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Good Landlording

By: Suzanne Smith and Richard Jackson
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  • Summary

  • A weekly podcast co-hosted by Suzanne Smith and Richard Jackson, who discuss practical tips to help you start, grow and succeed as a landlord.
    © 2024 Good Landlording
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Episodes
  • Episode #3: Guide to selecting good letting agents

    Episode #3: Guide to selecting good letting agents
    Apr 24 2024
    In Episode #3 of Good Landlording, Richard and Suzanne broach the big subject of letting agents by giving an overview of what landlords need to know about agents to help them make the right choice, in the first of a series of three episodes on agents. For many landlords, agents are a vital part of letting and managing their properties, while for other landlords, they prefer to manage every aspect of the properties themselves. As experienced landlords themselves, Suzanne and Richard discuss the pros and cons of using letting agents, and share some little-known tips on how to select good agents, based on their own experiences and Suzanne's legal insights. This is an introductory episode on letting agents. Richard and Suzanne cover practical tips for signing up with letting agents in Episode #4, out Wednesday 1 May. Here are the detailed show notes for Episode #3. What we cover in Episode #3 on letting agents1. How many landlords use letting agents?2. Why it's important to choose the right letting agent3. Why landlords should have copies of all documentation4. What does the law say about letting agents?5. Basic due diligence to avoid rogue or bad agents6. How can landlords find a good letting agent?Golden nuggetCredits >> Submit a question: Click here for question form 1. How many landlords use letting agents? It's difficult to know definitively how many of the 2.5 million or so landlords use letting agents as even the official statistics are estimates based on small samples. However, here are two surveys which both estimate that the overwhelming majority of landlords (over 80%) do not use them for property management. The 2021 English Private Landlord Survey (EPLS) estimated that almost half (49%) of the landlords surveyed said they didn't use a letting agent. 46% used an agent for letting services and less than one in five (18%) used one for property and tenant management services. Looking at it the other way, over four-fifths (82%) of the landlords surveyed self-managed their properties. However, this was not only a small sample size of 9,300 landlords, the sample was not representative of landlords as a whole and landlords who registered deposits themselves- figures for landlords whose agents registered deposits are not included in this analysis. In the Property Redress Scheme's 2023 Annual Sentiment Survey of 2,700 landlords and agents, 65% of landlords self-managed their own properties, with about a fifth (19%) relying on a hybrid of self and agent management. According to this PRS survey, only 14% of private rented properties are managed by letting agents. This number is less than estimated in the EPLS. In the "old days", before the internet, there were few letting agents and landlords would find tenants by advertising in the classifieds of newspapers. Suzanne remembers finding her first bed-sit in Clapham in the early 1990s in the classifieds of the Evening Standard. Technology has been slowly making it easier for landlords to self-manage their properties, with the advent of OpenRent (affiliate link) and now the new self-service letting platform launched by Hello Neighbour in April 2024. (Hello Neighbour sponsor Good Landlording and offer listeners a £10 discount by using this Good Landlording link). These online platforms facilitate the process of finding tenants themselves, advertising on the property portals such as Rightmove and Zoopla, and "onboarding" them. 2. Why it's important to choose the right letting agent Letting agents can make or break the success of a tenancy. The experience of using letting agents varies considerably, and even from branch to branch of the same company. The best agents typically find the best tenants. They do regular inspections, give landlords early warnings of an issue, and this results in properties being kept in good condition, with rent paid on time. They find long-term quality tenants which means ultimately fewer voids.
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    19 mins
  • Special #1: Big changes to Renters Reform Bill

    Special #1: Big changes to Renters Reform Bill
    Apr 20 2024
    In this special episode of Good Landlording, Suzanne Smith and Richard Jackson discuss how recent government amendments to the Renters Reform Bill kick the implementation of many unpopular provisions into the long grass, and make other amendments. They include delaying the abolition of Section 21 for those tenancies already in place when the Renters Reform Bill comes into force. The government introduced these amendments to address "concerns" of some Conservative MPs about the Renters Reform Bill, and the amendments will be debated in the House of Commons during the Report Stage of the Renters Reform Bill on 24 April 2024. As well as delaying the implementation of some of the parts of the Bill that have been unpopular with many Conservative MPs, there are some less controversial but nevertheless important amendments. Richard and Suzanne explain which parts of the Renters Reform Bill the government is planning to delay, and the practical impact on landlords of the key government amendments. What we cover in this Renters Reform Bill special episode1. Lord Chancellor’s assessment to delay implementing parts of Renters Reform Bill for existing tenanciesWhat is the Lord Chancellor's assessment?Who is the Lord Chancellor?Which parts of the Renters Reform Bill will be delayed until the Lord Chancellor's assessment?Which parts of the Renters Reform Bill will not be delayed by the Lord Chancellor's assessment?How long might the Lord Chancellor's assessment of the county court process take?2. Minimum tenancy to be six months3. Widened scope for Mandatory Ground 4A for student tenancies4. Changes to Rent Repayment Orders5. Change to Grounds 1 and 1A for landlords selling up or moving in6. Local authorities' "prevention of homeless duty" to start earlierFinal thoughtsCredits Large parts the Renters Reform Bill have been kicked into the long grass >> Submit a question: Click here for question form 1. Lord Chancellor’s assessment to delay implementing parts of Renters Reform Bill for existing tenancies It has been known for some time that some Conservative MPs were not happy with aspects of the Renters Reform Bill. This led to the progress of the Renters Reform Bill through the House of Commons being delayed for 5 months after the Committee Stage at the end of November 2023. It had been widely signalled by the government that the abolition of Section 21 would be made subject to improvements in the court system for possession orders. What had not been expected is that the implementation of other provisions in the Bill would also be made subject to improvements in the court system insofar as they relate to existing tenancies. (Note that new tenancies will not be delayed beyond the usual six month implementation period.) This effectively creates a two-track Renters Reform Bill with key parts of the Bill being delayed for existing tenancies until the Lord Chancellor publishes the assessment, and other parts coming into force in the usual way. What is the Lord Chancellor's assessment? The government proposes delaying the implementation of Chapter 1 of Part 1 of the Bill for existing tenancies until the Lord Chancellor has published an assessment to the effect that landlords are both able to get orders for possession from the county court when they apply, and they can get those orders enforced by bailiffs. In other words, the backlogs in the county courts and with bailiffs need to be cleared, and the county courts need to be functioning efficiently. It will be for the Lord Chancellor, a political appointee, to publish the assessment at such time, and in such manner, as they think appropriate. Who is the Lord Chancellor? The lord chancellor is the secretary of state for justice, responsible for the administration of the courts and legal aid in England and Wales. It’s a senior cabinet position. Currently the Lord Chancellor is 47 year old barrister Alex Chalk, MP for Cheltenham. However,
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    21 mins
  • Episode #2: How to select good tenants

    Episode #2: How to select good tenants
    Apr 17 2024
    These are the show notes for Episode 2 of Good Landlording. This week, Richard and Suzanne discuss the important topic for landlords of how to select good tenants. In this episode, they go through the processes that they both use to select good tenants, sharing practical tips about how they go about selecting good tenants the right way, without falling foul of the law. This includes the tenant application forms they use, the rules on holding deposits, what selection criteria you can and can't use for tenants from a legal perspective, and how to vet tenants. Next week, Richard and Suzanne broach the big subject of letting agents in the first of three episodes on letting agents: Episode #3: Guide to selecting good letting agents. What we cover in Episode #2 on tenant selectionTips to select the right tenants1. Are the tenants right for your property?2. Choose long-term tenants3. When is it reasonable to accept or refuse pets?4. Are the applicants reasonable with good communication skills?5. Why landlords should be involved in tenant selectionWhy it's important to have a tenant application formHolding deposit rules How to vet tenants What the law says about selection criteria for choosing tenantsGolden nuggetCredits >> Submit a question: Click here for question form Tips to select the right tenants Suzanne and Richard discussed affordability and red and green flags in Episode 1 - What makes a good tenant? The next step is to select the right tenants from your shortlist of applicants who have all qualified as good tenants on paper. If you are looking for tenants yourself using an online platform, you should pre-screen tenants for suitability before arranging viewings, so you can weed out time-wasters. Here are 5 practical tips to help you choose the right tenants. 1. Are the tenants right for your property? Tenants might be good on paper, but they need to be right for the property. For instance, a family for a family sized house and a single person or a couple for a bedsit. 2. Choose long-term tenants Long-term tenants are great for landlords as they help reduce void periods, the cost and hassle of preparing the property for letting and the process of finding new tenants. Offering 2-3 year fixed terms with rent review clauses is a good option. However, be aware that landlords can't use section 21 during a fixed term, unless there is a break clause, which means that if there is a problem with the tenants during the fixed term, the landlord would need to use section 8 to evict the tenants. >> The Independent Landlord: How to obtain possession under Section 8 >> The Independent Landlord: How to serve valid Section 21 Notice 3. When is it reasonable to accept or refuse pets? The question of whether to allow pets is tricky in flats. It comes down to reasonableness. Whereas it might be reasonable to allow a dog in family house (not an HMO) with a garden, it's riskier in a small flat. >> The Independent Landlord: The current rules for tenants who want to keep a pet 4. Are the applicants reasonable with good communication skills? Good tenants aren't just tenants who can afford the rent. The relationship will be more harmonious if they are reasonable and have good communication skills. For instance, they won't call up asking for the landlord to change a lightbulb (that's their responsibility anyway), and are more likely to report maintenance issues such as slow water leaks before they escalate into a major repair because of the damage from the leak. 5. Why landlords should be involved in tenant selection Even if landlords use letting agents, we both recommend being involved in tenant selection, by meeting the shortlisted candidates either in person, or via Zoom. This helps landlords get the measure of the applicants, to see whether they'll be good tenants in practice. Why it's important to have a tenant application form
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    17 mins
Management Economics Personal Finance
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