What is it like to be your tenant?

Something rarely asked by landlords is ‘what procedure does my tenant have to go through to secure my house for let?’

Property Agents are thorough in promoting their means of marketing, but rarely offer a full explanation of what they expect from potential tenants, nor what they charge them to secure your house for rent!

 As a landlord you may ask ‘why would this concern me?’ but would you wish your property to be less attractive to a tenant than the competition due to high agency fees or poor service?

Tenant referencing is very important. Successful referencing will confirm that your tenant can afford to rent your property, and not have any adverse credit or previous landlord history.  A fee will be requested from your tenant for this, and it is important that you make sure references have indeed been cleared before your tenant moves in. At Scott-Bates & Coles we provide landlords with proof that referencing has been completed, without compromising any data protection laws. These references are paid for by the tenant.

‘Other costs?!?’  You are perfectly entitled to know what charge the agent makes for processing references as well as what ‘other’ costs your tenant may find themselves paying out for. One Exeter tenant reported fees of up to £400! This particular agency charging for things such as deposit submission, something that all agents can do for free should they chose to use The Deposit Protection Service (DPS) as we do. Hence, at Scott-Bates & Coles your tenant incurs no further costs to move into your property.

‘Holding fees’, (where tenants pay for the period they hold the property off the market before they move in) are a matter of contention. Agents have the potential here to charge your tenant for doing nothing at all. What you should be asking is ‘if my tenant cannot move in for a certain period of time, what protection do I have if they then fail to do so?’ Like we do at Scott-Bates & Coles, all agents should have a system in place to cover this area of concern. Our procedure costs nothing to your tenant as long as they move in on the agreed date. If they do not, you as landlord is reimbursed for the time wasted. This procedure is agreed in writing, and is fair and transparent to all parties.

Once a tenant has been found and successfully processed through referencing, you may choose that your agent manage your property for you. Make sure you are clear on how they mean to do so. Ask questions such as ‘when will my property be inspected?’, ‘Who does my tenant contact in the case of an emergency?’ and ‘What happens at the end of the tenancy?’ It is vital that your tenant feels that someone is available to them at all times. It is often the damage that has been left to get worse, through lack of property inspections and tenant contact, that bring about a large number of deposit disputes. At Scott-Bates & Coles we schedule regular property visits with your tenant, and provide them with a 24 hour 7 day a week emergency contact number. 

Scott Bates & Coles Estate Agents, pride ourselves on the fact we have never had a deposit return disputed. We owe this to clear property management and thorough check out procedures. Feel free to email us to find out what we can do for you.

Time to invest in the buy to let market

With the UK's current economic difficulties now undoubtedly affecting even the previously buoyant property sales market in the South West, now is certainly a good time to consider investing in the buy to let market as rentals have remained strong throughout the recession.

Therefore, when we were approached recently by a local businessman tired of earning very little interest on his savings and keen to establish a rental portfolio in the Exeter area, we were only too happy to help.
After a lengthy meeting at our clients home, we were able to establish a search criteria including areas of interest in the Exeter area (predominately St Leonards, Pennsylvania and Haven Banks, although East Devon villages such as Lympstone, Woodbury and Exton etc would be considered), property type and size (ideally houses, 2-3 bedrooms), budget (up to £250,000 per house) and desired % yield from each investment property.

Then began the lengthy process of establishing a list of potential properties, speaking to the agents dealing with their marketing before finally establishing a shortlist of 12 houses to view.
When viewing a property to let, perhaps the most important factor to consider is the potential amount of ongoing maintenance that can be required with certain house types. Painted render finishes and timber windows will need ongoing maintenance every 3-5 years and we were keen to keep this type of costly external maintenance to a minimum for our client.
For this reason we selected largely brick built properties with uPVC double glazed window units and well finished interiors.

The fact that our client was a cash buyer put us in a strong negotiating position, and within 5 weeks weeks of our initial meeting we had 3 terraced properties in St Leonards and one in Pennsylvania under contract at very competitive prices.

Once the puchases had been completed, we immediately marketed the houses to let and quickly secured reliable tenants for all 4 properties, achieving percentage yields in excess of 5 % on each.

While the sales market in Exeter continues to struggle, rental prices are bucking the trend and steadily rising, making long term buy to let investment in popular city locations an increasingly attractive proposition.

If you would like Scott-Bates & Coles Lettings & Estates to help with your investment purchase, please don't hesitate to contact us on 0845 3016618.

Scott Bates & Coles with Drew Pearce

Having provided advice and lettings services to a number of clients introduced to us by Drew Pearce in Exeter, when the opportunity arose to take an office in their impressive premises on Cathedral Close in the heart of the city and work in association with them, we knew that it was too good an opportunity to miss.

Now entering our third year of trading as lettings specialists in Devon & Somerset, Scott Bates & Coles could see that cooperation with such a well known company could only prove beneficial to both of us.

Having been established since 1748, Drew Pearce is believed to be the oldest firm of surveyors still trading in the West Country. Working and qualified in all aspects of the property industry from Building Surveying to Residential Sales, their old fashioned values and forward thinking practices were important factors when we decided they were the right company for us to work alongside.

James Askew-Coles of Scott-Bates & Coles Lettings & Estates has now been working from the Exeter office for approaching 3 months and the decision to make the move has already been proven to be the right one. Our first floor office is ideal for meeting with clients, so whether you're a landlord, tenant, or you just want some advice on the lettings process, give us a call on 0845 3016618 and we'll arrange a day and time for you to come in for a chat.
Our full postal address is -

14 Cathedral Close
Exeter
Devon
EX1 1HA

What safety aspects should I be considering as a landlord? (part 1)

Letting property comes with many obligations from the landlord and here are some main areas Scott Bates and Coles thinks you consider:

• Interested potential tenants must be provided with a copy of the property Energy Performance Certificate at the earliest opportunity, usually within any written details which they may be provided with.
• Gas Safety (Installation and Use) Regulations 1998

This regulation applies to all landlords who let property with any gas installations in place, be it in the form of a boiler, gas fire, oven, hob or portable heater etc. (LPG included)

To comply with this regulation, all gas appliances must be serviced annually and any repairs necessary to bring the appliance(s) up to standard, carried out immediately. The gas engineer must also provide a record of their inspection, a part of which is given to the tenant.

You must ensure that any contractor used is sufficiently qualified to carry out this service.

• Fire and Furnishings (Fire)(Safety)(Amendment) Regulations 1993

These regulations have been in place since early in 1993 and require that all upholstery, upholstered furnishings and soft furnishings (beds, sofas etc) must comply with the fire safety regulations that have been in place for some time now and have governed the sale of such items. They must conform with the three tests used to measure the flame retardant properties of such furnishings, namely The Cigarette Test, The Match Test and the Ignitability Test.

N.B.  You cannot loan, give, sell, or store within the property, any upholstery, upholstered furnishings or soft furnishings (beds, sofas etc) that do not comply with theses fire safety regulations.

• Fire Alarms

                Scott-Bates and Coles INSISTS that smoke detectors be fitted within all property for rent as a basic safety feature.                               

                  Scott-Bates and Coles also recommend that, as well as smoke detectors, Carbon Monoxide detectors be fitted within all property for rent where appropriate. (Where there are gas or open fires, or in the location of the boiler if so recommended by the gas engineer).

Properties that come under HMO licensing will have additional fire safety requirements that must be adhered to.

• Electrical equipment (Safety) Regulations 1994

The Electrical Equipment (Safety) Regulations state that any electrical equipment in excess of 50 volts must be both safe and satisfy requirements relating to colour coding of main leads, sleeving of pins on plugs and fusing information. The best, and arguably only way, to protect yourself from any possible prosecution as the landlord is to have all the appliances tested (PAT) annually, or between tenancies, by a qualified electrician.

For the same reasons Scott-Bates and Coles cannot recommend enough obtaining a full electrical safety certificate for your property, as this is the only way to help ensure that your tenant is as safe as they should be.

N.B.  You cannot loan, give, sell or store within the property any electrical equipment that does not satisfy the requirements of these regulations.

So what can an agent do for you that you cannot do yourself?

This is something Scott Bates and Coles commonly get asked by landlords tempted at embarking on the lettings process alone, but at what cost? Getting it wrong can be a costly and stressful mistake t make. We summarise our answer to private landlords;

Advice.
The lettings world is full to the brim with legal obligations, and changing regulations. An agent’s role is to ensure they inform you of everything that will affect you as a landlord. They can also advise you of the competition on the rental market at the time, and the best ways to present your property to obtain the best outcome.

Advertising.
Private landlords cannot gain access to market their properties on the large internet portals such as Rightmove. Without this exposure, how can you be sure of finding the ideal tenant at the best rental price?

Taking the hassle out of finding the right tenant.
Let your agent do the running around, and give them the role of making sure your prospective tenant is a reliable one by fully referencing them.

Making sure your property is tenant ready.
Advice to ensure that the property conforms to the latest safety regulations. 

Make sure the paperwork is legally approved.
All our contracts have been approved by a solicitor to ensure that all our landlords have in place legally binding tenancy agreements.  

Informing the utility companies of new tenants details....

managing maintenance, your property accounts, and checking your property throughout the tenancy. A happy tenant equals a longer tenancy. Agents are best placed to deal with tenants needs, whilst keeping in mind their landlords best interests. 

Being best placed to deal with property evictions.
Without the correct Notice documents being issued to your tenants, the eviction process, should it be necessary, can be a stressful and drawn out process. 

Not wasting time.
With a clear property changeover in place, gaps between tenancies, and deposit disputes, can be avoided.

If you looking to rent a property in Devon or Somerset or are a landlord with property that needs a tenant, get in touch with Scott Bates and Coles.

Presenting your property for the rental market.

First impressions really do count when it comes to presenting your property for the rental market.

In the increasingly competitive lettings market in Devon & Somerset, we are seeing more and more of a direct correlation between the time spent preparing your house or apartment for photography and viewings, and achieving a speedy let at the best possible price.

By far the most essential tool in marketing a property is the internet, with the vast majority of people searching online for their next home. The photographs displayed do more to create interest in your property than anything else, and it is therefore extremely important to get the basics right in order to achieve the best look for your property.

As an example, we recently agreed a property in East Devon within 24 hours and the owners willingness to take our advice on presentation onboard, undoubtedly aided the result.

By the time we came to take on the instruction, the house was not only well decorated, but also clean and uncluttered.

Whatever type of property you are letting, whether it’s a townhouse in Taunton, a country cottage near Crediton or an apartment in Exeter, there are some key areas to get right.

The outside of the property although often overlooked, is essential in creating the right first impression. Ensure that the windows and sills are clean, any foliage is trimmed and tidied and any grass cut.

Internally, the same basic rules apply. De-clutter your surfaces, particularly in the kitchen and sitting room and ensure that the property is not overstuffed with furniture - the appearance of space is vital. Clean towels in the bathroom are always a nice, and the removal of at least some of ones personal effects from around the home can help prospective tenants visualise themselves living in the property.

For further advice on presenting your home for rental, or a no obligation lettings appraisal, please don’t hesitate to give us a call on 0845 301 6618 or get in touch with Scott Bates and Coles.