Redstones Property Management

How to be a good landlord

We’ve dealt with many landlords over the years at Redstones, so we know what makes a good one! Attracting and retaining good tenants isn’t always easy, but becoming a good landlord will help you achieve this. So, if you want to become the best landlord you can, we have some top tips for you:

  • Spend some time educating your tenants at the beginning of the process, so that they clearly understand your requirements and expectations. It certainly prevents misunderstandings later down the line. A fair tenancy agreement should also be in place upfront.
  • Often the quality of your rental property determines the quality of your tenant, so always keep your property well-maintained and clean when showing potential new tenants around.
  • Stay on top of repairs to minimise problems for tenants and have tradespeople on hand that can complete repairs quickly and cost efficiently.
  • Be pro-active and contact tenants after they’ve moved in to check how they’re settling in. This type of effective communication and courtesy speaks volumes about your status as a good landlord.
  • Always listen to tenant’s concerns and do your best to address them. It is this type of effective communication that convinces a good tenant to stay.
  • Make a full inventory, including photographs and meter readings to prevent any disagreements over damage throughout the tenancy.
  • Safety first – Gas and electrical equipment must be installed and checked annually by a registered engineer. Also, fire alarms and carbon monoxide alarms must be fitted by law. Regular checks are also necessary.

As a landlord, working with Redstones will mean that we can take care of all of this time-consuming detail for you. We’re experienced in finding good tenants and can advise you on exactly what you need to do to become a good landlord.

Find out more about our vast array of services for landlords.

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How will the Brexit affect property prices?

It’s a question that many buyers and sellers are asking us right now – how will the Brexit affect property prices? Redstones have been following the latest developments carefully.

Expert views are all mixed. George Osborne has made public comments about mortgage rates rising and house prices plummeting post-Brexit by an estimated 18%, causing concern for some who may be downsizing but perhaps not for first-time buyers. The ratings agency Moody’s has stated that first-time buyers would benefit from a vote to leave the EU, as a decrease in house prices would make it more affordable for people trying to get onto the property ladder.

The National Association of Estate Agents (NAEA) and the Association of Residential Letting Agents (ARLA) have stated that Brexit would depress future price rises, leaving the average UK house worth £2,300 less in 2018. These leading industry bodies also state that rental amounts may fall if Britain exits the EU.

Interestingly, a KPMG poll of 25 global real estate investors has revealed that two thirds believe a Brexit would result in less investment into property in Britain. This is because, in times of uncertainty, investors feel more comfortable to sit tight.

A lack of investment could affect the rate at which house building occurs, which will only make the current housing shortage worse. Furthermore, a shortage of workers from abroad to work on house building projects could also occur. However, some believe that uncertainty for investors and developers may prop up property prices, which have already jumped nearly 10% in the UK in 2015.

Although nobody quite knows the outcome of the referendum vote yet and the resulting impact on the property market, the potential impact is yet another consideration for the public to take into account.