Headaches Involved With Managing Properties

August 15, 2012 By Leave a Comment

By now, regular readers of this blog know we operate on two distinct levels.  The first is to forewarn and forearm potential owners of property to rent in Liverpool to understand the processes involved in renting out your property. The second is to discuss the option of using an outside agent manage your property.

Lets recap on the typical responsibilities that will be undertaken by a property management Liverpool based company…

Typical responsibilities of a property management company include signing rental agreements and rental disclosures, complying with rental laws (such as lead paint tests and disclosures), taking care of all repairs and maintenance, fielding phone calls from tenants, screening tenants, and other such things. What is more, if desired, they will also help you make your accounts much easier by keeping track of everything as how the money is being spent on various properties. Therefore, if you want to get rid of all the headaches involved with managing properties and tenants, you should look no further than hiring a professional professional property management company.

What you can’t expect your property management company to do…

It is very important for you to understand that if you have houses to let In Liverpool you cannot expect your property management company to do everything for you. There are several tasks associated with your property that may not be included in their work profile. For example, they will not pay your bills, such as property taxes or mortgage payments. They will not even register your rental properties with local municipalities, unless you specifically ask them or upscale the particular contract. You will have to perform all these tasks yourself. However, if you do not have much time to handle these things, there are some other alternative options available to you. In order to save your time, you can have your mortgage lender escrow for the recurring bills, including ground rents and property taxes & insurance.

Food for thought

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Filed Under: Do your sums, Full Management Service, Tips For Landlords Tagged With: ,

How Is This Going To Play Out

July 29, 2012 By Leave a Comment

The great student crisis of Smithdown road

According to the newspapers, backed up by recent university figures, thousands fewer students have applied for university places this autumn and the usual clearing scramble for places after A-level results was much lower than expected.  It has been stated by some universities that there will be a drop of about seven per cent in the numbers applying this September, rising to nine or 10 per cent when applications from English students are counted separately.  last year we had record numbers of applicants trying to beat the £9,000 a year tuition fee hike, but as expected this year has been poor in relation to application.

What This Means

The families I’ve spoken to indicated that the uncertainty in the job market fueled by volume of graduates unable to get a job (let alone a job which reflects the academic qualifications) have also been a factor. If you localise this in term of property to rent in Liverpool, and how the city has been built on an influx of students flocking to a vibrant city, and freely spending on food, drink, good times and most importantly rented accommodation… the good times maybe over.

In the USA, families have attempted to save for their child’s ferociously expensive education, this has led to a save culture in further education. As the exponential rise in tuition fees have been brought on at pace, this is not the case in the UK. It’s reasonable to assume that housing areas that have been regenerated by the student pound where vast amounts of HMO accommodations are available may now be under-threat.

If a three year course costs £27,000 in fees, placing this figure against the last intake cost of £9,000 over the same three year period, will the students choose to live away from home? Would students wish to incur another substantial cost. Areas that have survived and regenerated because of the student housing boom, could now struggle as the demand is sure to reduce, until families have time to implement a university savings plan.

What Should Happen If You Own A Student Rental

We have three possible outcomes to this problem

1) Stay the same, reduce prices and hope the students, who now have market forces on their side, choose your HMO.

2) Sell your home.

3) Convert your asset to a standard rental property.

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Filed Under: City News, Housing News, Study the Market Tagged With: ,

Promoting Your Property

July 14, 2012 By Leave a Comment

How Can I Promote My Property?

Here at Property management Liverpool, we know you’re looking to promote your property to rent in Liverpool.

It can be advantageous if you’re in close proximity to a venue or institution that people love to visit. If you’ve houses to let in Liverpool or a flat to rent at the Albert Dock, then I’m sure the Tate Liverpool fits the bill. E.g. Currently the Tate has the ‘Turner Monet Twombly’ exhibition, and this a remarkable exhibit.

Here is a little bit of information about it, we feel if you’re promoting your property then you should promote local places of interest.

This ambitious exhibition brings together works by J.M.W. Turner (1775–1851), Claude Monet (1840–1926) and Cy Twombly (1928–2011), three of the most prolific and well-known artists of all time. Turner Monet Twombly: Later Paintings explores the similarities between these artists in style, subject and artistic motivation during the last 20–30 years of their lives.

Turner Monet Twombly: Later Paintings will feature iconic works such as Monet’s fabulous Water Lilies and Turner’s much loved Romantic landscapes. The exhibition will also include a major work from Twombly’s vibrant and well-received series, Blooming: A Scattering of Blossoms and Other Things, shown in the UK for the first time.

Alongside Turner’s compelling, atmospheric works and the beautiful and emotive art of Monet, Twombly’s original contemporary style adds a fresh and exciting dimension to the exhibition.

For those already familiar with the artists’ work, this exhibition is a revelation; for new audiences, it is a fascinating introduction. Not to be missed.

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Filed Under: City News, Study the Market Tagged With: , ,

Festival Gardens Redevelopment And Housing

July 3, 2012 By Leave a Comment

Festival Gardens Redevelopment

A former tip adjacent to the river Mersey was transformed in 1984 to the countries first Garden Festival site. The IGF International Garden Festival came from a Conservative government concerned with gentrification and under a regenerative guise, attempted to drive tourism back to Liverpool. This was in the wake of some poor years due to the decline of industry and unrest in the city. Fast forward 27 years and we now know the site is now going to have houses to let in Liverpool and other substantial development on its land.

As a child I remember the five month event with it’s mix of 60 ornamental gardens and displays from all over the world that has been said to attract 3.5 million visitors over those months. I also remember the subsequent housing developments and entertainment village that was created to try and maintain the site after the festival gardens closed. Pleasure island as it was once called closed in 1997 and since fell into terrible disrepair.

Liverpool city council in 2007 granted planning permission to Langtree to regenerate the festival garden this included:

  • Restoration of the Chinese and Japanese gardens in the former International Garden Festival site in Liverpool
  • 1,040,365 sq ft of residential development, comprising 1,308 apartments (936 – 2 bed and 372 – 1 bed) and 66 townhouses
  • Retail/commercial units to accommodate local amenities
  • Commercial property to let in Liverpool and sale

After 27 years the Festival Gardens is due to re-open, with all the pomp and fanfare it first attracted in the 1980′s. Only this time the city and it’s people are even now, in a better economic position to benefit most from the development and its gardens.

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The Role Of Property Managers

June 13, 2012 By Leave a Comment

What Does A Property Manager Actually Do?

It is important to note that in these times, property managers can also deal with construction, housing developments alongside the traditional roles of maintenance and repair. In our option, the most valuable proposition that a property management company offers is the distance you can remove yourself from the tenants e.g. if you have a apartments in Liverpool to rent, you can manage from a different city, easily. Having a property management company involved will ensure you will have an experienced hand if you need to initiate litigation, or deal with insurance agencies and contractors. A lot of property management companies will already have quite expansive collection of supplementary partners that they’ve already had extensive dealing with that would work out dramatically cheaper to use if you made contact yourself.

If you’re smart and you know that with a growing property portfolio of furnished flats to rent in Liverpool, you should use a property management company to resolve issues such as public nuisance, reduction of pre-arranged services, harassment and non-payment. This is the uglier side of property management, would you really like to personally be involved with an eviction! You can distance yourself and let the property managers look after the tenant and landlord laws.

It is down to you to decide which types of services you want your property manager to perform. Make sure that you have a written agreement with them, explaining each and everything clearly. If you want your property manager to perform legal tasks also, you will have to make sure that the property manager has experience in such matters. I would imagine the property management companies are always accomplished at such tasks. A particular scenario may only arise once in a blue moon for you as a landlord, but for a property management company this could be a quarterly occurrence and will be dealt with swiftly.

 

 

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Filed Under: Property Management Basics, Tips For Landlords Tagged With: ,

What Is Property Management

May 27, 2012 By Leave a Comment

Property management relates to the operation and management of residential (e.g. residential property to rent in Liverpool), industrial, and commercial properties. It is the same as any other type of management in any type of business. A property management company operates everything on behalf of the landlord. E.g. duties may include credit and background checks on tenants, advertising vacancies for landlords, responding to and addressing maintenance issues, and accepting rent from the tenants.

A property management company, like any other business will charge you a pre-determined fee for their services…. because it adds value, in relation to time and expertise.  Most property management companies and specifically those dealing in houses for let in Liverpool will charge a certain percentage of the gross rent collected every month.

In order to save this money, you could complete all of the required jobs yourself. But, if you have lots of properties to manage, you may find all these tasks, daunting. Always remember, tenants are not very easy people to deal with. A serious property person will always invest their time on other core issues of the this type of business venture. Time is the most important factor so it’s always worth using the services of a professional property management Liverpool based company.

If you need anymore answers or would like a property management company you can trust…  call Bluerow Lettings on 0151 709 9638

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You’re Moving And Quickly Need To Find A Tenant

May 10, 2012 By Leave a Comment

Here’s the scenario…

You’ve got a job in a different city, it’s too far to travel everyday, you need to move. You’re not sure if your work contract will be extended or even if you pass the provisional 6 month period, but the opportunity is to good to pass up.

As a property management company, we hear this a lot and ultimately we have lots of flats for rent in Liverpool. The phrases; temporary, love my home, not sure and see how things work out are common. We hear all the reasons imaginable that will basically mean you’ll quickly need to rent out your home. Financially, you couldn’t afford not to.

If you’re not prepared to let an experienced company who have experience with apartments in Liverpool to rent, undertake this on your behalf. We’ve put down a few quick tips to think about;

6 tips for choosing the right tenant 

1. Take your time. Don’t rush the search. You’re better to go without a tenant for a month, than to choose one who doesn’t fit.

2. Meet your tenants in person. Even if you’re working with a property manager, always meet your potential tenant in person. You have a better idea of what you’re looking for.

3. Trust your instincts. If your gut says something’s not right, it’s probably right. Listen to it.

4. Ask for references. Always ask for references. Make sure to have a list of questions on hand. And don’t feel bad about prying – it could be the difference between a good and terrible tenant.

5. Run a credit check. This isn’t always possible, but if you can do one then do it.

6. Use a lease and get a deposit (this is a legal obligation). Make sure you have your tenant sign a lease and always take at least one month’s rent as a deposit (look at rental deposit scheme) in case anything should happen.

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Filed Under: Pick tenants with care, Shorthold tenancy, Tips For Landlords Tagged With: , ,

More Hidden Costs When Buying A Home

April 25, 2012 By Leave a Comment

Our experience in the property market, and particularly with property to rent in Liverpool means we’ve become accustomed to the house buying process. This post continues along the theme of hidden costs and how to make savings.

Making an offer and negotiating

If you’re making an offer on a particular property, the asking price must always be treated as a guide. The seller, like most negotiators, is trying to get the best possible deal and may not be expecting you to meet the asking price. It is very important to remember there will almost certainly be a counter off.

Deciding on an opening offer can be a precarious state of affairs. Too low and you risk alienating the seller or being outbid. Too high and you could end up paying too much for the property. It is prudent to firstly determine your maximum amount you’re willing to offer, and then consider how low you’d like to start your offer on the property.

To find this amount, glean as much information as you can about the sellers, the previous cost of the house (can be found on property aggregation sites) and the prices other homes in the area have sold for an current costs

Saving for a deposit

There are obvious benefits to putting down a large deposit when you start the home-buying process. The obvious one is that it will make it that much easier for you to get a mortgage. You’ll also immediately have equity in your property. The larger your deposit, the more protected you are in the event of your property dropping in value; the property would have to experience a drop in value the size of your entire deposit before you were in negative equity.

The first obvious step to saving a deposit for your home is to write yourself a budget. The second obvious step, and the one that will no doubt prove the more difficult, is sticking to that budget.

Evaluate all of your expenditure. Determine what is necessary (rent, council tax, etc) and what you could possibly cut back on or eliminate altogether.

Think about this;

  • Can I afford Sky TV?
  • Do i need to eat out more than once a week, can I bring food from home for lunch.
  • Do I make a lot of expensive phone calls?
  • Do I have too many credit cards? Should I consolidate my debt?
  • The gym membership i never use
  • Do I really need that new book/magazine/car/plasma TV/outfit etc, or do I just want it?

Thinking hard about these extra costs could really help you with paying a mortgage

Alternatively, If you’re looking for a house for rent Liverpool. Visit our sponsors at Bluerow Lettings.

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Filed Under: Study the Market, Tips For Landlords

Why Would You Buy A Property… Hidden Costs

April 10, 2012 By Leave a Comment

Do you know the full cost of buying a home?

 

Here are some expenses you will have to keep in mind.

The cost of your property isn’t the only price you see on in the estate agents window. For example, a lot of buyers, especially first-timers, go over budget on the purchase of their house simply because they haven’t factored in stamp duty.

This means if you have a property to let in Liverpool, you’re in a strong position, as prospective buyers simply wouldn’t be able to afford the full cost of buying a property… particularly first timers.

Here is what a buyer needs to think about;

Home Insurance

Costs vary with this one. It’s a postcode lottery, the same city and depending on your property could mean you pay as little as £170 or as much as per £700

You probably won’t be able to get a mortgage without having it, or at least having the intention too.

To keep costs down;

  • Shop around
  • Consider switching from your mortgage company to a general insurance provider;
  • Use a good broker that will shop around at renewal time for competitive quotes;
  • Fit high-quality locks on exit doors and windows;
  • Fit a smoke alarm and insurer-approved burglar alarm;
  • Join your local Neighbourhood Watch scheme;
  • Keep valuables to a minimum.

Stamp Duty

Stamp duty is a tax levied by the government on the transfer of properties. Depending on the cost of your property this will be a big one;

  • 1%: Properties of £125,000 to £250,000, but first-time buyers are exempt until 24 March
  • 3%: £250,000 to £500,000
  • 4%: More than £500,000
  • 5%: More than £1m, residential property only

If the purchase price of your house is less than £125,000 you won’t need to pay stamp duty.

Furnishings

Obviously these costs are subjective, but we all know that a bed alone can cost over £1000 and the same for a couch. If you haven’t budgeted, you’re new property could look really really minimal.

You don’t have to buy your furniture all at once, but I’d imagine a minimum of £10,000 to have a standard amount of furniture and fittings.

Moving Costs

If you have a few houses to let Liverpool, you’ll be very aware already of the moving costs. Few people realise that estate agent’s fees can be massive! I’ve heard of fee’s as much as 6% of the value of the property. Remember these are open to negotiation and can vary between 1% and up to 3% of the purchase price, depending on where you live and the state of the market in your area.

Actually moving will incur costs, and some of you may need a storage solution. You’ll need to be proactive in adding these costs to your budget.

Solicitor’s Fees

Expect to pay solicitors fees of around £550 for a house with a purchase price of £100,000.

So if you want to have a regular income and you have a property available to let, you’re in a very good position.

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Filed Under: Do your sums, Furnishing, Insurance, Study the Market Tagged With: , ,

How Easy Is It To Furnish My Rental Property

March 28, 2012 By Leave a Comment

We’ve been noticing in recent months that lots of prospective tenants who rent apartments in Liverpool, have been a little weary of properties that don’t have any furnishings. Well don’t worry, it isn’t the end of the world.

We’re going to split this post for landlords and prospective tenants.

Landlords

Some properties that encourage first-timers may not have much, if any furniture. You’ll identify this type of property because it will be at the more reasonably priced end of the market. Although this isn’t always the case, some landlords will already have basic white goods and a couch and bed.  Larger properties, can be be both furnished or unfurnished but as a landlord you need to be flexible on this issue. If you have a part-furnished or fully furnished property, it is easy to remove items dependent on the tenants requests.

As a landlord you should consider picking up affordable goods of that nature, and reconditioned or inexpensive white goods. You can either go the IKEA route with tables and bedroom furniture, or you could visit charity shops who have the most inexpensive larger items for sale.

Another tip would be to ask family, I know from experience that family members who have moved, or store lots of goods would welcome their spare furniture to be kept out of the way.

Tenants

Personally with my Liverpool flat rent, I didn’t have much furniture but also didn’t wish to accrue any.  The let was always going to be short-term, and I felt I’d like to buy new furniture once I purchased my first property. Anyway, I decided to ask my landlord to part furnish the flat to which they duly did. I specified what I’d like and before I moved in it, they fulfilled my request. What we’re saying is unfurnished or part-furnished isn’t a deal breaker, as landlords are in it for the long term and are very flexible.

The second possibility as a tenant would be to do exactly what most students do. I wanted Sky TV with a video (i know I’m old) and mini-hifi system. I went straight out and for less than £25 a month rented the whole thing. Businesses lease art for there walls, and landlords or you as the tenant can lease furniture at reasonable prices from companies.

Food for thought, but what we wanted to get a across is that flexibility is key.

 

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Filed Under: Decorate Your Rental Property, Furnishing, Smarten up rented property, Tips For Landlords Tagged With: , ,
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