All posts by : Letting People

In this Landlord Spotlight, we are delighted to feature Jill Wall – our once first-time landlord now turned investment property developer.

The Letting People have been working with Jill since 2002, when she first contacted us to arrange for an appraisal of her house in Harbury. Jill was just preparing for her wedding and looking forward to moving into her new home with her husband-to-be.

Jill says “Becoming a first-time landlord gave me an insight into what prospective tenants wanted and needed to make a successful tenancy and I soon learned that having my property managed with The Letting People enabled me to get on with my new family life, and enjoy holidays to the full. I’ve also found that the best way to make any letting work is to be very flexible, build the tenant’s trust, and recognise the fact that the property is now the tenant’s home.”

Over 10 years and several tenancies later, the house is still let with The Letting People!

Little did we know that Jill was to catch the property investment bug. In 2009 she contacted us again to find another tenant for a stunning conversion she had quietly worked on for several months – turning a tired old bungalow into a spectacular, contemporary home with designer wallpapers and fittings, a superb high specification kitchen, and a beautiful extension.

Jill says “Buying and letting the bungalow was like turning an ugly duckling into a beautiful swan and this has now become my passion.” By talking through Jill’s aspirations for the refurbished bungalow, targeted advertising, and careful referencing through an insurance company, The Letting People were able to find Jill the ‘perfect’ tenants.

Four years’ later these tenants (a lovely professional couple) have become great friends with their landlord and they now often meet up with Jill and her family for events, parties and barbeques. The tenants love the bungalow so much they have continued to make improvements to it (with Jill’s permission) and really make it into their home.

In the future Jill dreams of finding another ‘ugly duckling’ in the form of a large period property she can wave her magic wand over, and restore to its former glory. This, she hopes, would become her primary residence as well as housing a tenant or two! The Letting People will be delighted to continue to work with her to support her to realise this dream and to meet all of her aspirations. We truly believe that Jill is the next Sarah Beeny!
 

The rental market is seems to be almost recession proof as a growing number of people cannot afford to buy their own home. Here are some recent key facts:

• The latest census results show that from 2001 to 2011 the proportion of UK households in the private rented sector has risen from 12% to 18% (1)
• 9% of tenants prefer the flexibility of renting and a further 9% say they can afford to rent properties they could not buy (2)
• Property investors are coming back into the market and buy-to-let continues to be a safe investment with property prices almost stagnant, interest rates remaining low, and average annual total returns of 6.4% expected over the next 5 years (3)
• Additionally, the latest figures from Rightmove (the UK’s number one property website) show that UK rents have risen by 13.6% since 2009, and they predict a further increase in rents of 2% in 2013. 
• Rightmove also found that 24% of tenants said they expect to become a landlord in the future, and 9% of tenants said they are a landlord already actively renting out a property

(1) Guardian article by Tom Smith, January 2013
(2) National Landlords Association, May 2012
(3) Sunday Times article by Anna Mikhailova, November 2012
 

From 1st April 2013 Warwick District Council are changing the council tax discounts and exemptions for all residential rented furnished and unfurnished properties that are vacant.  This means that the current discount of 10% for empty furnished properties, and the 6 month exemption for empty unfurnished properties will both be altered in a few weeks' time.

From 1st April The Letting People will continue to find innovative ways to ensure that all furnished and unfurnished rented properties are turned around between lets as quickly as possible.  They are able to do this by ensuring that the property is inspected and effectrively cleaned after tenancies, by keeping the rent at an attractive level to encourage the best tenants, and by introducing individually tailored special offers where applicable.

To ensure that your property is not left empty between tenancies, contact The Letting People as soon as your tenant gives you notice and an appraisal can be made of how to ensure you have a new tenant in place as soon as possible.

To find out more about Warwick District Council's council tax changes visit http://www.warwickdc.gov.uk/WDC/Your-Council/Council+tax/Council+tax+reforms+2013.htm

Do you know anyone looking for an interesting new job based in Leamington Spa?  The Letting People are delighted to announce that they are now recruiting for a permanent, full-time job of a 'Lettings Co-ordinator' at the Leamington Spa office.  This is an important position, joining a small team at The Letting People – a specialist, local, and independent letting agency. 

They will be looking for the following personal requirements to fill the vacancy:
• Letting agency experience is essential.
• Clean licence and own car is essential due to varied locations.
• Local knowledge is an advantage.
• Computer literacy is a must.
• Clear understanding of bank procedures essential.
Duties will include:
• Coordinating the letting service to achieve lettings targets.
• To visit properties as required and communicate with prospective tenants.
• Arrange appointments as required, negotiate prospective tenancies and to take applications, coordinating the letting service from application to tenancy.
• To provide reception service.
• Update specialized computer software.
• To register tenants deposits and provide feedback of deposit claims.
• To arrange contractors for repairs and maintenance.
• To update and log all relevant communications in accordance with company policies and procedures.
How to apply
(Please note that all applicants should apply as below by post or e-mail only please.)  You can apply for this job by sending a CV/written application to:
Caroline Kempster at The Letting People, 1st Floor, 5 Euston Place, Leamington Spa, Warwickshire, CV32 4LN, or to caroline@thelettingpeople.co.uk.

Closing date for applications: Friday 1st March 2013
 

With the phenomenal growth in demand for rented property, the UK market is now ripe for specialist and professional residential letting agents to start up new businesses.  This continued demand has also been the motivational force behind setting up The Letting People’s new franchise investment opportunity – the first franchised letting agency to be founded in Coventry & Warwickshire!

From the company’s beginnings, the philosophy of this specialist, independent letting agent was to address the main concerns of each client, save the clients’ time, and increase their income, by providing individual and creative property letting solutions.

Founded in 2002, in Leamington Spa, by Anthony and Caroline Kempster, the business steadily grew to become a successful family business with multiple-company efficiency.  Now celebrating over 10 years in business, they are looking to share their success with like-minded people with an interest in the property business.

During a year-long feasibility study, Anthony and Caroline worked closely with British Franchise Association (BFA) accredited franchise experts to further develop the business model.  This ensures that each new franchise branch will be profitable quickly, and benefit from the professional business plan, marketing strategy, and training programme. 
Anthony Kempster said “We decided to franchise The Letting People because we will enjoy supporting and encouraging our franchise partners to set up in business.  With a memorable brand name, tried and tested new technology, an advanced website, and low start-up costs for quicker profitability, we know that our business has a sound and winning formula.”

Franchise partners will also benefit from having their own exclusive territory, working with very sincere and straightforward people with strong business-building and promotional flair, and from conscientious training, and daily support. 

Caroline Kempster said “As the name says, this is a brand which will appeal to franchise business partners who want run a ‘people’ business and to operate with a different approach to many letting agents.  We work hard to find and retain a long-standing team of professional and specialist staff, savvy property investors and landlords, and reliable contractors.  We now know that this business model can be replicated both cost-effectively and easily.”

Anthony and Caroline are now looking for the right type of person to start up the next The Letting People branch – no experience is necessary, but you must be energetic, a good communicator, adaptable to the unexpected and able to deal with all types of people, ambitious, and willing to learn…..Is this for you?

For more information click on our Franchise page on the website and fill in the enquiry form, or call our office on 01926 882555.

Property investors and landlords in the Leamington Spa, Warwick and Kenilworth area can also ask for property business advice such as:
*Residential buy-to-let property investment advice
*Property refurbishment, upgrades and makeovers with project management
*How to increase rental income potential
*Property marketing
*New tenancy negotiation
*Franchising
 

Celebration of The Property Woman Award 2012 Nomination

The Letting People are delighted to announce that their Marketing Director, Caroline Kempster, has been nominated for the National Landlords Association Letting Agent Property Woman Award 2012.  This award is for an inspirational woman operating within a lettings agency.  

Since becoming a landlord herself, and setting up the business in 2002, Caroline has been at the forefront of creating a marketing-led business and a strong brand that has always recognised that a letting agency is definitely a ‘people’ business – and hence the name, 'The Letting People'. 

Caroline says: 
“I am very proud to have been nominated for this award by a long term landlord, and I hope that these awards will encourage more women into a very interesting, rewarding and professional career.  The Letting People has gone from strength to strength because of the support and encouragement of our long term staff and landlords, and of our freelance colleagues.

We started The Letting People as an alternative to the traditional estate agency as we wanted to provide a specialised, professional, and local service to our clients.  From the beginning I believed in building up long term relationships with our landlords over many years, rather than just being in the business of selling a property and then moving on to the next one.  

I am very concerned that in recent years lettings has become seen as just an add-on business to most estate agencies.  It seems that very few of these businesses are investing their time and effort to understand all the legalities of lettings, or to addressing the real concerns of their landlords and tenants.”

Caroline enjoys creating new marketing ideas for individual properties and for the business (including radio commercials, videos, and social media) and has also enjoyed creating a joint promotion with the local hospice where she works voluntarily.

Last year The Letting People became a franchise business, and Caroline now looks forward to  working with inspirational franchise partners throughout England.  In future years she is optimistic about helping them to breathe new and professional life into the private-rental sector.
 

At our Leamington Spa branch. The next time you visit Homebase at Leamington or Warwick why not pick up The Letting People discount card. The Letting People discount card may be collected from the stand near the tills and if you are looking to let out your property, you could claim a £50 discount on our classic agency letting services!

It has been over a year since The Letting People launched the No fee guaranteed rent scheme and what a year it has been with a positive response from local landlords after the scheme was announced in January 2011
Are you a buy-to-letter looking to ‘let and leave’ with a guaranteed rent, no void periods, and no letting agency fees? Or, a landlord with a property now needing a makeover to attract the best tenants and highest rental
Savvy landlords and many sensible investors are now looking to become the next generation of buy-to-letters.  With bank interest rates expected to remain at low levels of 1-2% and well-managed properties yielding 5-6% of the whole purchase price (and sometimes more) 2012 is looking like a happy new year for landlords.
Added to this, as potential first-time buyers move into the area and find they are unable to secure a mortgage to buy a property, the demand for rented property is increasing dramatically.  This increase in demand is occurring across most of the country and therefore, landlords have rarely found it so easy to raise rents. Locally, this is probably the first sustained increase in rents for over ten years!  Also, many of those buy-to-let landlords entering the market in the last decade will also be seeing happier times ahead as historical fixed-rate (many over 6%) mortgages come to the end of the term and they can reap the benefits from the sustained and unprecedented low Bank of England interest rate.
All good news for potential landlords, but how do I take advantage? The Letting People are now offering a new letting service with a guaranteed rent, no void periods (over an agreed fixed term) and no letting agency fees.  Where required we will also offer a property makeover schedule. 
This new service is an alternative to our more traditional agency letting schemes and will ideally suit those investors wishing to ‘let and leave’ their properties with no fuss and hassle (no tenant change over, deposit disputes or void periods for you to worry over during the period!) and an agreed guaranteed rent which you can budget for a period of up to 3 years. All this includes a free management service provided by The Letting People.
Interested? To find out more about this service, please contact us to make an appointment for us to assess your property for the scheme
 

 We have recently had some interesting deals on new tenancies.  Many prospective tenants and some new landlords, are often surprised that we suggest a negotiation on the rental in order to secure a reasonable deal for both parties.  A few years ago it was the norm for tenants to pay the asking rental and both agents and landlords were surprised with the few tenants who dared to ask for a reduction!

Nowadays, with the growth in TV programmes showing property negotiations as the norm, many prospective tenants reckon it’s a worthwhile exercise to make an offer and see what the landlord is prepared to accept.  This is probably a good idea if they are able to move in quickly, or are prepared to take the property ‘as seen’ without any special requests for accommodating a pet, or the removal or supply of furnishings.

The only problem that then arises is when a landlord is not able to make a decision regarding the offer there and then, and comes back to us a day or two later to accept the offer or try to renegotiate.  Unfortunately, many prospective tenants, while waiting for a response, will then fear the worst, assume they have ‘lost’ the property, and therefore continue to view similar properties. These properties may be less expensive or the landlord might be able to accommodate their special request straight away and do a ‘deal’ there and then.

But fortunately, many of our professional landlords have already been through the heartache of unsuccessful negotiations and usually reckon that “a bird in the hand is worth two in the bush”.   In other words it is probably better to accept a reasonable offer from a good prospective tenant today, than to hold out for the higher asking rental which may take some time (sometimes several weeks) to materialize.  Additionally, tenants who believe that they have secured a good rental ‘deal’ often end up staying for a longer tenancy than those who feel like they have paid more rental than they wanted to.

Therefore, looking at the figures in detail, if you were advertising your property to rent at say £600 per calendar month and were offered £550pcm from a tenant wanting to move in next week for 12 months, we would highly recommend that this offer should be accepted straight away.  In effect your rental income for that year would then be £6,600 per annum.  If you had to wait a further month for an offer of £575pcm, your income for the next 11 months would then be £6,325 less any additional council tax or utility costs that may be payable during the waiting or ‘void’ period. 

Of course, the negotiations can go the other way and many landlords may turn down a low offer if they know that there are other good prospective viewings booked on the same property.  Good prospects might include tenants who can move in quickly or those who are currently renting properties with us who have a good credit and employment history.

I hope that some of the above tips will be useful for both new or seasoned landlords who want to negotiate quickly and speed up the next letting.  So good luck with deciding whether it’s a ‘deal’ or ‘no deal’!
 

Formerly a 'dragon' on the BBC's Dragons' Den, Doug Richard, the leading entreprenear is soon to give The Letting People top quality business advice. Caroline Kempster, Marketing Director, is the lucky winner of a session with Doug following a web business course she attended (the Web Fuelled Business bootcamp.)  Caroline says "I can't wait to talk to Doug about The Letting People's use of the internet for our business.  I learnt lots about web-based tools on the business bootcamp, and it's a great opportunity to have one-to-one advice from a real expert – especially as I won't have to go into the Dragons' Den!"