenants and for them, working together means making it work.”

If you would like advise on buy to let or renting your property out, please contact Belvoir Andover on 01264 366611 or email us at info@belvoirandover.com

LOCATION, LOCATION, LOCATION…

LOCATION, LOCATION, LOCATION…

Three small words that can transform your property

investment decision, says Belvoir.  

As a new landlord or investor in the buy to let market, what would be your first priority – the type and purchase cost of the property, or the place in which it is situated?

There is no single, definitive answer to this commonly considered question, but in property circles the phrase ‘location, location, location’ is often referred to as the first three rules of property investment.

It’s the same for tenants too. Delia Thing who heads up the lettings team at the Belvoir Andover office on Bridge Street, says:  “When looking for the ideal place to invest in or to rent, it is worth remembering the adage ‘you can change the house, but you cannot change its location’.

“To find a property that will appeal to a tenant and provide a good level of rental income and/or capital growth it is extremely important to firstly define that appeal. There are many considerations to take into account and a good place to start is to look for towns, areas or streets that are currently in demand, and are likely to be increasingly popular in the future.

“Location is always a key driver, with proximity to work, schools, commuter routes, shops and public services amongst the many factors to be taken into account when choosing to market a property as a buy to let.

“In today’s market, there is an ever accelerating need for private rented property, with tenant demand often outstripping supply. To be absolutely sure as to whether a property would make a good rental investment it is worth consulting a lettings specialist such as Belvoir.

“Expert agents can identify local trends and spotlight properties that are the most popular for the type of tenant looking to rent and the best areas in which to find them.

They will know where property ‘hotspots’ are and which parts of a city or town are driving the market.”

Many buy to let investors choose to stay local in order to ‘keep an eye’ on their investment. It’s a strategy that works for thousands across the country, but there is no reason why a buy to let investment cannot work just as successfully hundreds of miles away - provided you make the right choice of professional lettings agent who can manage, maintain and keep a check on the property on your behalf.

“Within the Belvoir national network of over 160 offices there is a high proportion of landlords who own just one or two buy to let property investments, and many of these are in a different part of the country to where they are based.

“In cases like this an agent will have all the right up to date local knowledge and know properties and locations with the highest tenant demand. They will be able to advise on current, achievable rental levels and help avoid the pitfalls of investing in the wrong areas.”

Belvoir’s Andover’s advice for helping to decide the best location for a property investment include:

·        Only decide on where you want to invest after thorough research.

·      Do not make a decision based on the look of the property alone. Just because it appeals to you, it will not necessarily be a good rental investment.

·   Providing tenants with a quality, well maintained property for them to call home carries responsibilities. Only work with a local agent that you have checked out, trust and who has gained all the relevant professional industry accreditations.

·    Remember that big is not always best. A one or two bedroom unfurnished apartment can often yield a better return than larger, four bedroom furnished houses. It’s all down to location and the type of tenant you are targeting.

·        Overly high ‘yields’ – or returns on an investment - can sometimes indicate hidden issues and may not necessarily lead to a good investment.

·       Beware of “buying cheap and paying dear”.  If a property is located in a low quality area it can increasingly become run down – attracting the wrong type of tenant and achieving poor long term capital growth.

“Whilst there are many other things to consider when entering the buy to let market, ‘location, location, location’ must always be uppermost in the mind of a landlord investor,” adds Dee.

“Sometimes the difference between a good rental property and a not so good one can be down to which side of the street it is on, let alone its geographical location.

“If you want to avoid costly mistakes early on in the process, invest in good local, experienced advice. Initial consultations with our office are both free and carry no obligation to proceed.

“At Belvoir we can help to source suitable properties and steer people away from opportunities that, at first, may appear good on paper but may not prove to be the best decision over the longer term.”

If you are looking to invest in the buy to let market, please contact us to arrange an informal chat about your options, what is available and what to look for. Please call Delia Thing on 01264 366611

Belvoir Andover are the towns leading buy to let & investment specialist who have been the industry leader since 1997.