Author: colin_williams

Petersfield Landlords: Self-Management May Cost You Money

Posted on by colin_williams

If you are a landlord, it is understandable that you want to generate as much income as you can. It isn’t always possible to continually increase prices and rental fees, so a savvy landlord will look to minimise their expenditure whenever they can. The less money you spend in providing a service, the more profit you can make but you must be wary of reducing the standard of service you offer, because this can negatively impact on your reputation and ability to make money. At Williams of Petersfield, we support local landlords and we want Petersfield landlords to know that self-management may cost you money.

It is easy to see why some landlords like the sound of self-management. When you care for the property and tenant by yourself, you don’t pay fees and you can claim all the income that you generate. This is an outcome that appeals to most landlords, but the reality of the situation is often not as straightforward as you would like.

Landlords face many issues and problems day to day

There are some major problems associated with self-managing rental property, including:

  • You will have to devote a considerable amount of time to the role
  • There are many regulations and administrative aspects of the role you need to contend with
  • There are many tax issues that landlords need to contend with
  • Are you comfortable with vetting tenants, carrying out credit or reference checks and asking for money?
  • Are you comfortable managing conflict?
  • Are you prepared for emergency calls at all hours of the day or night?
  • Can you carry out repair work, both emergency and necessary?

These are all serious matters for Petersfield landlords to deal with and if you cannot deal with these issues, it is unlikely that you will provide tenants with the service they expect. If you don’t please your tenants, you will develop a poor reputation and it is likely that they will move out of the property as soon as they can.

If this unfolds, it is more likely that you will have void periods when you generate no income at all and when you do have tenants in the home, they won’t be paying as much rent as you would like, and they may not meet the expectations of a tenant that you initially hoped for.

Inexperienced Petersfield landlords often struggle to provide tenants with the service tenants require

If you are inexperienced or incapable of acting as a reliable and dependable landlord, you will struggle in the role and this can create a chain of events which sees you making less money than you would have liked or even losing money.

It is natural that many Petersfield landlords would prefer to not hire the services of a professional management company because this is an outlay. However, in the long-term, using the services of a professional helps you to save money and even make more money.

landlord

A professional caring for your property and tenant will provide you with more free time while ensuring that your tenant receives a better standard of service. This protects your reputation, it increases the likelihood that a tenant will want to stay with you and it may even allow you to justifiably charge a higher rental fee. These outcomes justify using a professional property management service provider to care for your property and tenant, allowing you to generate more income in the long-term.

If you are a Petersfield landlord, or you know of Petersfield landlords, and you need assistance in caring for tenants or you need guidance on running your business, contact Williams of Petersfield. We are more than happy to provide you with help and advice on being a landlord, and we look forward to helping you soon.

On Holiday This Summer: Secure Your Home Before You Go

Posted on by colin_williams

Hopefully the weather in Petersfield will be warm and pleasant this summer but even if the temperature and conditions are appealing, there is a lot to be said for enjoying a summer holiday. Having the chance to enjoy a change of scenery and a different pace of life is hugely important for many people and you’ll find that going on holiday can recharge your batteries for the rest of the year.

Of course, you want to relax on holiday and this means you need to feel confident that you have left your home in a safe and secure condition. It is only natural that you will have concerns about your home and its contents when you are on holiday, but there are ways in which you can minimise the risk or likelihood of being broken into when you are on holiday.

Don’t advertise the fact that you will be away from home

Firstly, you want to minimise the number of people who know that you are away from home. Petersfield is a relatively small community and word can travel fast. You may find that even though you haven’t told many people that you are travelling people find out. You should also review the security settings on your social media accounts

A lot of people love posting images from their summer holiday, making friends jealous and sharing fantastic memories. However, these images may be seen by more than just your friends, and this could alert some people to the fact that you are away from home. You want to make sure that only people you know, and trust, can see your holiday snaps, so update your social media accounts before you go.

It will also be helpful to minimise any aspects that indicate you are away from home. If you order milk or have newspapers delivered, remember to pause your subscription before you go. A build-up of milk bottles and newspapers outside your front door will tip people off that you are not home, which may be all the invitation that a burglar needs. Be proactive before you go and cancel deliveries that could place your home at risk.

Improve the condition of windows and doors before going on holiday

The most common points of entry during a break-in are doors and windows. You should therefore review the security and condition of doors and windows at your home, making sure that they are robust as possible. It is possible to add new locks quickly and at an affordable price so if you are not convinced by the condition of your doors and windows, make some improvements before you head off.

legislative changes 2018

If you have a bit more time before you go, consider adding a home security system to your property. The addition of a box outside your home acts a deterrent to burglars, and this will significantly improve the security of your home. If the alarm is tripped, the noise may lead to the robber running off and if your system is connected to the police or a security firm, your property may be visited by professionals, adding an extra level of security.

Asking a family member, friend or neighbour to pop in to your home when you are away can reduce the risk of a break-in. If it is possible to make it look as though someone is in your home, you may ward off some prospective buyers. Investing in timed switches or lights that react to the amount of light outside your home can create the impression that someone is at home, and this may persuade some burglars that robbing your home is a poor idea.

At Williams of Petersfield, we hope you have a fantastic summer, no matter where you enjoy it. However, there is a lot to be said for making your home secure this summer, and we hope these tips offer you peace of mind and comfort.

Legislative Changes The Biggest Threat To Landlords

Posted on by colin_williams

Being a landlord can be very difficult and there are many challenges that must be overcome, including legislative changes. In recent times, there have been notable rental fee increases and to the outsider, this will seem like positive news for landlords.

Continue reading “Legislative Changes The Biggest Threat To Landlords” →

People Are Moving House Less Often – How To Sell To Them?

Posted on by colin_williams

While it is correct to say that the number of people looking to buy property outstrips the supply of property, which has played a key role in the rising prices of the UK property market, it isn’t necessarily easy to sell your home. This is a highly competitive market and with recent findings suggesting that people are moving home less often, homeowners need to be proactive to ensure their property is found and then appreciated by prospective buyers.

The study was carried out by Savills for BBC News and they found that in recent times, property owners moved home, on average, 1.8 times. This contrasts with pre-2008 figures which saw homeowners moving home, on average, 3.6 times. This is twice the current ratio which is a clear indicator that property owners are moving fewer times in their life, and this impacts on the property market and the economy.

There are industries reliant on property moves

Don’t forget that there are industries reliant on people moving home, and with the volume of property moves falling significantly, these industries face more competition for a smaller number of transactions. An example of this would be removals companies who have likely found that there is less demand for their services.

people moving home

However, it is homeowners who are likely to be more perturbed about the decrease in property moves. This is the factor that makes it more difficult to sell property and property owners need to work hard to entice prospective buyers. It makes sense for property owners to be proactive and calling on the services of a skilled and experienced estate agent is a sensible idea. After all, if buyers are not moving home as often as they used to, you need to make sure that your property appeals to the needs of the buyers. You will find that additional space and flexibility with respect to the property and what can be achieved in the future are crucial factors, and if you have these aspects, you need to accentuate them when promoting the property.

People can take steps to sell your home in a slow market

There are ways for property owners to make their home more appealing to buyers or to stand out from the crowd in property listings. Some of the steps a homeowner should take include:

  • Thoroughly clean the home
  • Declutter the property, creating more space and remove personal items and belongings
  • Understand who will have an interest in the property
  • Prepare the outside of the home as well as the inside of the property
  • Make sure the property is priced effectively
  • Make sure that each room in the house has a clearly defined purpose
  • Create high quality images and video content of the property

If you can meet these expectations, it is likely that you will have a greater chance of appealing to prospective buyers and sell your home. When it comes to choosing the best local estate agent, you will find that Williams of Petersfield is the ideal agent. When it comes to performing well in a competitive marketplace, we are here to ensure your home is the one prospective buyers find and fall in love with.

Asking Price And Sale Price Gap Shrinking In UK

Posted on by colin_williams

There are many factors to consider in the property market but in recent times, the gap between asking price and sale price has been a crucial factor for many people. Many sellers have been left disappointed with an asking price that failed to materialise and some property specialists have suggested this has been a strong factor in the dip of property being supplied to the market. If property owners believe that selling their home will not bring a sufficient or satisfactory return, they will be more likely to decide against entering the market.

In their year-end review of the property market, NAEA Propertymark stated that homes sold for less than their initial asking price 77% of the time. The organisation also said that only 4% of property sold for more than it’s initial asking price. This information correlated with findings from Zoopla dating to December of 2017 which stated that that the volume of properties selling for less than the initial asking price was increasing.

Rightmove suggests that more homes are selling for sales price

However, information provided by Rightmove in spring of 2018 suggest that an upturn has occurred with respect to sales prices and asking prices. The volume of property sold for the asking price has reached the highest level since June of 2016. Mind you, given that Rightmove said that 74% of homes still sold for less than the initial asking price for February of 2018, it may not be a cause for too much optimism just yet.

It is the percentage of properties that were sold for exactly the asking price that was the important figure though and this was classed as 22%. This would be higher than the percentage suggested by NAEA Propertymark for the whole of 2017 and it is the highest recorded figure in close to two years.

asking price

With asking prices also rising by 1.5%, which is the biggest increase for March since 2007, there is a cautious mood of optimism surrounding certain issues of the property market.

Are stamp duty changes impacting on property market and asking price?

While there are many factors influencing the property market, it appears stamp duty relief changes are having an impact on first-time buyers. In information provided by the NAEA, the January 2018 proportion of first-time buyers in the full market stood at 27% while in February of 2018, this had risen to 29%.

There are also factors that may not come across as optimistic from NAEA. The volume of property-hunters who registered at estate agents in the UK fell by 16% from January to February and by 28% from February 2017 to February 2018. As of the end of February 2018, the number of registered buyers per branch was 309. There was also a dip in the volume of properties for sale with each branch having 35 properties compared to a level of 36 each branch as of January 2018.

The ever-evolving nature of the UK property market can be difficult to stay in touch with. If you want to be confident that you are fully informed as to what is taking place in the property market, be sure to stay in touch with Williams of Petersfield. We are specialists in the local property market and no matter what change or move you may want to make, we are here to help.