Landlords Guide
Property Management
At The Student Property Shop, we're always on the lookout for quality houses and flats to rent in popular student areas around Leeds.
In return we offer a comprehensive and professional property management service that is second to none.
Having been in the property let business for many years we have the right experience and knowledge needed to take the stress out of letting your property for you.
We can help with everything from assessing your rent to offering advice on refurbishment and property investment. Our property management services are focused on finding you the right tenants and getting the most out of your property investment.
Here’s a summary of what you benefit from by choosing our property management service:
- Free property appraisal and rental evaluation
- Property investment & refurbishment advice
- Professional marketing of properties
- Tenant finder service
- Deposit & Rent collection with prompt monthly/quarterly payments & statements
- Regular property inspections with report and photo’s
- Efficient repair, maintenance & cleaning service
- All safety certificates and licenses arranged
- No hidden costs, just one simple management fee
So, if you have property in or around the Leeds student areas of Hyde Park, Headingley, Burley, Woodhouse, city centre and Kirkstall and you want a first class property management service to start generating a profit from it, contact us today. We have a dedicated management team that can help with any questions and talk you through the full process, just give us a call: 0113 274 1160.
The Student Property Shop has been involved in letting properties for many years. We have the experience to deal with all types of properties in all sorts of markets.
Valuation:
We will arrange a convenient time to visit you at your property and assess the current market value. The main purpose of our visit will be to:
- Assess the size and condition of your property
- View any additional features that could could affect the value
- Confirm the location of your property with regards to proximity to transport links, shops and schools
- Analyse the recent and current market for identical properties
- Determine the demand and supply criteria relating to your property
- Our rental valuation is not exact, but we should be able to provide you with a value at which you feel we could successfully market your property.
The Key to Successful Marketing
Whether it is eye-catching, distinctive boards and advertisements, we will ensure that properties are prominently and effectively featured to stand out. All properties are marketed through our office in Leeds ensuring optimum local coverage and promotion of your property.The more exposure your property receives, the greater the chance of a quicker let for the best price.
First impressions count
If you want to achieve maximum rents and keep your property attractive to tenants then there are a few basic principles to consider such as:
- Keep colours neutral
- Kitchen and Bathrooms should be well equipped
- Less is more in terms of decoration
- Rooms should be light and bright
- Where possible use earth tones colours on floor carpets
- Wood laminate is popular
- (vinyl or ceramic floor coverings for kitchen and bathrooms)
- Gardens (if applicable) should be neat and tidy
- Everything should be sparkling clean including windows
- Modern decor and furnishings
- Leather suites, dish washer, washer/dryers
We offer the following services to Landlords – each is flexible; we can treat each property separately, or treat your whole portfolio in the same way.
Letting Only Service 7%
This service includes:
- Free property appraisal and rental evaluation
- Your property details advertised on our website
- Marketing of your property via window displays and display boards, both at our office and off site.
- Arranging viewings for prospective tenants
- Processing tenant applications including taking up references and/ or guarantors
- Setting up tenancy agreements and collecting deposits (before transferring them to you so can put them in your preferred approved holding scheme)
- We can also draw up a comprehensive inventory (available for an additional fee)
- A one-off fee is payable for this service.
Letting and Accounting for Rent (Rent Collection) 12%
This service includes
- Free property appraisal and rental evaluation
- Your property details advertised on our website
- Marketing of your property via window displays, display boards, both at our office and off site.
- Providing accompanied viewings for prospective tenants
- Processing tenant applications including taking up references and guarantors
- Setting up tenancy agreements and collecting deposits
- Collecting the rent and passing it onto you (minus our fee)
- Chasing the tenant immediately if he or she goes into arrears
- We also draw up a comprehensive inventory
- The fee for this service is calculated as a percentage of the monthly rent received
Fully Managed Service 14%
This service includes:
- Free property appraisal and rental evaluation
- Your property details advertised on our website
- Marketing of your property via window displays and display boards,
- Providing accompanied viewings for prospective tenants
- Processing tenant applications including taking up references and/ or guarantors
- Setting up tenancy agreements and collecting deposits
- Drawing up a comprehensive inventory
- Responding quickly if problems occur and arranging maintenance work up to the value of a sum agreed with you
- Organising the collection of rent with prompt monthly payments to you, together with a statement and copies of all bills and receipts
- Chasing the tenant immediately if he or she goes into arrears
- Renewing safety certificates, as they become due
- Conducting periodic inspections to assess the condition of the property and taking any appropriate action
- Carrying out ‘pre-check out inspections’ prior to the end of the tenancy to assess the property and informing the tenant on how it should be left
- Ensuring the property has been cleaned at the end of the tenancy
- The fee for this service is calculated as a percentage of the monthly rent received (i.e. if the property is empty for any reason no fee will be charged).
Project Management
We can search for an investment property on your behalf and/or manage the refurbishment, interior design and furnishing of property.
The fee for this service is calculated as a percentage of the overall refurbishment costs.
We are able to negotiate special management rates for Landlords with large property portfolios. Contact our Lettings team for a no obligation chat about your current arrangement.
HMO (Houses in Multiple Occupations) Licences £110
An HMO licence is required where there are 5 or more persons living together in a property comprising of 3 or more floors
We offer a service whereby we will:
- Draw up detailed plans of your property
- Submit an HMO application to Leeds City Council
- Advice on any work required to bring the property up to current standards as required by the new law passed on 6 April 2006 under the Housing Act 2004.
Inventories £95.00
We will visit your property and draw up a comprehensive inventory. This will cover all fixtures and fittings, furnishings, general décor and overall condition of the property.
A one-off fee will be charged per property (discounts available for multiple properties).
It is strongly advised that you get a professional inventory for your property. We have a team of people who can compile a thorough inventory for you. This will include a full comprehensive report, pictures and noticeable defects. The costs are as follows:
- 1 Bed £120.00
- 2 Bed £130.00
- 3 Bed £140.00
- 4 Bed £150.00
Contracts £45 per tenant
We offer a service to landlords who have already found their tenants but require someone to draw up the tenancy agreements on their behalf.
The fee for this service is calculated on a per-tenant basis.
Energy Performance Certificates £65
We can arrange to have the Energy Performance Certificates compiled for your properties. These are now a legal requirement for all properties currently being marketed
Choosing an agent
Choosing a letting agent is a tricky business, there are many cowboys out there. You want an agent who knows their business, is organised and Communicative in delivering what they say, as you will be developing a business relationship with them. So, choose the agent who gives you the most helpful information, who is prompt with providing correspondence following the valuation.
Accurate valuation
Our expert valuers carry out hundreds of valuations every month, giving us intimate and unparalleled knowledge of the rental market in your Leeds.
This is why we consistently achieve the asking price across our clients' properties.
Marketing Your Rental Property
Our aim is to let your property to a high quality tenant for the highest rent as quickly as possible. All properties are advertised on our website within 24 hours of instruction (subject to access). This website is designed to “show off” your property and as well as using lots of photographs we also provide panoramic tours of some letting properties (small charge applicable)
Photography
We are dedicated to presenting every single property at its very best, regardless of price.
Our in-house team of specialist 'Photographers' process every new property in just one visit and have all information on the website within days.
First Impressions Count
If you are a landlord, it is well worth remembering this!
Presenting your property in the right way can make your property stand out from the competition, avoid nasty “void periods” and enable us to let it for the maximum rent.
PRESENTING YOUR PROPERTY WELL IS CRUCIAL TO LETTING!
As a letting agent, there is nothing worse than turning up for a valuation where a landlord has purchased a brand new apartment/house and then dressed it with cheap, inappropriate floor coverings, basic paper lamp shades, second hand white goods and cheap vertical blinds.
Investors, surprisingly, often do this!!! It can have a detrimental effect to not only the letting of the property but also the value of it.
Spending a little more money on flooring, curtains, light fittings, bathroom fittings and supplying good white goods can make all the difference.
As a rule, most unfurnished properties come with carpets, curtains, light fittings, bathroom fittings and white goods in the kitchen. If it is a furnished property, landlords can supply all the larger items of furniture such as beds, settees, wardrobes etc but in some instances it is beneficial to supply soft furnishings including, bedding, crockery and cutlery. We are always happy to give landlords advice on the above in order that they achieve the best possible rentals.
Here are some tips for presenting your property.
- Make sure it is clean and tidy, including windows.
- Décor should be neutral.
- Carpets should be as plain as possible and in a good clean condition.
- Try to keep gardens as low maintenance as possible.
- Keep the property warm and welcoming in winter months and cool and airy in summer months.
- Stay on top of minor maintenance (before, during and after any tenancy) and redecorate where necessary.
- Bathroom and Kitchen floorings should be ceramic tiling, vinyl or laminate NOT carpets.
- Try to provide as much storage as possible. If you own a flat that doesn’t have built in wardrobes, we recommend having some put in.
- Remember! A well presented property will let quickly and achieve the maximum return on your investment.
Strict codes of practice
The Student Property Shop is proud to be an accredited member of the unipol codes of standards scheme. We strive to provide landlords and tenants, with an assurance that they will receive the highest level of customer service.
Viewings
Interested parties contact us if they wish to arrange a viewing. We make certain they are matched to your ideal tenant requirements and that they are genuinely interested in your property. We do this to avoid conducting any unnecessary viewings. You will be informed when there is a viewing request via email, SMS or telephone.
Longer opening hours
We are open at times to suit our tenants to encourage maximum viewing opportunities.
35% of our viewings are carried out during evenings and weekends.
Our office is open from 10am to 6pm Monday to Friday and 11am to 3pm Saturdays.
A suitable tenant
Once a suitable tenant has been found, we will apply for references on your behalf. If the tenant proves to be acceptable, we then proceed to the next stage.
We have thousands of high calibre private and corporate tenants and we work with some of the world's most admired corporations, finding homes for their key personnel.
Offers
When an offer is made to us by a potential tenant, our expert negotiators work tirelessly to ensure you get the right deal.
Safety Guidance
As a landlord you are responsible for the well being of your tenant. There are a number of checks and certificates that you will need to provide us with before a tenancy can begin. These include insurance, gas, electrical, furnishings and fire alarm issues. We are here to help you through this process and provide you with all the necessary information and contacts.
Property Management
Many tenants, especially student tenants, prefer to rent managed properties
Instructing The Student Property Shop to manage your property guarantees round-the-clock care for both your property and your tenant. After finding you a tenant, we take care of both them and you throughout the tenancy, including everything from collecting rent and handling all administration to assistance with more complex issues and the provision of a 24-hour emergency helpline.
Rental paperwork
Tenancy agreement
To achieve a smooth running tenancy it is essential to have a professional agreement in place. We will draw up the relevant paperwork based on years of experience, ensuring all the necessary documents are signed by both parties.
Inventory
An inventory of the contents and condition of the property is usually produced prior to commencement of the tenancy. This will be supplied to both landlord and tenant.
The Move In
Before a tenant moves into your property, it is advisable to have it professionally cleaned. This then ensures that the tenant must leave the property in the same condition at the end of their stay. If they don’t, you will have the right to retain the appropriate amount from their deposit in lieu of
Our commitment
We keep all of your details on record and, as with the majority of our landlords, hope that when a tenant decides to move on, you won't. We can re-market your property at the push of a button and aim to avoid any void periods in your cash flows by our attention to detail and commitment to providing you the best service. Once we are happy that everything has been covered, the keys are handed over and the tenancy commences.
In a Nutshell
You can be sure we will be doing all we can to let your property! We offer both short and long term let’s providing owners with flexibility to ensure maximum rental return and offer a solution to landlords when the market is slow.
Landlord Safety Certificate
Landlords have a legal duty to maintain all appliances and flues, which you have provided for your tenants to use and have them checked for safety at least once every 12 months by a CORGI registered installer.
Maintenance
The Regulations place a duty on the landlord to ensure that all gas appliances, flues and associated pipe work are maintained in a safe condition at all times.
Annual Safety Checks
Gas appliances and flues in rented accommodation must be checked for safety within 12 months of being installed and thereafter at least every twelve months by a competent engineer (i.e. CORGI registered gas installer)
New Tenancies
Before any lease commences, it must be ensured that the gas safety check has been carried out on each appliance and flue within the 12 month period before the tenancy commences, or has been or will be carried out within 12 months after the appliance or flue was installed, whichever is later.
Tenant’s appliances
Under these Regulations, a landlord's duty to maintain and check appliances does not apply to gas appliances which are owned by the tenant, nor to any flues that only serve such appliances.
Gas Certificates
A copy of the safety check record or certificate must be given to any new tenant before the tenant occupies the premises to which the record relates. Also, a copy of the new record must be given to each existing tenant within 28 days of the annual check.
Smoke Detectors Act 1991
The 1991 Smoke Detectors Act requires that all new houses that have been built since 1992 must, by law, have a smoke detector installed. The minimum requirement being one smoke alarm on each level of the building.
This is not a piece of legislation aimed specifically at residential letting property, but aimed at all new buildings. If an agent installs smoke alarms into properties that he manages or they already exist, care must be taken in ensuring that it is clear from the letting agreement who is responsible for the maintenance of the detectors including testing and battery replacement.
To neglect this matter could mean that the landlord or agent is responsible, and in the case of a fire could be held liable for being negligent in their duties. There are different rules covering Houses in Multiple Occupation with regard to the installation of smoke detectors and other fire prevention measures.
The Electrical Equipment (Safety) Regulations 1994
The Regulations require:
- ENERAL SAFETY. That all electrical equipment supplied is safe.
In measuring safety, the 'supplier' needs to ascertain whether the product will comply with the current UK requirements for safety of domestic electrical products. Without detailed technical knowledge, there is no simple way to define which electrical products conform and which do not. - INSTRUCTIONS. Where the safe use of the equipment relies upon the user being aware of any particular characteristic, suitable information or instruction booklets should be provided. The instructions should be given in English.
- LABELLING. The 1994 Regulations require that any equipment supplied in the EEC after 9th January 1995 shall be marked with the appropriate CE symbol (subject to the Transitional arrangements below). In practise, the CE labelling requirement only applies to manufacturers when equipment is first placed on the market.
- TRANSITIONAL ARRANGEMENTS. Equipment supplied in the letting of property will thus be supplied equipment already placed into the supply chain. The transition arrangements allow the supply of electrical equipment which either complies with the provisions of the 1994 Regulations or complies with the provisions of the 1989 Regulations. Thus letting agents may continue to provide non CE labelled equipment as long as it is compliant with the 1989 Regulations.
The Furniture and Furnishing (Fire) (Safety) Regulations 1988 as amended in 1993
Since January 1997, it has been unlawful for landlords to supply upholstered furniture in rented property which does not comply to 1988 standards as set out in The Furniture & Furnishings (Fire)(Safety) Regulations 1988 (as amended).
The reason is that upholstered furniture made before 1988 may contain foam which is capable of engulfing a room in seconds with toxic fumes. The new standards require furniture to be filled with safer materials and be covered by material with greater fire resistance. Consequently, the regulations apply to the covering and the filling material of these furnishings.
What is covered by the regulations?
All upholstered seating furniture, beds, mattresses, headboards, sofa beds, futons, scatter cushions, seat pads, loose and stretch covers.
Identifying furniture which does not comply?
Furniture bought new after 1988 should be labelled to indicate it complies. Since 1993 it has been illegal to sell second-hand furniture which does not comply (furniture made before 1950 is the exception).
You will also need to make sure you have:
- Certificates meeting these regulations where appropriate
- An inventory of all items left in the property and a property condition report
- Carried out a Portable Appliance Testing (PAT) for all electrical appliances.
- Got permission from your mortgage lender if you have a mortgage on your property or told your freeholder
Rent & Capital Gains Tax:
Rent is a taxable income and therefore it is important that you speak to an advisor about the tax implications and potential tax deductibles that you will be responsible for and entitled to. For more information go to www.direct.gov.uk
It is also worth noting that if you own a property that is not your main residence (i.e. one that you rent out), you will have a Capital Gains Tax (CGT) responsibility after a set period of time has expired. For further information, contact your accountant or see more about CGT at www.direct.gov.uk