After 2020 being a hugely challenging time for all, we look forward to moving towards some normality this year, particularly in the lettings industry which has seen it's fair share of changes over the last few years.
Here at Martin & Co Sutton Coldfield we have ridden the storm well, adapting to the challenges and putting numerous new procedures in places to mitigate risks . such as opting all our Fully Managed landlords into Rent Guarantee cover.
Renewal rates for tenancies have increased, with our renewals team focusing on rent reviews to ensure a fair market rate is achieved for each property.
The above is especially true for periodic tenancies, these are essentially the â€œzero-hoursâ€ contracts of the lettings world; on average they receive lower rent, and your tenants could leave with just a month's notice.
Did you know that there are around 170 pieces of legislation currently in force affecting residential lettings, almost doubling in the last decade?
We are here to ensure that our landlords are fully compliant with the latest legislation, with the biggest shake-up in years being the Tenant Fees Act 2019. After successfully mitigating the TFA 2019, the Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020 has been the forefront of our Property Management team's focus over the last 12 months.
After all, who wants a maximum fine of £30,000 for a below standard property?
Should you come to sell your property in the future, then having a certificate in place is one box already ticked for conveyancing and in the meantime, your tenants are safe.
We also handle the tenancy deposit, carrying out a photographic report at the end of tenancy and negotiating with the tenants the release of the deposit . all in line with the Tenant Fees Act 2019 . ensuring there are no nasty surprises due to unprotected deposits, or those exceeding the maximum allowed in the Act.
Not complying has cost some landlords very dearly.
Reduce the risk of managing your own tenancy by contacting us today to discuss managing your property.
Our fully managed service would include (please see ask for our Terms of Business for full details);
- Virtual inspections to ensure that your property is being kept up to standard whilst complying with COVID-19 legislation.
- Arranging all required safety certificates to ensure legal compliance.
- Photographic move-out report when the tenant vacates, deposit negotiation. (Should management be on-going we would request it is transferred to our DPS account and audited for Tenant Fees Act 2019 compliance). Transfer of utilities once vacated.
- Liaising with tenants for all property management concerns.
- Rent processing and arrears management.
- Rent Guarantee and Legal Cover available at an additional £25pcm (at current pricing).
If your current tenant has not been introduced by us, we will review the tenancy and advise on recommendations before considering full management.
I hope that from the above you can see why now, more than ever it is important for your property to be professionally managed by Martin & Co Sutton Coldfield.
If you have any questions, please let me or any of the team know.
Matthew Clinton MARLA