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First time using Property Genius for letting out a property, quick turnaround from handing over keys, to advertising and getting new tenants in. A great professional service provided by Graeme and the team, very competitive rates (reason why we switched from another local agent we had been using for years) Highly recommend and will be using them again very shortly!
Highly recommend!!
We have been with Property Genius letting and managing our properties for the past 5 years and are delighted with the team. When the properties are available to let it’s always a quick turnaround, reasonable rates, very professional, friendly and always at hand when needed. Highly recommend!!
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Re-let in no time to a top applicant. I really find Property Genius hard to fault. And thats based on knowing them for years now, not just 5 mins. James
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Oct 18, 2024
How to Meet the New Energy Efficiency Standards Without Breaking the Bank
Energy efficiency has become a top priority for landlords across the UK, with new regulations on the horizon. By 2030, all rental properties must meet a minimum Energy Performance Certificate (EPC) rating of Band C. While the goal is to create more sustainable homes, many landlords are concerned about the cost of upgrading their properties to meet these new standards. In the North West, over 60% of landlords have at least one property that does not yet meet the required standard. With rising energy costs and increased regulation, it’s understandable that landlords are cautious about how much they’ll need to invest to comply. However, with some smart strategies and government support, it’s possible to meet these standards without breaking the bank. Why Are the New EPC Standards Being Introduced? The government’s push for higher energy efficiency in the rental sector is part of its broader strategy to tackle climate change. These standards aim to: Reduce carbon emissions by making homes more energy efficient. Lower energy bills for tenants, many of whom are struggling with rising living costs. Improve the quality of housing in the private rented sector, ensuring that properties are comfortable and affordable to run. While these goals are important, the responsibility of implementing these changes falls squarely on landlords. For many, the question is: How much will this cost, and is there any way to reduce that burden? The Cost of Compliance: What to Expect According to the Goodlord State of the Lettings Industry Report, many landlords are facing significant costs to upgrade their properties. Nationally, over 52% of landlords have said that rising energy standards could even push them out of the market . However, in the North West, where house prices are generally lower than in regions like London or the South East, landlords may find that they are in a better position to invest in energy efficiency improvements. On average, the cost of bringing a property up to EPC Band C can range from £2,000 to £10,000, depending on the property’s current rating and condition. While this can be a hefty investment, there are several ways to minimize these costs and ensure long-term savings. How to Upgrade Your Property Without Overspending Here are some practical ways to meet the new EPC standards while keeping costs manageable: Start with a Professional Energy Audit - Before jumping into any upgrades, it’s important to understand where your property stands. A professional energy audit can identify the most cost-effective improvements, such as better insulation, more efficient heating systems, or energy-saving windows. This will help you prioritise where to invest, ensuring you get the most value for your money. Take Advantage of Government Grants and Loans - The UK government has introduced various schemes to help landlords meet these new energy efficiency requirements. For example, there are grants and low-interest loans available specifically for upgrading insulation, installing energy-efficient boilers, and even fitting solar panels. Check what’s available in Manchester and the broader North West region through your local council or the national ECO4 scheme. Focus on Low-Cost, High-Impact Improvements - Some of the most effective energy upgrades are also the simplest. These improvements may not get your property to Band C alone, but they can make a big difference for a modest investment. For instance: Improved insulation: Loft and cavity wall insulation can drastically improve your property’s energy efficiency for relatively low upfront costs. Energy-efficient lighting: Swapping out old bulbs for LED lights can reduce energy consumption immediately. Draught-proofing: Sealing gaps around windows, doors, and floorboards can reduce heat loss without major structural changes. Consider Solar Panels or Heat Pumps - While more expensive upfront, technologies like solar panels or heat pumps can significantly reduce long-term energy costs and improve your EPC rating. With solar panels, you could even sell surplus energy back to the grid, helping offset the initial investment. Government incentives are often available for these larger projects, making them more accessible for landlords willing to invest for the long term. Plan Gradually - If upgrading all your properties at once feels overwhelming, plan the work in stages. Focus on improving the properties that are closest to meeting the EPC Band C requirements first. Spreading the costs over time can make the financial impact more manageable while ensuring you’re working towards compliance. Long-Term Benefits of Energy Efficiency Investing in energy efficiency not only helps you comply with the regulations but can also have long-term benefits for your rental portfolio: Higher property value: Energy-efficient homes are more attractive to tenants and buyers, which can increase the value of your properties over time. Lower tenant turnover: Tenants are more likely to stay in a property with lower energy bills, which can reduce your vacancy rates. Future-proofing your investment: By making your properties more sustainable now, you’ll be prepared for future regulations, avoiding costly last-minute upgrades. What Happens If You Don’t Comply? Failing to meet the new EPC standards by 2030 could result in fines and limit your ability to rent out properties. Properties with a low EPC rating could also become less desirable to tenants, especially as awareness of energy efficiency grows. Staying ahead of the regulations now will save you from rushing to make upgrades under pressure later. Conclusion: Upgrading Your Property Without Breaking the Bank Meeting the new energy efficiency standards doesn’t have to be an overwhelming or overly expensive process. By taking advantage of grants, focusing on high-impact improvements, and planning strategically, you can bring your properties up to the required standard while maintaining your profitability. If you’d like more advice on energy-efficient upgrades or want to discuss your property portfolio, feel free to reach out. We can help you plan a cost-effective strategy to meet these new regulations and ensure your rental properties are ready for the future. Source of Data: The statistics and insights mentioned in this article are based on findings from Goodlord’s State of the Lettings Industry Report 2024, with a focus on energy efficiency standards and the challenges facing landlords in the North West....
Oct 16, 2024
Taking on a New Portfolio: How Rental Compliance Has Changed Over the Years
Recently, we’ve had the opportunity to take on several new property portfolios from clients who have decided that now is the right time to hand over the management of their rental properties. With portfolios of over 20 properties each, these landlords are looking to ensure that everything is fully compliant with today’s increasingly complex rental regulations. One of the first tasks we face when taking on a new portfolio is reviewing the existing tenancy agreements and documents. Many of these properties were rented out under agreements made in the late 1990s or early 2000s—back when the legal requirements for landlords were much simpler. These older agreements serve as a reminder of just how much the private rented sector (PRS) has changed over the years. Let’s take a closer look at what’s involved in bringing older rental agreements up to today’s standards and why ensuring compliance is more important than ever. A Look Back: Tenancy Agreements in the Late 90s and Early 2000s When reviewing older tenancy agreements, it’s clear how much the legal landscape has evolved. Tenancies created 20 or even 10 years ago often lack the detailed provisions we now take for granted, and the documentation is much lighter in terms of what was required. In the late 90s and early 2000s, landlords had fewer obligations regarding tenant safety, information, and rights. Some of the things that were often overlooked or weren’t even required at the time include: Gas Safety Certificates: Although required by law since 1998, older tenancy agreements don’t always include proof that a valid Gas Safety Certificate was issued before the start of the tenancy. Electrical Safety Checks: Regular electrical inspections only became mandatory in recent years, meaning older properties might not have undergone proper checks. Deposits and Prescribed Information: Before the introduction of deposit protection schemes in 2007, it was common for deposits to be held by landlords without any formal protections in place. Many older tenancies also lack evidence of prescribed information being given to tenants. Energy Performance Certificates (EPCs): EPCs were introduced in 2008, so older tenancy agreements often predate this requirement. While these older agreements may have been sufficient at the time, today’s rental market is far more regulated, and landlords have much more to manage in terms of compliance. Bringing Portfolios Up to Modern Standards When we take on a new portfolio, one of our first tasks is to thoroughly review every tenancy agreement, ensuring that all the necessary paperwork is in place and compliant with current regulations. This often means going through years of documentation, and in some cases, identifying where things may have slipped through the cracks. Here are a few of the key compliance checks we focus on when bringing older portfolios up to date: Gas Safety Certificates - We ensure that a valid Gas Safety Certificate is provided to tenants before the start of the tenancy and renewed annually. This is a critical piece of compliance that has become far more stringent in recent years. If a certificate wasn’t provided at the start of the tenancy, it could affect your ability to serve a valid Section 21 notice. Electrical Installation Condition Reports (EICR) - Electrical safety checks are now mandatory every five years for all rental properties. When taking over older portfolios, we review whether an EICR has been completed, and if not, we arrange for one to be done promptly. Deposit Protection - Since 2007, deposits must be protected in an approved scheme, and the prescribed information must be provided to tenants within 30 days of receipt. When dealing with older agreements, it’s essential to ensure that all deposits have been correctly protected. If the deposit wasn’t protected on time, this can expose landlords to penalties and restrict their ability to regain possession of their property. Energy Performance Certificates (EPCs) - For tenancies started after 2008, an EPC must be provided before the tenancy begins, and the property must meet a minimum EPC rating of E. When reviewing older agreements, we ensure that the correct EPC rating is in place and check for upcoming EPC Band C requirements that will apply by 2030. Providing the “How to Rent” Guide - The “How to Rent” Guide must be provided to tenants at the start of any new tenancy. This guide is regularly updated, so ensuring the latest version has been given to tenants is crucial for maintaining compliance. Why Compliance Matters More Than Ever The introduction of the Renters’ Rights Bill and other legislative changes means that rental compliance is under more scrutiny than ever before. As landlords take on new responsibilities, ensuring that all documents and procedures are in place is essential—not only to avoid penalties but also to provide a safe and secure environment for tenants. When we take on new portfolios, we often discover that while the properties themselves are well-maintained, the paperwork doesn’t always meet current standards. This is particularly common in properties that have been rented out for decades, where tenancy agreements have simply rolled over year after year. By working with a professional letting agency, landlords can rest assured that every detail of their rental business is compliant with the latest legal requirements. Our role is to go through all the files, spot any potential issues, and resolve them before they become a problem. The Future of Property Management Taking on a new portfolio always involves some detective work—especially when it comes to older agreements—but it also provides a valuable opportunity to bring properties in line with today’s regulations and avoid any future legal complications. For landlords, the rental landscape has changed dramatically since the 90s and early 2000s. What was once a straightforward process now requires careful attention to detail, particularly when it comes to compliance. That’s where a professional property management team comes in. By ensuring every certificate, inspection, and piece of documentation is in place, we help landlords stay on the right side of the law while protecting their investment. If you’ve been managing your portfolio independently and are considering handing over the reins to a professional agency, such as Property Genius, now could be the perfect time. We can help you review all your agreements, get your paperwork in order, and ensure your properties are fully compliant with today’s regulations. Conclusion: Staying Compliant in a Changing Market The rental market has come a long way since the days of simple tenancy agreements and minimal legal obligations. Today, landlords have far more responsibilities when it comes to providing safe, well-maintained, and compliant homes for their tenants. If you’re unsure whether your current portfolio meets today’s standards, or if you’ve taken on properties with older agreements, we’re here to help. Our team can review your tenancy agreements, check all compliance documents, and ensure that your properties are fully up to date....
Oct 16, 2024
How Labour’s Proposed Reforms Could Impact Student Tenancies
With Labour’s Renters’ Rights Bill on the horizon, landlords across the UK are preparing for a wave of changes to the private rented sector (PRS). While many of these reforms are aimed at improving tenant rights, they also present unique challenges for landlords, particularly those who rent to students. In cities like Manchester, where the student rental market is robust, the effects of these changes could be significant. If you're a landlord with student tenants, it’s essential to understand how these reforms—particularly the abolition of fixed-term tenancies and changes to eviction rules—might impact your rental business. In this article, we’ll explore what the Renters’ Rights Bill could mean for student landlords and offer strategies to help you adapt. Abolition of Fixed-Term Tenancies: A Major Shift for Student Rentals One of the most debated aspects of Labour’s Renters’ Rights Bill is the proposal to abolish fixed-term tenancies in favor of mandatory periodic tenancies. This change would give tenants the flexibility to leave their rental property with minimal notice, as opposed to being tied into a fixed-term contract. Impact on Student Tenancies: In cities like Manchester, where students make up a significant portion of the rental market, fixed-term tenancies have long been the standard. These agreements align with the academic year, providing both landlords and tenants with clear start and end dates. 63% of landlords believe the abolition of fixed-term tenancies will have a negative impact on student rentals. Without fixed terms, landlords may face increased tenant turnover and unpredictable vacancy periods, making it harder to manage cash flow and plan for maintenance between tenancies. Managing Uncertainty: Under periodic tenancies, students could potentially leave partway through the academic year, leaving landlords with unfilled properties during quieter rental periods. This lack of stability is a particular concern in university cities like Manchester, where the rental cycle is closely tied to the academic calendar. Tip for Landlords: To mitigate the risks of higher turnover, consider offering incentives for longer stays, such as slightly reduced rent for students who commit to a full academic year. You can also establish positive relationships with local universities to promote your properties early in the rental cycle. Section 21 and Eviction Challenges The abolition of Section 21 ‘no-fault’ evictions is another key component of the Renters’ Rights Bill. This will make it more difficult for landlords to regain possession of their properties without a valid reason, such as rent arrears or damage to the property. Impact on Student Properties: Student tenancies can sometimes come with a higher risk of property damage or disruption, simply due to the nature of student living. With Section 21 no longer an option, landlords will need to rely on other, often slower, legal avenues to regain possession of their property if issues arise. This could make it harder to address problems quickly, particularly if you need to reclaim the property for refurbishment or to prepare for the next academic year. Tip for Landlords: Make sure your tenancy agreements clearly outline the responsibilities of tenants, including clauses related to property care and noise disturbances. Being clear from the start can help prevent issues later. In addition, consider carrying out regular inspections to catch any issues early, reducing the likelihood of needing to rely on eviction. Rent Increases and Affordability for Students Labour’s proposed reforms also introduce stricter rules around rent increases. While the Bill doesn’t cap rents, it does limit how and when landlords can raise rent, and allows tenants to challenge unjustified rent hikes. For students, who are often on tight budgets, this could provide much-needed protection. However, it also means landlords will need to be strategic about pricing their properties from the outset. Impact on Landlords: With rent increases restricted to once per year, landlords will need to carefully consider rent levels at the start of each tenancy. This is particularly important for student lets, where properties are typically rented for 9-12 months at a time. In Manchester, where student housing is in high demand, setting competitive rents while staying within the limits of the new regulations will be key to maintaining profitability. Tip for Landlords: Conduct a thorough market analysis before setting your rental prices to ensure they are competitive. Factor in rising costs such as maintenance and utilities, and be prepared to justify any future increases under the new rules. The Impact of Pets and New Rights for Students The Renters’ Rights Bill also includes measures that could affect student landlords in unexpected ways. One such reform is the introduction of the right for tenants to request a pet, with landlords being prohibited from unreasonably refusing the request. Impact on Student Rentals: Many student properties, especially shared houses or HMOs, are not designed to accommodate pets. However, the Bill would require landlords to provide a valid reason for refusing a tenant’s request to keep a pet, potentially creating new challenges for landlords in managing their properties. Tip for Landlords: If your property is not suitable for pets, ensure you have clear, reasonable grounds in your tenancy agreements for refusing such requests. Long-Term Changes to the Student Rental Market While Labour’s proposed reforms are designed to provide greater protection and flexibility for tenants, they also create uncertainty for landlords, particularly those who rely on the predictable nature of fixed-term student lets. The shift towards periodic tenancies could disrupt the rhythm of the student rental market, leading to more short-term tenancies and higher turnover rates. What This Means for the Future: The student rental market has long been a stable investment for landlords in cities like Manchester, thanks to the regular influx of new students each academic year. However, these changes could make it harder for landlords to plan for the long term, as the abolition of fixed-term tenancies introduces a level of unpredictability that hasn’t been seen before. Tip for Landlords: Focus on building relationships with your tenants and offering incentives for them to stay longer. By creating a positive rental experience, you may be able to reduce turnover and retain tenants for multiple academic years. Conclusion: Navigating the Impact on Student Tenancies Labour’s Renters’ Rights Bill will bring significant changes to the way student tenancies are managed. While these reforms are designed to protect tenants, they also introduce new challenges for landlords, particularly in cities like Manchester where the student market is an essential part of the rental sector. By staying informed and adjusting your strategies—whether through incentivising longer stays, reviewing rent levels, or updating tenancy agreements—you can navigate these changes and continue to succeed in the student rental market. If you’re a landlord with student properties and want to discuss how these reforms might impact your portfolio, feel free to contact us. We’re here to help you stay ahead of the curve. Source of Data: The statistics and insights mentioned in this article are based on findings from Goodlord’s State of the Lettings Industry Report 2024, focusing on the impact of proposed legislative changes on student tenancies in the North West....
Oct 4, 2024
A Day in the Life of a Property Genius: Behind the Scenes of Managing Your Investments
Managing property isn’t just about putting a “For Let” sign up and waiting for tenants. A typical day in the life of a Property Genius involves staying on top of every detail — from rent collection to maintenance coordination and viewings — all while ensuring that landlords receive their payments on time, tenants’ needs are met, and properties remain in top condition. Here’s a look behind the scenes at how we manage it all. 7:00 AM: Rent Reviews and Payments The day starts early with a financial review. First up is ensuring that rents received are allocated to the correct accounts, ready for prompt payment to landlords. We also process any contractor invoices, ensuring all work carried out is paid for and logged, so there’s never any delay or disruption to essential maintenance. This morning routine helps us stay organized and gives landlords peace of mind, knowing that their payments are processed as quickly as possible, with full transparency on costs. 9:30 AM: Morning Briefing and Team Sync-Up By 9:30 AM, it’s time for a team meeting to ensure everyone is aligned. We review: Current property listings: Are they getting the expected interest? Which listings need further attention or a fresh marketing push? New leads and offers: We assess any fresh leads that have come through overnight and review any offers received on properties. Emails and notifications: Everyone checks their inbox, allocating tasks to the appropriate manager or team member for follow-up. With everything prioritised, we map out the day’s to-dos, tackling sticking listings, handling lead enquiries, and ensuring no opportunity is missed. 10:00 AM: Maintenance Management and Job Updates The first major task of the day is handling property maintenance. We follow up on ongoing maintenance jobs, ensuring we receive updates or feedback from contractors, and close out works orders as they’re completed. We prioritise urgent repairs and make sure tenants are kept informed of timelines, making the process as smooth as possible. At the same time, we’re continuously responding to inbox enquiries, prioritising urgent matters like new offers or viewing requests, and following up with prospective tenants. Thanks to our automated lead system, any enquiry that comes in receives an immediate response, ensuring no one slips through the cracks. Midday: Enquiries and Dynamic To-Do Lists By midday, most tenant and landlord enquiries have been handled, allowing us to shift focus to our dynamically generated to-do list. This task list is constantly updated based on the priorities of the day, including: Processing rental offers and checking references. Handling ID checks and organising tenancy check-ins. Scheduling inspections and managing check-outs. Returning deposits and following up on rent arrears. The goal is to get through the list efficiently, aiming for what we call “inbox zero” by the end of the day, where all tasks are completed or acknowledged, and all emails have been responded to. Phone Systems and Call Management Throughout the day, the phone is constantly ringing — with calls routed to the appropriate manager no matter where we are. Thanks to our VOIP system, we can take calls anywhere, as long as we have an internet connection. Whether one of us is out at a property, working remotely, or based in the office, every call is logged and either dealt with or flagged for follow-up later in the day. If a call isn’t answered immediately, the system assigns it to our to-do list, so no inquiry is missed. Clients can also schedule a call-back directly through links in our emails, which sync with our calendars to offer available time slots, making it easy to stay connected. Afternoon: Tenant Applications and Property Viewings In the afternoon, it’s often time to process tenancy applications. Our online application system ensures consistency across the board, giving us all the necessary details right from the start. This means the process of vetting new tenants — from ID checks to credit reports — is smooth and efficient. At the same time, we’re organising and conducting property viewings. These are prearranged and often take place back-to-back. During viewings, we highlight key features of each property and record feedback in real-time so that the property manager can track interest and adjust strategies if needed. Alongside viewings, we’re also conducting check-ins and check-outs, documenting the condition of the property before and after a tenancy. This is essential for both inventory tracking and ensuring any potential disputes over deposits are settled fairly and quickly. Using detailed condition reports, we provide landlords and tenants with a clear record of the property’s state, helping us manage smooth transitions between occupancies. Late Afternoon: Inspections and Ongoing Property Management As the day winds down, we often head out for periodic inspections of properties. These inspections allow us to identify any issues that need attention before they escalate into bigger problems — like minor repairs or tenant-requested adjustments. This proactive approach ensures properties stay in top shape and tenants remain happy. During inspections, we log notes and photos into our system, ensuring the entire team and the landlord have access to real-time updates. This ensures that any necessary follow-up action, such as booking maintenance, is handled promptly. Keeping Things Moving After Hours Even though the office may close, our systems keep working 24/7. With automated responses to lead enquiries, prospective tenants receive essential details about a property, including floorplans, photos, and even virtual tours, ensuring no momentum is lost while we’re out of the office. This constant engagement means we wake up to new leads in the system, ready to be actioned. Our VR tours allow potential tenants to explore properties online in detail, saving time on in-person viewings while giving them a comprehensive understanding of the space. This not only helps attract serious enquiries but also streamlines the viewing process for everyone involved. The Property Genius Difference: No Two Days the Same The role of a Property Genius is dynamic, responsive, and ever-evolving. No two days are the same — whether it’s coordinating maintenance, managing viewings, processing applications, or handling urgent tenant issues. Our blend of technology and hands-on expertise ensures that both landlords and tenants receive the highest level of service. By the end of the day, we strive for to-do list zero and inbox zero — ensuring that every task has been completed or logged, and all enquiries have been addressed. It’s this dedication to detail that sets us apart, ensuring properties are well-maintained, tenants are happy, and landlords have peace of mind....
Oct 18, 2024
How to Meet the New Energy Efficiency Standards Without Breaking the Bank
Energy efficiency has become a top priority for landlords across the UK, with new regulations on the horizon. By 2030, all rental properties must meet a minimum Energy Performance Certificate (EPC) rating of Band C. While the goal is to create more sustainable homes, many landlords are concerned about the cost of upgrading their properties to meet these new standards. In the North West, over 60% of landlords have at least one property that does not yet meet the required standard. With rising energy costs and increased regulation, it’s understandable that landlords are cautious about how much they’ll need to invest to comply. However, with some smart strategies and government support, it’s possible to meet these standards without breaking the bank. Why Are the New EPC Standards Being Introduced? The government’s push for higher energy efficiency in the rental sector is part of its broader strategy to tackle climate change. These standards aim to: Reduce carbon emissions by making homes more energy efficient. Lower energy bills for tenants, many of whom are struggling with rising living costs. Improve the quality of housing in the private rented sector, ensuring that properties are comfortable and affordable to run. While these goals are important, the responsibility of implementing these changes falls squarely on landlords. For many, the question is: How much will this cost, and is there any way to reduce that burden? The Cost of Compliance: What to Expect According to the Goodlord State of the Lettings Industry Report, many landlords are facing significant costs to upgrade their properties. Nationally, over 52% of landlords have said that rising energy standards could even push them out of the market . However, in the North West, where house prices are generally lower than in regions like London or the South East, landlords may find that they are in a better position to invest in energy efficiency improvements. On average, the cost of bringing a property up to EPC Band C can range from £2,000 to £10,000, depending on the property’s current rating and condition. While this can be a hefty investment, there are several ways to minimize these costs and ensure long-term savings. How to Upgrade Your Property Without Overspending Here are some practical ways to meet the new EPC standards while keeping costs manageable: Start with a Professional Energy Audit - Before jumping into any upgrades, it’s important to understand where your property stands. A professional energy audit can identify the most cost-effective improvements, such as better insulation, more efficient heating systems, or energy-saving windows. This will help you prioritise where to invest, ensuring you get the most value for your money. Take Advantage of Government Grants and Loans - The UK government has introduced various schemes to help landlords meet these new energy efficiency requirements. For example, there are grants and low-interest loans available specifically for upgrading insulation, installing energy-efficient boilers, and even fitting solar panels. Check what’s available in Manchester and the broader North West region through your local council or the national ECO4 scheme. Focus on Low-Cost, High-Impact Improvements - Some of the most effective energy upgrades are also the simplest. These improvements may not get your property to Band C alone, but they can make a big difference for a modest investment. For instance: Improved insulation: Loft and cavity wall insulation can drastically improve your property’s energy efficiency for relatively low upfront costs. Energy-efficient lighting: Swapping out old bulbs for LED lights can reduce energy consumption immediately. Draught-proofing: Sealing gaps around windows, doors, and floorboards can reduce heat loss without major structural changes. Consider Solar Panels or Heat Pumps - While more expensive upfront, technologies like solar panels or heat pumps can significantly reduce long-term energy costs and improve your EPC rating. With solar panels, you could even sell surplus energy back to the grid, helping offset the initial investment. Government incentives are often available for these larger projects, making them more accessible for landlords willing to invest for the long term. Plan Gradually - If upgrading all your properties at once feels overwhelming, plan the work in stages. Focus on improving the properties that are closest to meeting the EPC Band C requirements first. Spreading the costs over time can make the financial impact more manageable while ensuring you’re working towards compliance. Long-Term Benefits of Energy Efficiency Investing in energy efficiency not only helps you comply with the regulations but can also have long-term benefits for your rental portfolio: Higher property value: Energy-efficient homes are more attractive to tenants and buyers, which can increase the value of your properties over time. Lower tenant turnover: Tenants are more likely to stay in a property with lower energy bills, which can reduce your vacancy rates. Future-proofing your investment: By making your properties more sustainable now, you’ll be prepared for future regulations, avoiding costly last-minute upgrades. What Happens If You Don’t Comply? Failing to meet the new EPC standards by 2030 could result in fines and limit your ability to rent out properties. Properties with a low EPC rating could also become less desirable to tenants, especially as awareness of energy efficiency grows. Staying ahead of the regulations now will save you from rushing to make upgrades under pressure later. Conclusion: Upgrading Your Property Without Breaking the Bank Meeting the new energy efficiency standards doesn’t have to be an overwhelming or overly expensive process. By taking advantage of grants, focusing on high-impact improvements, and planning strategically, you can bring your properties up to the required standard while maintaining your profitability. If you’d like more advice on energy-efficient upgrades or want to discuss your property portfolio, feel free to reach out. We can help you plan a cost-effective strategy to meet these new regulations and ensure your rental properties are ready for the future. Source of Data: The statistics and insights mentioned in this article are based on findings from Goodlord’s State of the Lettings Industry Report 2024, with a focus on energy efficiency standards and the challenges facing landlords in the North West....
Oct 16, 2024
Taking on a New Portfolio: How Rental Compliance Has Changed Over the Years
Recently, we’ve had the opportunity to take on several new property portfolios from clients who have decided that now is the right time to hand over the management of their rental properties. With portfolios of over 20 properties each, these landlords are looking to ensure that everything is fully compliant with today’s increasingly complex rental regulations. One of the first tasks we face when taking on a new portfolio is reviewing the existing tenancy agreements and documents. Many of these properties were rented out under agreements made in the late 1990s or early 2000s—back when the legal requirements for landlords were much simpler. These older agreements serve as a reminder of just how much the private rented sector (PRS) has changed over the years. Let’s take a closer look at what’s involved in bringing older rental agreements up to today’s standards and why ensuring compliance is more important than ever. A Look Back: Tenancy Agreements in the Late 90s and Early 2000s When reviewing older tenancy agreements, it’s clear how much the legal landscape has evolved. Tenancies created 20 or even 10 years ago often lack the detailed provisions we now take for granted, and the documentation is much lighter in terms of what was required. In the late 90s and early 2000s, landlords had fewer obligations regarding tenant safety, information, and rights. Some of the things that were often overlooked or weren’t even required at the time include: Gas Safety Certificates: Although required by law since 1998, older tenancy agreements don’t always include proof that a valid Gas Safety Certificate was issued before the start of the tenancy. Electrical Safety Checks: Regular electrical inspections only became mandatory in recent years, meaning older properties might not have undergone proper checks. Deposits and Prescribed Information: Before the introduction of deposit protection schemes in 2007, it was common for deposits to be held by landlords without any formal protections in place. Many older tenancies also lack evidence of prescribed information being given to tenants. Energy Performance Certificates (EPCs): EPCs were introduced in 2008, so older tenancy agreements often predate this requirement. While these older agreements may have been sufficient at the time, today’s rental market is far more regulated, and landlords have much more to manage in terms of compliance. Bringing Portfolios Up to Modern Standards When we take on a new portfolio, one of our first tasks is to thoroughly review every tenancy agreement, ensuring that all the necessary paperwork is in place and compliant with current regulations. This often means going through years of documentation, and in some cases, identifying where things may have slipped through the cracks. Here are a few of the key compliance checks we focus on when bringing older portfolios up to date: Gas Safety Certificates - We ensure that a valid Gas Safety Certificate is provided to tenants before the start of the tenancy and renewed annually. This is a critical piece of compliance that has become far more stringent in recent years. If a certificate wasn’t provided at the start of the tenancy, it could affect your ability to serve a valid Section 21 notice. Electrical Installation Condition Reports (EICR) - Electrical safety checks are now mandatory every five years for all rental properties. When taking over older portfolios, we review whether an EICR has been completed, and if not, we arrange for one to be done promptly. Deposit Protection - Since 2007, deposits must be protected in an approved scheme, and the prescribed information must be provided to tenants within 30 days of receipt. When dealing with older agreements, it’s essential to ensure that all deposits have been correctly protected. If the deposit wasn’t protected on time, this can expose landlords to penalties and restrict their ability to regain possession of their property. Energy Performance Certificates (EPCs) - For tenancies started after 2008, an EPC must be provided before the tenancy begins, and the property must meet a minimum EPC rating of E. When reviewing older agreements, we ensure that the correct EPC rating is in place and check for upcoming EPC Band C requirements that will apply by 2030. Providing the “How to Rent” Guide - The “How to Rent” Guide must be provided to tenants at the start of any new tenancy. This guide is regularly updated, so ensuring the latest version has been given to tenants is crucial for maintaining compliance. Why Compliance Matters More Than Ever The introduction of the Renters’ Rights Bill and other legislative changes means that rental compliance is under more scrutiny than ever before. As landlords take on new responsibilities, ensuring that all documents and procedures are in place is essential—not only to avoid penalties but also to provide a safe and secure environment for tenants. When we take on new portfolios, we often discover that while the properties themselves are well-maintained, the paperwork doesn’t always meet current standards. This is particularly common in properties that have been rented out for decades, where tenancy agreements have simply rolled over year after year. By working with a professional letting agency, landlords can rest assured that every detail of their rental business is compliant with the latest legal requirements. Our role is to go through all the files, spot any potential issues, and resolve them before they become a problem. The Future of Property Management Taking on a new portfolio always involves some detective work—especially when it comes to older agreements—but it also provides a valuable opportunity to bring properties in line with today’s regulations and avoid any future legal complications. For landlords, the rental landscape has changed dramatically since the 90s and early 2000s. What was once a straightforward process now requires careful attention to detail, particularly when it comes to compliance. That’s where a professional property management team comes in. By ensuring every certificate, inspection, and piece of documentation is in place, we help landlords stay on the right side of the law while protecting their investment. If you’ve been managing your portfolio independently and are considering handing over the reins to a professional agency, such as Property Genius, now could be the perfect time. We can help you review all your agreements, get your paperwork in order, and ensure your properties are fully compliant with today’s regulations. Conclusion: Staying Compliant in a Changing Market The rental market has come a long way since the days of simple tenancy agreements and minimal legal obligations. Today, landlords have far more responsibilities when it comes to providing safe, well-maintained, and compliant homes for their tenants. If you’re unsure whether your current portfolio meets today’s standards, or if you’ve taken on properties with older agreements, we’re here to help. Our team can review your tenancy agreements, check all compliance documents, and ensure that your properties are fully up to date....
Oct 16, 2024
How Labour’s Proposed Reforms Could Impact Student Tenancies
With Labour’s Renters’ Rights Bill on the horizon, landlords across the UK are preparing for a wave of changes to the private rented sector (PRS). While many of these reforms are aimed at improving tenant rights, they also present unique challenges for landlords, particularly those who rent to students. In cities like Manchester, where the student rental market is robust, the effects of these changes could be significant. If you're a landlord with student tenants, it’s essential to understand how these reforms—particularly the abolition of fixed-term tenancies and changes to eviction rules—might impact your rental business. In this article, we’ll explore what the Renters’ Rights Bill could mean for student landlords and offer strategies to help you adapt. Abolition of Fixed-Term Tenancies: A Major Shift for Student Rentals One of the most debated aspects of Labour’s Renters’ Rights Bill is the proposal to abolish fixed-term tenancies in favor of mandatory periodic tenancies. This change would give tenants the flexibility to leave their rental property with minimal notice, as opposed to being tied into a fixed-term contract. Impact on Student Tenancies: In cities like Manchester, where students make up a significant portion of the rental market, fixed-term tenancies have long been the standard. These agreements align with the academic year, providing both landlords and tenants with clear start and end dates. 63% of landlords believe the abolition of fixed-term tenancies will have a negative impact on student rentals. Without fixed terms, landlords may face increased tenant turnover and unpredictable vacancy periods, making it harder to manage cash flow and plan for maintenance between tenancies. Managing Uncertainty: Under periodic tenancies, students could potentially leave partway through the academic year, leaving landlords with unfilled properties during quieter rental periods. This lack of stability is a particular concern in university cities like Manchester, where the rental cycle is closely tied to the academic calendar. Tip for Landlords: To mitigate the risks of higher turnover, consider offering incentives for longer stays, such as slightly reduced rent for students who commit to a full academic year. You can also establish positive relationships with local universities to promote your properties early in the rental cycle. Section 21 and Eviction Challenges The abolition of Section 21 ‘no-fault’ evictions is another key component of the Renters’ Rights Bill. This will make it more difficult for landlords to regain possession of their properties without a valid reason, such as rent arrears or damage to the property. Impact on Student Properties: Student tenancies can sometimes come with a higher risk of property damage or disruption, simply due to the nature of student living. With Section 21 no longer an option, landlords will need to rely on other, often slower, legal avenues to regain possession of their property if issues arise. This could make it harder to address problems quickly, particularly if you need to reclaim the property for refurbishment or to prepare for the next academic year. Tip for Landlords: Make sure your tenancy agreements clearly outline the responsibilities of tenants, including clauses related to property care and noise disturbances. Being clear from the start can help prevent issues later. In addition, consider carrying out regular inspections to catch any issues early, reducing the likelihood of needing to rely on eviction. Rent Increases and Affordability for Students Labour’s proposed reforms also introduce stricter rules around rent increases. While the Bill doesn’t cap rents, it does limit how and when landlords can raise rent, and allows tenants to challenge unjustified rent hikes. For students, who are often on tight budgets, this could provide much-needed protection. However, it also means landlords will need to be strategic about pricing their properties from the outset. Impact on Landlords: With rent increases restricted to once per year, landlords will need to carefully consider rent levels at the start of each tenancy. This is particularly important for student lets, where properties are typically rented for 9-12 months at a time. In Manchester, where student housing is in high demand, setting competitive rents while staying within the limits of the new regulations will be key to maintaining profitability. Tip for Landlords: Conduct a thorough market analysis before setting your rental prices to ensure they are competitive. Factor in rising costs such as maintenance and utilities, and be prepared to justify any future increases under the new rules. The Impact of Pets and New Rights for Students The Renters’ Rights Bill also includes measures that could affect student landlords in unexpected ways. One such reform is the introduction of the right for tenants to request a pet, with landlords being prohibited from unreasonably refusing the request. Impact on Student Rentals: Many student properties, especially shared houses or HMOs, are not designed to accommodate pets. However, the Bill would require landlords to provide a valid reason for refusing a tenant’s request to keep a pet, potentially creating new challenges for landlords in managing their properties. Tip for Landlords: If your property is not suitable for pets, ensure you have clear, reasonable grounds in your tenancy agreements for refusing such requests. Long-Term Changes to the Student Rental Market While Labour’s proposed reforms are designed to provide greater protection and flexibility for tenants, they also create uncertainty for landlords, particularly those who rely on the predictable nature of fixed-term student lets. The shift towards periodic tenancies could disrupt the rhythm of the student rental market, leading to more short-term tenancies and higher turnover rates. What This Means for the Future: The student rental market has long been a stable investment for landlords in cities like Manchester, thanks to the regular influx of new students each academic year. However, these changes could make it harder for landlords to plan for the long term, as the abolition of fixed-term tenancies introduces a level of unpredictability that hasn’t been seen before. Tip for Landlords: Focus on building relationships with your tenants and offering incentives for them to stay longer. By creating a positive rental experience, you may be able to reduce turnover and retain tenants for multiple academic years. Conclusion: Navigating the Impact on Student Tenancies Labour’s Renters’ Rights Bill will bring significant changes to the way student tenancies are managed. While these reforms are designed to protect tenants, they also introduce new challenges for landlords, particularly in cities like Manchester where the student market is an essential part of the rental sector. By staying informed and adjusting your strategies—whether through incentivising longer stays, reviewing rent levels, or updating tenancy agreements—you can navigate these changes and continue to succeed in the student rental market. If you’re a landlord with student properties and want to discuss how these reforms might impact your portfolio, feel free to contact us. We’re here to help you stay ahead of the curve. Source of Data: The statistics and insights mentioned in this article are based on findings from Goodlord’s State of the Lettings Industry Report 2024, focusing on the impact of proposed legislative changes on student tenancies in the North West....
Oct 4, 2024
A Day in the Life of a Property Genius: Behind the Scenes of Managing Your Investments
Managing property isn’t just about putting a “For Let” sign up and waiting for tenants. A typical day in the life of a Property Genius involves staying on top of every detail — from rent collection to maintenance coordination and viewings — all while ensuring that landlords receive their payments on time, tenants’ needs are met, and properties remain in top condition. Here’s a look behind the scenes at how we manage it all. 7:00 AM: Rent Reviews and Payments The day starts early with a financial review. First up is ensuring that rents received are allocated to the correct accounts, ready for prompt payment to landlords. We also process any contractor invoices, ensuring all work carried out is paid for and logged, so there’s never any delay or disruption to essential maintenance. This morning routine helps us stay organized and gives landlords peace of mind, knowing that their payments are processed as quickly as possible, with full transparency on costs. 9:30 AM: Morning Briefing and Team Sync-Up By 9:30 AM, it’s time for a team meeting to ensure everyone is aligned. We review: Current property listings: Are they getting the expected interest? Which listings need further attention or a fresh marketing push? New leads and offers: We assess any fresh leads that have come through overnight and review any offers received on properties. Emails and notifications: Everyone checks their inbox, allocating tasks to the appropriate manager or team member for follow-up. With everything prioritised, we map out the day’s to-dos, tackling sticking listings, handling lead enquiries, and ensuring no opportunity is missed. 10:00 AM: Maintenance Management and Job Updates The first major task of the day is handling property maintenance. We follow up on ongoing maintenance jobs, ensuring we receive updates or feedback from contractors, and close out works orders as they’re completed. We prioritise urgent repairs and make sure tenants are kept informed of timelines, making the process as smooth as possible. At the same time, we’re continuously responding to inbox enquiries, prioritising urgent matters like new offers or viewing requests, and following up with prospective tenants. Thanks to our automated lead system, any enquiry that comes in receives an immediate response, ensuring no one slips through the cracks. Midday: Enquiries and Dynamic To-Do Lists By midday, most tenant and landlord enquiries have been handled, allowing us to shift focus to our dynamically generated to-do list. This task list is constantly updated based on the priorities of the day, including: Processing rental offers and checking references. Handling ID checks and organising tenancy check-ins. Scheduling inspections and managing check-outs. Returning deposits and following up on rent arrears. The goal is to get through the list efficiently, aiming for what we call “inbox zero” by the end of the day, where all tasks are completed or acknowledged, and all emails have been responded to. Phone Systems and Call Management Throughout the day, the phone is constantly ringing — with calls routed to the appropriate manager no matter where we are. Thanks to our VOIP system, we can take calls anywhere, as long as we have an internet connection. Whether one of us is out at a property, working remotely, or based in the office, every call is logged and either dealt with or flagged for follow-up later in the day. If a call isn’t answered immediately, the system assigns it to our to-do list, so no inquiry is missed. Clients can also schedule a call-back directly through links in our emails, which sync with our calendars to offer available time slots, making it easy to stay connected. Afternoon: Tenant Applications and Property Viewings In the afternoon, it’s often time to process tenancy applications. Our online application system ensures consistency across the board, giving us all the necessary details right from the start. This means the process of vetting new tenants — from ID checks to credit reports — is smooth and efficient. At the same time, we’re organising and conducting property viewings. These are prearranged and often take place back-to-back. During viewings, we highlight key features of each property and record feedback in real-time so that the property manager can track interest and adjust strategies if needed. Alongside viewings, we’re also conducting check-ins and check-outs, documenting the condition of the property before and after a tenancy. This is essential for both inventory tracking and ensuring any potential disputes over deposits are settled fairly and quickly. Using detailed condition reports, we provide landlords and tenants with a clear record of the property’s state, helping us manage smooth transitions between occupancies. Late Afternoon: Inspections and Ongoing Property Management As the day winds down, we often head out for periodic inspections of properties. These inspections allow us to identify any issues that need attention before they escalate into bigger problems — like minor repairs or tenant-requested adjustments. This proactive approach ensures properties stay in top shape and tenants remain happy. During inspections, we log notes and photos into our system, ensuring the entire team and the landlord have access to real-time updates. This ensures that any necessary follow-up action, such as booking maintenance, is handled promptly. Keeping Things Moving After Hours Even though the office may close, our systems keep working 24/7. With automated responses to lead enquiries, prospective tenants receive essential details about a property, including floorplans, photos, and even virtual tours, ensuring no momentum is lost while we’re out of the office. This constant engagement means we wake up to new leads in the system, ready to be actioned. Our VR tours allow potential tenants to explore properties online in detail, saving time on in-person viewings while giving them a comprehensive understanding of the space. This not only helps attract serious enquiries but also streamlines the viewing process for everyone involved. The Property Genius Difference: No Two Days the Same The role of a Property Genius is dynamic, responsive, and ever-evolving. No two days are the same — whether it’s coordinating maintenance, managing viewings, processing applications, or handling urgent tenant issues. Our blend of technology and hands-on expertise ensures that both landlords and tenants receive the highest level of service. By the end of the day, we strive for to-do list zero and inbox zero — ensuring that every task has been completed or logged, and all enquiries have been addressed. It’s this dedication to detail that sets us apart, ensuring properties are well-maintained, tenants are happy, and landlords have peace of mind....
