Author: Theresa Woodall

In this Halloween Special, we look at five scary things landlords in Teignbridge need to be mindful of to avoid nightmares.

• The ghostly guarantee of quick tenants

Some letting agents will convince landlords that finding tenants is a quick and painless process. However, rushing it without proper checks and considerations can lead to choosing the wrong tenant. Patience and due diligence will save you from a frightening future filled with unexpected issues.

• The curse of the bad tenant

Many landlords dread being trapped in a lease with a problematic tenant. This doesn’t have to become your reality. Thoroughly understand your rights and responsibilities and follow proper procedures. The best way to avoid this scary scenario is to work with a reputable letting agent who will guide you from the beginning.

• Beware the zombie-like online valuations

Online valuations can resemble zombies devoid of reality and intelligence. They might provide a rough idea, but only a detailed, in-person professional valuation can capture your property’s unique aspects. Don’t let generic algorithms zombify your rental value.

• Devilish dodgy DIY repairs

Thinking you can fix everything yourself might seem like the most intelligent move, but consider this: while some DIY repairs are possible, hiring professional tradespeople ensures high standards are met, keeping you and your tenants safe from the curse of poorly done fixes.

• The phantom of the “perfect tenant”

Chasing the phantom of the “perfect tenant” can lead landlords down a path of never-ending nightmares. Rather than pursuing an elusive ideal, focus on realistic expectations, clear communication and a strong relationship with your tenant to foster a harmonious rental experience.

Don’t be spooked by rental myths and misconceptions.

A good letting agent who treats your rental investment like it’s their own can be the difference between having blissful peace of mind or having a feeling of dread whenever the phone rings.

Thanks for reading, and Happy Halloween.

For Teignbridge landlords, having the right insurance coverage is not just a box to tick. It’s an essential safeguard for your investments.

But simply having insurance is not enough; understanding the policy’s specific requirements and declaring everything accurately is crucial.

In the following cautionary tale, we’ll explore a real-life incident involving a landlord who learned this lesson the hard way.

The names and details have been changed, but the lessons remain valuable for all landlords.

The story

A diligent landlord, let’s call him Martin, was confident he had secured the right landlord’s policy with a reputable insurance company.

He was upfront and honest with them about renting out his property.

He leased his three-bedroom house to a tenant, let’s call her Sarah.

Martin believed Sarah was a working professional, but she was actually a stay-at-home mother of two, using independent means to pay the rent.

Which she did ­– on time, every time.

While Sarah was on an extended family overseas trip, a water pipe in Martin’s property burst.

This caused a considerable amount of damage.

Despite informing the insurance company about renting out the property, Martin was entangled in a complicated situation.

The investigation revealed that not all the details about the tenant were declared correctly. It was an honest mistake, but it highlights how important it is to correctly fill in any insurance-related forms.

The consequence? A clean-up bill of nearly £25,000 that Martin was liable to pay.

This incident is not merely a mishap; it’s a stark warning.

While the claim was unrelated to the undisclosed details, it significantly reduced the payout.

There’s no happy ending, but we can learn much from this tale.

Understanding your policy, knowing your tenants and having clear provisions in your tenancy agreement is not just paperwork – it’s protection.

Ensure you have the correct level of insurance for your rented properties and that all details are transparently declared.

Don’t let a small oversight become a massive liability.

If you are in any doubt about your rental insurance whatsoever, speak with us.

We can point you in the right direction about comprehensive rental insurance and answer any questions you have.

After a challenging 12 months for the economy, how is the private rental sector faring, and what lies ahead for buy-to-let landlords?

In this market analysis, we look at some facts and figures to give you an accurate update on the private rental sector. 

Demand 

Demand for rentals is running hot. It’s up 3% on 2022 levels and a whopping 42% higher than in 2019¹. Reasons for this include first-time buyers struggling to get on the property ladder (an issue made worse by higher interest rates) and a shortage of purpose-built student accommodation.

Supply

The long-term imbalance between housing supply and demand shows little sign of improving, with many developers opting to go slow on new building projects due to the higher cost of materials and rate pressures.

However, predictions that landlords would exit the market in their masses (made this time last year when rates surged overnight) have not eventuated. While some landlords have sold up, many others are taking a long-term view and holding on to their investments.

And some landlords are expanding their portfolios. Of those rental properties sold in the past 12 months, about 30% to 50% were snapped up by other landlords and remain on the rental market².

The cost of renting

There’s no escaping the knock-on effect of higher interest rates on inflation on rents. Experts predict rental inflation will be 8%³ by the end of the year, although it’s currently a few percentage points higher.

Tenant priorities

Cost-of-living pressures are at the forefront of many tenants’ minds. When asked to nominate the issues that they felt were extremely or very important, tenants identified energy prices (80%) and the cost of rent (57%).⁴

Other key priorities include:

• Location (58%)
• Length of rental period (57%)
• Number of bedrooms (50%)
• Transport links (42%)
• Pets allowed in property (41%)
• Garden access (35%).

Implications for landlords

We’ll let you draw your own conclusions, but here are a few points to consider:

• Given tenant concerns about the cost of gas and electricity, energy-efficient features such as double-glazing or solar panels should prove popular.
• Many of the other tenant priorities, such as access to transport and outdoor space, are ‘evergreen’ issues.
• For landlords looking to secure long-term tenancies, it’s worth noting that 41% of tenants view being able to have a pet as an important issue.

If you’d like to learn about our property management services, contact our lettings team at Chamberlains today.

1 Rightmove

2 Hamptons

3 Zoopla

4 UK Renters’ Report 2023, Finbri

If you’re a landlord looking to attract long-term tenants, it’s worth thinking about ways to make your investment property as appealing as possible.

And one area you may have overlooked is the army of British pet owners who need a rental property, and want to make their furry friends as comfy as possible.

Unfortunately, over the years, many landlords have been known to refuse pet owners, perhaps due to worries about damage or general unsuitability for a property.

Many pet owners tend to stay put in a rental as it can be difficult to find somewhere suitable. This is a huge plus for busy landlords, reducing the workload of finding new tenants and starting all over again every 12 months.

And with rental reforms on the horizon, now is the time to consider opening your rental investment to responsible pet owners.

In this quick read, we look at ways to make your rental property pet-friendly and attract loyal, responsible pet lovers.

Worried about damage?

Most pet owners will go the extra mile to make sure their animal doesn’t cause damage, but if it’s something you’re really concerned about, you could add a pet clause into your tenancy agreement. This could state that any damage caused by the pet is the tenant’s responsibility and that the property must be thoroughly cleaned at the end of a tenancy period. Speak to your agent to discuss the details of your tenancy agreement.

Flooring

If you’re having an investment property redecorated or renovated, plan ahead and minimise the potential for damage. Instead of carpets, consider laminate, wood or tiled flooring. These options are easier to keep clean and won’t trap pet hairs or odours.

Furnishings

If you’re offering tenants a furnished property, avoid light-coloured sofas and chairs to reduce the chance of stains. Consider wipeable fabrics such as leather to make sure furnishings can be kept clean. The same applies to curtains or blinds, as muddy paws and light fabrics definitely don’t mix!

Secure the garden

If your property offers outside space, make this a pet haven by securing the fences and/or gate so they can’t get out. Also, remove any plants that could be hazardous to cats and dogs. For a full list of plants and flowers that could cause problems, click here.

Insurance

You can further pet-proof your rental property by taking out landlord insurance. Make sure you check if the policy includes accidental pet damage as not all do.

If you want to make your rental property pet-friendly, speak to the lettings team at Chamberlains to find out what tenants are looking for.

If you’re a first-time landlord about to rent out a property, or an established landlord looking to purchase a new investment, one of the main questions you’ll have is how much rent you can charge per month.

Of course, you can (and should) take the advice of your agent, but it’s also worth understanding exactly what factors impact the amount of rent you can sensibly charge.

In this quick read, we explore the factors you need to consider before pricing your rental property.

Compare

The first thing to look for is properties that are similar to yours. What rents are they achieving? It’s important to look at the number of bedrooms and bathrooms, accessibility and outside space to make a proper comparison. Once you’ve got a basic idea, you can think about why you might be able to charge more (or less).

What’s your USP?

Think about what makes your property different. Is there a driveway or gated parking? How big is the garden? Is it newly renovated? Do you have a functional space such as a home office or gym area? If it’s a flat, is there a lift or balcony? Picking out the features that add value to a property will often reflect the amount of rent you can charge.

Surrounding area

An important factor for most tenants is how close a property is to amenities such as shops, supermarkets, transport connections and schools. You may be able to charge a higher monthly rent if a property is well-connected and close to places people may need daily.

Monthly costs

Keep your costs in mind. How much are your monthly expenses? There’s your mortgage, service charge and/or ground rent (for flats), insurance and potential maintenance costs to consider.

Most landlords take a long-term approach to investing. If your rent covers your costs and you still make a small profit, then you’ve got yourself a good investment.

Don’t get greedy – charging over and above the average local rental prices won’t get you very far, and you may be stuck with a vacant property.

Agents’ expertise

It’s always a good idea to take the advice of your letting agent. Not only do they know the area, but they know what tenants want, expect and – more importantly – what they’d be willing to pay for a property like yours.

There are multiple factors that impact the amount of rent you can charge. Speak to our team at Chamberlains if you’ve got a rental property and need new tenants.

As a landlord, one of your main goals is to make sure your property is tenanted. As soon as the old tenants decide they’re moving on, it’s time to find new renters to move in.

But while you’ll be keen for a quick turnaround, it’s also important that things are done properly (cutting corners will cause you problems in the long run).

Not only will you want to end the initial tenancy correctly, but you’ll also want to start the next one off on the right foot.

In this quick read, we look at how to ensure your tenant changeover goes smoothly.

Communicate with tenants

Before your tenants move out, get in touch and go over what their responsibilities are, as set out in the original tenancy agreement. It’s also an opportunity for tenants to ask about the return of their deposit and giving the keys back. Getting these details sorted beforehand helps move things along.

Be organised

Managing the turnaround is quite a juggling act, so you’ll need to be organised, proactive and thorough with your admin.

For the outgoing tenancy, you’ll need a check-out inspection, meter readings and to release the deposit. For the new tenancy, you’ll need to ensure the paperwork is up to date, prepare an inventory and conduct a check-in report.

Then of course, you’ll need to manage the work in between: cleaning, repairs and redecoration.

It’s a lot to keep track of, so make sure all the important dates are in your diary, and all the paperwork is properly filed.

Check-in and check-out reports

Whether you do this yourself or get an expert, such as a letting agent, to do it for you, this is a vital part of the process that should not be skipped.

During the check-in process, your tenants should have signed an inventory; this report is an important resource for you as a landlord, especially if there are concerns about damage and/or deposit deductions.

The reports can be used as evidence if disputes arise and to record important information, such as a forwarding address and meter readings.

Give yourself enough time

You might be tempted to move new tenants in as soon as the old ones have moved out. But it’s advisable to leave a few days (or at least a week) in between just in case the property needs to be professionally cleaned and/or repairs need to be carried out.

It’s not fair on the new tenants to move into somewhere that still needs work. Also, if you live far from the property and want to inspect it, you’ll need at least a day to do so.

Use a letting agent

Many landlords use an experienced letting agent to make the turnaround process run more smoothly. From finding tenants, to a fully managed service that covers all the bases, a letting agent can ease the pressure and carry much of the administrative burden.

Find out more about our property management services and how we can help you by getting in touch with us here at Chamberlains today.

Renting a property with a friend or acquaintance? Never lived with anyone before? We’ve got you covered with some top tips to help manage your new living situation.

These days, renting isn’t cheap and whether you’re a student or professional, those monthly payments can feel like a stretch. So, if you’re about to move in with a flatmate, it’s worth sticking to some basic rules to make sure your tenancy works out for the both of you.

In this quick read, we look at ways to make your flat share feel like a happy home.

Understand Your Tenancy Agreement

Whether you’re living with one other person or multiple people, you have your own individual responsibilities to stick to. You most likely have signed a joint tenancy agreement, where you and your housemates are all named. This means you and the others living in the property are jointly responsible for paying rent and adhering to the rules of the tenancy. Keep a copy of your tenancy agreement handy so you know what you’re responsible for and what your landlord is obligated to do.

Split the Bills

When living with someone, it’s important to decide how to split the bills. For most people, it’s an easy 50/50 split, however this is totally down to you and the person (or people) you are sharing with to agree.

To avoid disagreements, see if your utility provider allows multiple names on the bill. This means that whoever is named is responsible for paying – not just one person. Similarly, if problems arise, anyone named on the account can contact the service provider.

Cleaning

Some people love scrubbing surfaces or washing windows, whilst others just don’t. Make your rented home a happy one by agreeing on which areas are communal and split the cleaning duties. Mucky bathrooms and cluttered kitchens can cause unnecessary tension, so make sure tasks are divided equally. If you really hate cleaning, split the costs of a professional cleaning service.

Whilst bigger jobs can be shared, when it comes to dirty dishes or no loo roll – just get it done. Don’t sweat the small stuff.

Respect

If you and your flatmate have different work schedules, it’s important to be respectful of their space and your noise levels. After all, 30 July is World Friendship Day – don’t be the annoying/rude housemate!

Also, keep clear of their bedroom. By maintaining boundaries between private and communal spaces, you’ll always have somewhere to retreat to just in case.

Food 

At the start of your sharing journey, decide what you’re going to do about food. Will you shop together or separately? Can some items be shared, and others kept for yourself? No one wants sticky notes on their bread and butter – agree to separate shelves in the fridge and drawers in the freezer instead. And whatever you do, don’t drink directly from the juice carton!

Are you looking for a new rental property? Give our team at Chamberlains a call.

As a landlord, as well as managing the finances, the property and any repairs or maintenance, you also have to remember to look after your tenants. Whilst nine times out of ten you’ll never have to deal with anything too difficult, sometimes relationships can be testing.

So, what’s the best way to deal with issues that arise during a tenancy? In this quick read, we look at ways to deal with such problems.

• Help avoid fall-outs 

You can’t control the arguments that arise between tenants; however, you can try to avoid future rows by setting out clear advice around the following areas:

• Liabilities

The key here is the term ‘jointly and severally liable’. Ensure tenants understand they’re both/all responsible for rent and other obligations set out in the contract. The tenancy agreement makes them equally responsible for the duration they have signed for.

• Contact details

Ensure all the tenants are provided with important information relating to the tenancy, such as who manages the property and who to contact for emergencies or repairs.

• Guarantors

Sometimes, a tenancy is granted with a family member/friend acting as a guarantor. The guarantor usually guarantees the whole tenancy, so if your tenants are friends, it is important that the guarantor understands that they are liable for both tenants.

• Notices

Generally, one tenant can serve notice on behalf of both tenants to terminate the joint tenancy. However, a different process is followed if some tenants want to remain in the property whilst others want to leave – so it’s important they’re aware of this.

What to do if your tenants fall out

Sometimes, when people live together, things don’t work out. But what can you do as the landlord? It’s important to stay neutral. Perhaps one tenant is calling to complain about another, or someone wants to move out; whilst you can try and mediate between tenants, this could lead to more issues, so tread carefully. If there are queries about bills, you can advise who is responsible for things like utilities and rental payments but don’t agree to anything you’re unsure about.

Top tip: If a tenancy needs to end early, make sure you’ve checked the tenancy agreement carefully for any costs the tenants may incur and take the advice of your letting agent.

What to do if you fall out with your tenant 

No matter how hard you try, you can’t get on with everyone. It’s important to remain polite and business-like in such situations and try to resolve repairs and maintenance issues quickly to avoid escalating the situation.

If you and a tenant can’t see eye to eye, it may be worth speaking to your agent to see if they can take over the property’s management. This will save any unpleasantness and hopefully make the tenancy run smoothly.

If you’re looking to rent out a property, speak to our team at Chamberlains.  

An incredible summer of sport is about to get even better when the Women’s World Cup kicks off next week (20 July).

Australia and New Zealand are hosting the tournament, which promises to build on all the excitement and drama of last year’s Women’s Euros, where the Lionesses prevailed.

Women’s football in the UK received an incredible boost last July when Leah Williamson led England to victory against Germany at Wembley in front of 87,000 fans.

So, can the Lionesses go one step further and make history down under by winning the Women’s World Cup?

It certainly won’t be easy with the bookies currently favouring the US – the defending champions – who have taken the title four times since the tournament’s inception in 1991.

Then there’s Canada (Olympic champions), Germany (who have won twice) and one-time winners Japan and Norway. And don’t discount Australia, playing on home turf and captained by Sam Kerr, the Chelsea star ranked by FIFA as the number one female player in the world.

But the Lionesses cannot be underestimated. Many of the big guns who led them to that thrilling Euros victory last year, including Lucy Bronze, Keira Walsh and Georgia Stanway, are returning, as is their star coach Sarina Wiegman (FIFA Women’s Coach for 2022).

Here’s a rundown of what football fans need to know about the event.

• This year’s Women’s World Cup will be the biggest ever with 32 teams playing. The Philippines, Morocco, Vietnam, Ireland and Zambia will all compete in the tournament for the first time.
• England’s first match is against Haiti in Brisbane on Saturday, 22 July. Their other group-stage matches are against Denmark (Friday, 28 July) and China (Tuesday, 1 August).
• The final is at Stadium Australia in Sydney on 20 August (capacity: 83,500).
• FIFA says it’s on course to sell 1.5 million tickets in total for this year’s tournament (yes, that’s a record).
• This year, Brazil’s Marta, aged 37, will compete in her sixth Women’s World Cup. As incredible as this achievement is, it still puts her behind her countrywoman Miraildes Maciel Mota, aka ‘Formiga’. She played at seven World Cups and seven Olympics and is Brazil’s most-capped footballer. In case you’re wondering, Formiga means ‘ant’ in Portuguese and refers to the footballer’s unselfish football style.

Will you be tuning in to the Women’s World Cup this year? If so, tell us who your favourite Lioness is and where you’ll be watching on facebook or instagram.