Property Genius
We make Lettings & Property Management Straightforward by offering you your very own dedicated professional, experienced agent.
Properties we think you'll love
Meet our Team
Director, Appraisals, Property Manager
Lettings Manager
Client Services & Property Coordinator
Client Services & Property Coordinator
Quick and Professional Letting Service
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!!
Another superb tenancy turnaround from Property Genius
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
Area Guides
Property Insights & Expert Advice
Stay informed with the latest tips, market trends, and guidance from the team at Property Genius.
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 4, 2024
Why Some Landlords Are Leaving the Private Rented Sector – And How You Can Stay Ahead
In the past year, the property market has experienced a significant shift, with nearly 30% of landlords across the UK either selling or listing their rental properties . However, this hasn’t been our experience as a letting agency in Manchester. While some landlords have sold, the figure is much lower for us. Yet, we’ve noticed a trend among prospective tenants who are looking for a new home because their previous landlord has either sold or is planning to sell the property. This raises an important question for landlords: Why are some leaving the sector, and how can you stay ahead in a challenging market? The Challenges Facing Landlords in 2024 From rising mortgage rates to new energy efficiency standards, landlords are facing increasing costs that are making it harder to maintain profitable rental portfolios. Here are the key factors contributing to the pressure on landlords: Rising Mortgage Rates: In the North West, like much of the UK, many landlords are grappling with higher mortgage repayments. With interest rates climbing from years past, it’s becoming more expensive to hold onto rental properties, particularly for those on variable rates or facing renewal. Increased Service Charges and Maintenance Costs: We’ve also heard from landlords dealing with rising service charges, especially in city-centre properties. Whether it’s building insurance, service charge fees, or general maintenance, these costs are adding up. Legislative Changes: While legislative reforms, such as the proposed abolition of Section 21, are meant to protect tenants, they are also causing concern among landlords. Many worry about losing control over their properties, and nearly 60% of landlords in the North West say upcoming regulations could impact their decision to stay in the market . Why Tenants Are Being Affected We’ve noticed that a growing number of tenants are coming to us because their landlords have sold or are in the process of selling their rental homes. This is particularly true for tenants in long-standing tenancies, where rent levels have stayed below the current market rate. With landlords exiting the market, many tenants are being pushed into a competitive rental landscape, where rents are higher and properties are harder to secure. How to Stay Ahead: What Successful Landlords Are Doing While some landlords are choosing to leave the market, others are finding ways to adapt and thrive. If you want to stay ahead, here are some practical strategies: Review Your Finances Regularly - Rising costs are a challenge, but regularly reviewing your portfolio’s performance can help you identify opportunities to save or invest wisely. Consider refinancing options if you’re facing high mortgage repayments, and look for ways to improve energy efficiency ahead of the upcoming EPC Band C requirements. The North West still offers competitive yields compared to other regions, making it a good long-term investment for landlords . Work with a Trusted Letting Agent - Compliance is becoming more complex, and many landlords are choosing to work with letting agents to ensure they meet regulatory requirements. In fact, 63% of landlords in the North West use letting agents, and compliance is cited as a key reason for doing so. Partnering with a professional agency, such as Property Genius, can help you navigate these challenges, reduce stress, and make your rental business more efficient. Maintain Good Relationships with Tenants - Retaining good tenants is more important than ever. With rising demand and fewer properties on the market, keeping reliable tenants in place can save you the cost and hassle of finding new ones. Consider flexible rent increases and make sure your properties are well-maintained. Many tenants are willing to pay slightly more for stability and a well-managed property. Stay Informed About the Market - The rental market is changing rapidly. Stay up to date with local trends, such as the strong demand for rental properties in Manchester and the surrounding areas. Despite the challenges, tenant demand in the North West remains robust, with more than 35% of tenants actively searching for properties compared to other regions. This is a good sign for landlords who can weather the storm and adapt to the evolving market. Conclusion: Why Now Is Still a Good Time to Be a Landlord in Manchester While some landlords may be selling due to rising costs, there are still many reasons to stay invested in the private rented sector. With tenant demand remaining high and Manchester continuing to grow as a key rental market, landlords who adapt to the current challenges are well-positioned for success. By keeping a close eye on your finances, working with the right partners, and staying informed about the latest regulations, you can not only survive but thrive in this market. If you have any questions about how to navigate the current market or want to discuss your rental portfolio, don’t hesitate to get in touch with us here at Property Genius. We’re here to help you stay ahead....
Oct 1, 2024
September 2024 Maintenance in Review
Over the past month, we've been busy addressing a wide range of property maintenance issues. To give you a clearer picture of what challenges are most common, we’ve reviewed the data on maintenance reports and are sharing the key trends with you. Here’s what we found based on the issues reported during September 2024, broken down by category and frequency: 1. Boiler and Heating System Failures In September 2024, 32% of all maintenance reports were related to boiler breakdowns and heating system malfunctions. As temperatures begin to drop, the demand for heating systems rises, making this a significant concern for both tenants and landlords. Failing to address boiler issues early could result in costly repairs or emergency callouts. Tip for Landlords: An annual service can reduce the risk of unexpected breakdowns. Consider booking your boiler checks early in the season—before demand spikes. Tip for Tenants: If you notice unusual noises or inconsistent heat, don’t delay in reporting these issues. The earlier they’re addressed, the less likely you’ll face prolonged discomfort in colder weather. 2. Plumbing Leaks and Blockages Plumbing issues accounted for 25% of all reported problems in September 2024, with tenants frequently reporting leaking pipes, clogged sinks, and slow drains. Leaks left unattended can cause significant property damage and lead to higher water bills. Tip for Landlords: Conduct regular plumbing inspections and ensure tenants are aware of how to properly maintain drains and pipes. Tip for Tenants: Report even minor leaks immediately. Staying on top of small issues can prevent larger, more expensive repairs. 3. Electrical Faults and Power Issues Electrical problems comprised 18% of logged maintenance requests. These included issues such as power outages, faulty wiring, and malfunctioning lighting. Electrical issues are not just inconvenient but can also pose serious safety risks. Tip for Landlords: Regular electrical inspections are vital to ensure the safety of your tenants and property, and we would suggest an annual PAT test in conjunction with the the mandatory EICR certificate. Ensure all systems are checked by a qualified electrician. Tip for Tenants: Report any flickering lights, frequent power outages, or strange electrical behaviour promptly. Do not attempt to fix these issues yourself (unless it's a lightbulb replacement)—leave it to professionals. 4. Damp and Mould Growth In September, 15% of maintenance reports were related to damp and mould issues. Damp is a persistent problem in properties with poor ventilation or structural leaks, and left untreated, it can become a serious health risk for tenants. Tip for Landlords: Ensure your property has adequate ventilation in areas prone to moisture. Address leaks quickly to prevent damp from spreading. Tip for Tenants: Keep areas like kitchens and bathrooms well-ventilated by using extractor fans and opening windows. If you notice any mould growth, report it immediately to prevent further damage. 5. Pest Control Issues Rounding out the top five issues, pest control complaints accounted for 10% of reports, with tenants noticing an increase in pests as colder weather drives them indoors. From rodents to insects, these problems can escalate quickly if left unaddressed. Tip for Landlords: Regularly inspect properties for any gaps or openings that might allow pests to enter. Maintain a clean environment to deter infestations. Tip for Tenants: Ensure food is stored properly and clean up spills immediately. Report any pest sightings as soon as possible to prevent an infestation. A Proactive Approach to Maintenance At Property Genius, we’ve addressed 241 reported faults this past month, working quickly and efficiently to resolve problems before they escalate. By staying on top of regular maintenance and ensuring open communication between landlords and tenants, we aim to keep properties in excellent condition year-round. Preparing for the Colder Months Ahead With winter fast approaching, landlords and tenants alike should be proactive in preparing properties for the colder weather. Based on our maintenance data, here are a few key recommendations: Check insulation: Proper insulation reduces heat loss and can prevent damp and mould issues. Clear gutters: Ensure gutters are free from leaves and debris to prevent water damage during heavy rain. Schedule inspections: Whether it’s heating, plumbing, or electrical systems, booking routine inspections now can prevent emergencies later. If you’re a landlord or tenant experiencing any of the issues mentioned above, or if you’d like further advice on how to prevent them, feel free to reach out to our team. We’re here to help you keep your property safe, comfortable, and well-maintained! ...
Sep 27, 2024
The Rising Challenge of Tenant Demand and Dwindling Property Supply
As the private rented sector continues to evolve, one thing has become clear: the demand for rental properties is soaring, while the supply of available homes is shrinking. This imbalance is being felt strongly across the UK, but it’s particularly notable in the North West, where tenant enquiries have surged. If you’re a landlord in Manchester or the surrounding area, it’s important to understand how these trends may affect you – and what you can do to stay ahead of the game. Tenant Demand Is at an All-Time High Across the North West, more than 35% of tenants are actively searching for rental properties, making it one of the most competitive regions for renters . Demand is particularly high in key cities like Manchester, where the local rental market is driven by factors such as: Increased population growth: Manchester continues to attract students, professionals, and international residents. Recent statistics show that net migration has significantly contributed to the rising demand for housing . Homeownership remaining out of reach: With house prices in the North West increasing, many prospective buyers are finding it difficult to step onto the property ladder, leading them to remain in the rental market for longer . Greater flexibility for tenants: With more people opting for remote work or flexible lifestyles, renting provides the mobility that homeownership often lacks. This surge in demand means rental properties are often snapped up quickly, leaving tenants with fewer choices and pushing competition between renters to new heights. A Shortage of Rental Properties Despite the increase in tenant demand, the supply of rental properties in the North West has not kept pace. Over 58% of letting agents in the region have reported a decrease in available properties over the past year . This shortage has been driven by several factors: Landlords leaving the market: Although our agency in Manchester has not seen an exodus of landlords, the Goodlord State of the Lettings Industry Report highlights that nearly 30% of landlords nationwide have either sold or listed their rental properties. As landlords exit the market, fewer homes are available for rent, intensifying the supply crisis . New regulations and rising costs: Some landlords are feeling the squeeze due to rising mortgage rates and new regulatory requirements, such as the impending EPC Band C standard, which could require costly upgrades . Increase in short-term lets: In popular areas like Manchester city centre, some landlords are switching from long-term rentals to short-term lets (e.g., Airbnb), which are often more lucrative in the short term, but further reduce the supply of homes available for traditional renters . The Consequences for Landlords and Tenants With more tenants competing for fewer properties, landlords may find themselves in a position of increased leverage. While this might seem like a positive development, there are several key challenges that come with this shift: Rising rent levels: As demand outstrips supply, rents have continued to rise. While this can mean higher yields for landlords, it also puts pressure on tenants. Many renters in the North West are now spending upwards of 35% of their income on rent, a figure that is slightly below the national average but still indicative of financial strain . Rental arrears: With tenants paying a larger proportion of their income towards rent, arrears are becoming a growing issue. In the North West, 33% of landlords have reported an increase in rental arrears over the past year . This trend is concerning, as it suggests that tenants are struggling to keep up with rising costs. However, we're seeing this figure is much lower with our agency. Difficulty securing tenants: Despite the high demand, landlords still need to ensure they attract reliable tenants. The competition may lead tenants to negotiate harder, or to move quickly to secure properties, but it also means that landlords must carefully assess potential tenants to avoid future issues such as arrears or property damage. How Landlords Can Stay Ahead In this increasingly competitive market, landlords need to be proactive in order to maximise their rental income while mitigating risks. Here are some strategies to help you stay ahead: Offer Competitive and Flexible Terms - While demand is high, offering competitive rental terms can help you secure reliable tenants quickly. Consider negotiating on rent levels or offering longer-term leases to provide tenants with a sense of security. Maintain and Upgrade Properties - Keeping your property in good condition is essential for attracting high-quality tenants. As tenants become more discerning, well-maintained properties with modern amenities can command higher rents and reduce vacancy times. Consider Rent Protection Insurance - Given the increase in rental arrears, it’s worth considering rent protection insurance. Despite offeing rent protection insurance to safeguard landlords’ income against arrears, only 6% of landlords actively take up this offer. Stay Informed About Market Changes - The rental market in Manchester is evolving rapidly. Stay informed about local trends and regulations to make strategic decisions for your property portfolio. For example, understanding the implications of upcoming energy efficiency standards will help you plan for necessary upgrades without being caught off guard. Conclusion: A Challenging but Rewarding Market for Landlords The North West rental market presents both challenges and opportunities for landlords. While tenant demand is at an all-time high, the shrinking supply of rental properties means landlords need to be strategic to make the most of this moment. By keeping your properties well-maintained, offering competitive terms, and staying informed about market developments, you can position yourself for success in this competitive environment. If you’re looking for expert advice on navigating the current market or want to discuss your property portfolio, feel free to contact us today. We’re here to help you make the most of Manchester’s thriving rental sector. The statistics and insights mentioned in this article are based on findings from Goodlord’s State of the Lettings Industry Report 2024, which surveyed over 1,500 letting agents, landlords, and tenants across the UK, with a specific focus on trends 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 4, 2024
Why Some Landlords Are Leaving the Private Rented Sector – And How You Can Stay Ahead
In the past year, the property market has experienced a significant shift, with nearly 30% of landlords across the UK either selling or listing their rental properties . However, this hasn’t been our experience as a letting agency in Manchester. While some landlords have sold, the figure is much lower for us. Yet, we’ve noticed a trend among prospective tenants who are looking for a new home because their previous landlord has either sold or is planning to sell the property. This raises an important question for landlords: Why are some leaving the sector, and how can you stay ahead in a challenging market? The Challenges Facing Landlords in 2024 From rising mortgage rates to new energy efficiency standards, landlords are facing increasing costs that are making it harder to maintain profitable rental portfolios. Here are the key factors contributing to the pressure on landlords: Rising Mortgage Rates: In the North West, like much of the UK, many landlords are grappling with higher mortgage repayments. With interest rates climbing from years past, it’s becoming more expensive to hold onto rental properties, particularly for those on variable rates or facing renewal. Increased Service Charges and Maintenance Costs: We’ve also heard from landlords dealing with rising service charges, especially in city-centre properties. Whether it’s building insurance, service charge fees, or general maintenance, these costs are adding up. Legislative Changes: While legislative reforms, such as the proposed abolition of Section 21, are meant to protect tenants, they are also causing concern among landlords. Many worry about losing control over their properties, and nearly 60% of landlords in the North West say upcoming regulations could impact their decision to stay in the market . Why Tenants Are Being Affected We’ve noticed that a growing number of tenants are coming to us because their landlords have sold or are in the process of selling their rental homes. This is particularly true for tenants in long-standing tenancies, where rent levels have stayed below the current market rate. With landlords exiting the market, many tenants are being pushed into a competitive rental landscape, where rents are higher and properties are harder to secure. How to Stay Ahead: What Successful Landlords Are Doing While some landlords are choosing to leave the market, others are finding ways to adapt and thrive. If you want to stay ahead, here are some practical strategies: Review Your Finances Regularly - Rising costs are a challenge, but regularly reviewing your portfolio’s performance can help you identify opportunities to save or invest wisely. Consider refinancing options if you’re facing high mortgage repayments, and look for ways to improve energy efficiency ahead of the upcoming EPC Band C requirements. The North West still offers competitive yields compared to other regions, making it a good long-term investment for landlords . Work with a Trusted Letting Agent - Compliance is becoming more complex, and many landlords are choosing to work with letting agents to ensure they meet regulatory requirements. In fact, 63% of landlords in the North West use letting agents, and compliance is cited as a key reason for doing so. Partnering with a professional agency, such as Property Genius, can help you navigate these challenges, reduce stress, and make your rental business more efficient. Maintain Good Relationships with Tenants - Retaining good tenants is more important than ever. With rising demand and fewer properties on the market, keeping reliable tenants in place can save you the cost and hassle of finding new ones. Consider flexible rent increases and make sure your properties are well-maintained. Many tenants are willing to pay slightly more for stability and a well-managed property. Stay Informed About the Market - The rental market is changing rapidly. Stay up to date with local trends, such as the strong demand for rental properties in Manchester and the surrounding areas. Despite the challenges, tenant demand in the North West remains robust, with more than 35% of tenants actively searching for properties compared to other regions. This is a good sign for landlords who can weather the storm and adapt to the evolving market. Conclusion: Why Now Is Still a Good Time to Be a Landlord in Manchester While some landlords may be selling due to rising costs, there are still many reasons to stay invested in the private rented sector. With tenant demand remaining high and Manchester continuing to grow as a key rental market, landlords who adapt to the current challenges are well-positioned for success. By keeping a close eye on your finances, working with the right partners, and staying informed about the latest regulations, you can not only survive but thrive in this market. If you have any questions about how to navigate the current market or want to discuss your rental portfolio, don’t hesitate to get in touch with us here at Property Genius. We’re here to help you stay ahead....
Oct 1, 2024
September 2024 Maintenance in Review
Over the past month, we've been busy addressing a wide range of property maintenance issues. To give you a clearer picture of what challenges are most common, we’ve reviewed the data on maintenance reports and are sharing the key trends with you. Here’s what we found based on the issues reported during September 2024, broken down by category and frequency: 1. Boiler and Heating System Failures In September 2024, 32% of all maintenance reports were related to boiler breakdowns and heating system malfunctions. As temperatures begin to drop, the demand for heating systems rises, making this a significant concern for both tenants and landlords. Failing to address boiler issues early could result in costly repairs or emergency callouts. Tip for Landlords: An annual service can reduce the risk of unexpected breakdowns. Consider booking your boiler checks early in the season—before demand spikes. Tip for Tenants: If you notice unusual noises or inconsistent heat, don’t delay in reporting these issues. The earlier they’re addressed, the less likely you’ll face prolonged discomfort in colder weather. 2. Plumbing Leaks and Blockages Plumbing issues accounted for 25% of all reported problems in September 2024, with tenants frequently reporting leaking pipes, clogged sinks, and slow drains. Leaks left unattended can cause significant property damage and lead to higher water bills. Tip for Landlords: Conduct regular plumbing inspections and ensure tenants are aware of how to properly maintain drains and pipes. Tip for Tenants: Report even minor leaks immediately. Staying on top of small issues can prevent larger, more expensive repairs. 3. Electrical Faults and Power Issues Electrical problems comprised 18% of logged maintenance requests. These included issues such as power outages, faulty wiring, and malfunctioning lighting. Electrical issues are not just inconvenient but can also pose serious safety risks. Tip for Landlords: Regular electrical inspections are vital to ensure the safety of your tenants and property, and we would suggest an annual PAT test in conjunction with the the mandatory EICR certificate. Ensure all systems are checked by a qualified electrician. Tip for Tenants: Report any flickering lights, frequent power outages, or strange electrical behaviour promptly. Do not attempt to fix these issues yourself (unless it's a lightbulb replacement)—leave it to professionals. 4. Damp and Mould Growth In September, 15% of maintenance reports were related to damp and mould issues. Damp is a persistent problem in properties with poor ventilation or structural leaks, and left untreated, it can become a serious health risk for tenants. Tip for Landlords: Ensure your property has adequate ventilation in areas prone to moisture. Address leaks quickly to prevent damp from spreading. Tip for Tenants: Keep areas like kitchens and bathrooms well-ventilated by using extractor fans and opening windows. If you notice any mould growth, report it immediately to prevent further damage. 5. Pest Control Issues Rounding out the top five issues, pest control complaints accounted for 10% of reports, with tenants noticing an increase in pests as colder weather drives them indoors. From rodents to insects, these problems can escalate quickly if left unaddressed. Tip for Landlords: Regularly inspect properties for any gaps or openings that might allow pests to enter. Maintain a clean environment to deter infestations. Tip for Tenants: Ensure food is stored properly and clean up spills immediately. Report any pest sightings as soon as possible to prevent an infestation. A Proactive Approach to Maintenance At Property Genius, we’ve addressed 241 reported faults this past month, working quickly and efficiently to resolve problems before they escalate. By staying on top of regular maintenance and ensuring open communication between landlords and tenants, we aim to keep properties in excellent condition year-round. Preparing for the Colder Months Ahead With winter fast approaching, landlords and tenants alike should be proactive in preparing properties for the colder weather. Based on our maintenance data, here are a few key recommendations: Check insulation: Proper insulation reduces heat loss and can prevent damp and mould issues. Clear gutters: Ensure gutters are free from leaves and debris to prevent water damage during heavy rain. Schedule inspections: Whether it’s heating, plumbing, or electrical systems, booking routine inspections now can prevent emergencies later. If you’re a landlord or tenant experiencing any of the issues mentioned above, or if you’d like further advice on how to prevent them, feel free to reach out to our team. We’re here to help you keep your property safe, comfortable, and well-maintained! ...
Sep 27, 2024
The Rising Challenge of Tenant Demand and Dwindling Property Supply
As the private rented sector continues to evolve, one thing has become clear: the demand for rental properties is soaring, while the supply of available homes is shrinking. This imbalance is being felt strongly across the UK, but it’s particularly notable in the North West, where tenant enquiries have surged. If you’re a landlord in Manchester or the surrounding area, it’s important to understand how these trends may affect you – and what you can do to stay ahead of the game. Tenant Demand Is at an All-Time High Across the North West, more than 35% of tenants are actively searching for rental properties, making it one of the most competitive regions for renters . Demand is particularly high in key cities like Manchester, where the local rental market is driven by factors such as: Increased population growth: Manchester continues to attract students, professionals, and international residents. Recent statistics show that net migration has significantly contributed to the rising demand for housing . Homeownership remaining out of reach: With house prices in the North West increasing, many prospective buyers are finding it difficult to step onto the property ladder, leading them to remain in the rental market for longer . Greater flexibility for tenants: With more people opting for remote work or flexible lifestyles, renting provides the mobility that homeownership often lacks. This surge in demand means rental properties are often snapped up quickly, leaving tenants with fewer choices and pushing competition between renters to new heights. A Shortage of Rental Properties Despite the increase in tenant demand, the supply of rental properties in the North West has not kept pace. Over 58% of letting agents in the region have reported a decrease in available properties over the past year . This shortage has been driven by several factors: Landlords leaving the market: Although our agency in Manchester has not seen an exodus of landlords, the Goodlord State of the Lettings Industry Report highlights that nearly 30% of landlords nationwide have either sold or listed their rental properties. As landlords exit the market, fewer homes are available for rent, intensifying the supply crisis . New regulations and rising costs: Some landlords are feeling the squeeze due to rising mortgage rates and new regulatory requirements, such as the impending EPC Band C standard, which could require costly upgrades . Increase in short-term lets: In popular areas like Manchester city centre, some landlords are switching from long-term rentals to short-term lets (e.g., Airbnb), which are often more lucrative in the short term, but further reduce the supply of homes available for traditional renters . The Consequences for Landlords and Tenants With more tenants competing for fewer properties, landlords may find themselves in a position of increased leverage. While this might seem like a positive development, there are several key challenges that come with this shift: Rising rent levels: As demand outstrips supply, rents have continued to rise. While this can mean higher yields for landlords, it also puts pressure on tenants. Many renters in the North West are now spending upwards of 35% of their income on rent, a figure that is slightly below the national average but still indicative of financial strain . Rental arrears: With tenants paying a larger proportion of their income towards rent, arrears are becoming a growing issue. In the North West, 33% of landlords have reported an increase in rental arrears over the past year . This trend is concerning, as it suggests that tenants are struggling to keep up with rising costs. However, we're seeing this figure is much lower with our agency. Difficulty securing tenants: Despite the high demand, landlords still need to ensure they attract reliable tenants. The competition may lead tenants to negotiate harder, or to move quickly to secure properties, but it also means that landlords must carefully assess potential tenants to avoid future issues such as arrears or property damage. How Landlords Can Stay Ahead In this increasingly competitive market, landlords need to be proactive in order to maximise their rental income while mitigating risks. Here are some strategies to help you stay ahead: Offer Competitive and Flexible Terms - While demand is high, offering competitive rental terms can help you secure reliable tenants quickly. Consider negotiating on rent levels or offering longer-term leases to provide tenants with a sense of security. Maintain and Upgrade Properties - Keeping your property in good condition is essential for attracting high-quality tenants. As tenants become more discerning, well-maintained properties with modern amenities can command higher rents and reduce vacancy times. Consider Rent Protection Insurance - Given the increase in rental arrears, it’s worth considering rent protection insurance. Despite offeing rent protection insurance to safeguard landlords’ income against arrears, only 6% of landlords actively take up this offer. Stay Informed About Market Changes - The rental market in Manchester is evolving rapidly. Stay informed about local trends and regulations to make strategic decisions for your property portfolio. For example, understanding the implications of upcoming energy efficiency standards will help you plan for necessary upgrades without being caught off guard. Conclusion: A Challenging but Rewarding Market for Landlords The North West rental market presents both challenges and opportunities for landlords. While tenant demand is at an all-time high, the shrinking supply of rental properties means landlords need to be strategic to make the most of this moment. By keeping your properties well-maintained, offering competitive terms, and staying informed about market developments, you can position yourself for success in this competitive environment. If you’re looking for expert advice on navigating the current market or want to discuss your property portfolio, feel free to contact us today. We’re here to help you make the most of Manchester’s thriving rental sector. The statistics and insights mentioned in this article are based on findings from Goodlord’s State of the Lettings Industry Report 2024, which surveyed over 1,500 letting agents, landlords, and tenants across the UK, with a specific focus on trends in the North West....
