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Expand Your Property Portfolio

Looking to Expand Your Property Portfolio: Everything You Need to Know

Expand Your Property Portfolio

Expanding your property portfolio can be a daunting prospect– but with the private rented sector growing at record rates, it can be a highly valuable financial decision. Plus, with the expert advice from our lettings team, you’ll be in safe hands throughout the process. 

What Is A Property Portfolio?

Your property portfolio is the collection of property investments you own. This could be yours personally, or owned by a group or a company. There are many benefits to owning a property portfolio as opposed to either owning no properties or owning just one investment property.

Why Should You Start A Property Portfolio?

It can be hard (not impossible) to achieve financial freedom from just one property alone. Your first investment property is a great step towards achieving this financial goal. By spreading your risks and multiplying your potential income, your will in turn become less reliant on pensions and other less reliable sources of income. 

Whether you want to reach early retirement or whether you have a significant wealth goal, owning multiple investment properties with multiple rental incomes can really set you up financially.

A Property Portfolio Gives You Multiple Streams Of Revenue

By having multiple properties on the market, you become less reliant on always having an occupied property – obviously in an ideal world you would have 10 / 10 properties rented out to tenants 100% of the time, but this isnt always the case. 

By diversifying and by having multiple properties, it means that you can reap the multiple benefits – increase rental income, better cash flow, more experience and more. 

Taking The First Step 

To build your property portfolio, you need to purchase your first (or second) property. Ultimately, the trick to this property strategy is to always have a plan for bringing money back into your pot so that you can re-invest it and grow your portfolio. 

Making your first purchase should be carefully thought out and considered. How you go about purchasing your property completely depends on your aims and goals. Some investors don’t like leverage or finance so it’s impossible to say yes get a mortgage. 

How To Start & Expand Your Property Portfolio

1. Identify your goals

The first step with any property investment is to think about your financial aims. Are you primarily interested in capital appreciation? Or do you want to invest in property that will provide a sustainable rental income? Or, perhaps most likely, are you looking for a combination of the two?

Your answers to these questions will help to determine your first property purchase, and the way in which you build your portfolio. In order to start on the right foot, you need to have your goals and priorities in place from the very beginning.

2. Only bit off what you can chew

It’s not generally recommended that new investors build a property portfolio with multiple properties from the off. Instead, you should think about starting small and building sustainably.

Choose your first investment wisely. Would you prefer a property close to where you live, in order to be able to keep on top of maintenance? Or are you happy to try further afield and entrust management tasks to a third party? For help choosing, try our guide to the best buy-to-let areas in Leicester. 

3. Start the offer low

It’s currently a buyer’s market for property, and many analysts predict that prices will fall further. Gone, at least for now, are the days of lengthy bidding wars.

Don’t be scared to offer below the asking price – the worst that can happen is that you’re turned down. Increasingly, property is being driven down due to a lack of demand, although bear in mind that the picture for pricing is not even across the UK.

4. Keep an eye on  the cashflow

As you start your property portfolio, make sure that you keep an eye on your key metrics – what businesses would call their KPIs. Does your rental income cover your mortgage payments and other outgoings, while still providing a reasonable return? Are you managing void periods sensibly?

Identify the most important numbers that you need to track, and make sure that you keep a constant eye on them. You need data to back up your investments as you grow your portfolio – again, treat this part of the exercise just as you would if you were running a business.

5. Don’t forget tenants

All too often, it can be tempting for landlords starting and building a portfolio to forget about the most important other party – the tenant. You need to work hard to ensure that your tenants are satisfied, both in order to maximise tenancy lengths and to minimise void periods.

However, you also need to keep on top of the business side of the relationship, and that begins with choosing the right tenant. If you’re doing this yourself, rather than through a letting agent, you might find our tips for choosing the right tenant helpful.

6. Grow carefully

Don’t run before you can walk. If you want to build a long-term property portfolio, you need to be cautious. There is a range of indicators suggesting medium-term volatility in both the property market and the economy more generally, and you need to keep abreast of these. Check out our blog on the best opportunities for landlords in the buy-to-let market.

But you should also pay attention to your debt position. As you grow into multiple properties, try to avoid cross-collateralisation (also known as borrowing), borrowing against the value of multiple properties at once. If the worst happens and you can’t service a debt, cross-collateralisation can mean that you’re forced to sell multiple properties in order to pay off just one loan.

7. Remember your exit strategy

Finally, make sure you understand your ultimate goal.

What’s the ideal end result for your property portfolio strategy? Are you looking for a sustainable retirement income? Or do you intend to liquidise your investments at some point in the future? By keeping your exit strategy in mind at every step, you can help to ensure that you make sensible investment decisions throughout.

Remember, this is just a guide. For more information on starting a property portfolio, you should get in touch with our expert letting agents in Leicester.

Top 10 Streets in Leicester For First Time Buyers

Top 10 Streets in Leicester For First Time Buyers

Are you a first-time buyer looking to buy property in the Leicestershire area? Our expert estate agents have a wealth of experience in letting, renting and selling property in locations all over the country.

Purchasing your first home can be an intimidating prospect for some, however, Open House Leicester Estate Agents aim to work with you to ensure that it is an exciting and enjoyable experience as it should be. We conduct thorough Leicester property evaluations and market research to ensure that we are covering all basis for homes within the region. 

Keep reading to find out more information regarding the top 10 streets in Leicester for first-time buyers and discover which one is best for you.

1. Ling Road, Loughborough, LE11 2LW

With an average house price of £146,185, our Leicester property valuation experts believe Ling Road is an affordable option and attractive opportunity for first time buyers.

The vibrant student town of Loughborough will always have something going on with its wide array of pubs, restaurants and shops. Nature lovers will also be in for a treat, as you will live closeby to the likes of Swithland Reservoir and Beacon Hill Country Road. 

2. Cheshire Drive, Wigston, LE18 4WA:

This area is great for young buyers who want a good community feel, it has numerous restaurants and pubs with one only 200 metres away.

There is also a majority of younger occupants within this area as ¾ of the people living in LE18 4WA are between 25 to 34 years old so first time buyers will definitely fit in

3.  Station Street, Loughborough, LE11 5EE

This street is not only great for buyers looking to move but is also perfect for prospective landlords as ¾ of the residents are rented on Station Street. Another interesting fact is there have only been 99 crimes reported within a mile of LE11 5EE in the last year. 

You will also not be alone as first-time buyers in this area as over half of the population of this street are in the 20-24 age bracket. You will also be within walking distance of the vibrant town centre and a nearby Sainsburys supermarket.

 4. Watling Street, Mountsorrel, LE12 7BD

The majority of houses within this quaint village area are detached and terraced. It is a great option for those who rely on public transport as it is only 1.3 miles from the nearest railway station.

Only 29 Crimes have been reported in the last year on Watling Street, making it a great option for those looking for a safe first environment to buy Leicestershire property in. 

5. Finch Road, Kibworth Harcourt, LE8 OWE

Any young families or couples wish aspirations of having children would be making a great choice in moving to the quaint village of Kibworth Harcourt.

This area has an excellent 5* Ofsted rated school on its doorstep, only 610 yards away. The majority of people living in Finch Road are also likely parents being within the age bracket of 30-44 years old. 

6. Bosworth Way, Leicester Way, Leicester Forest East, LE3 SQQ

Those with their heart set on a spacious first house should consider Bosworth Way, as 152 out of 162 are detached. The nearest doctors are also only 380 yards away.

Leicester Forest East is a particularly popular location among young families. A new £4m school, Fossebrook Primary School, opened for its first intake in September 2016.  The Parish Hall recently began hosting Clubszone, a local children’s activity provider which runs during the school holidays. They also host a community cinema which is available on the first Thursday evening at 7.30 of every month.

7. Sycamore Close, Oadby, LE2 2RN

This is a delightful option for first-time buyers who want an affordable detached house in the Leicestershire area. 71 out of 79 houses on Sycamore Close are detached and the remaining 8 are also semi-detached. 

Oadby is also a great choice for those who wish to be within touching distance of Leicester, situated merely three miles south-east of the city centre.

8. Avenue Road, Sileby, LE12 7PG

Avenue Road is a great location for first-time buyers looking to invest in property, with many semi-detached houses on the market for the price bracket £150,000.

Sileby brings with it the quaint lifestyle of village life whilst still being a short drive from the city centre, situated in between Loughborough and Leicester. Sileby also has a remarkable number of shops and services for a village, offering many schools, restaurants, pubs, gyms and more for its occupants. 

9. Leicester Road, Mountsorrel, LE12 7DE

Another street from Mountsorrel makes our list of properties locations for first-time buyers, simply as this village is an equally affordable and delightful area to live. This is a great choice for those who enjoy peace and quiet, with there only being a population of 282 people within this postcode

There are many shops, restaurants and services within walking distance on the high street. The local doctors are also only 450 yards away. You will also have a Michelin Starred fine dining restaurant on your doorstep with John’s House.

10. Barrow Road, Quorn, LE12 8DH

Quorn is a well-sort after area to live for first time buyers and frequent property buyers alike. This is because the village is regarded as one of the best places to live in the whole of Leicestershire. 

Quorn prides itself on a commitment to an inclusive, eco-friendly and vibrant environment for all of its residents. This also makes it a great letting opportunity for landlords interested in renting out property in the future.

Ultimately, Barrow Road is an affordable street within a charming location. Our Leicester property valuation experts have also discovered that property prices on this street have risen by as much as 200% in the last 15 years. Dependant on your budget, this could prove to be a great investment for first-time buyers in the years to come. 

Getting Off to the Right Start With Open House 

Open House aims to take all of the stress out of the buying experience for first-time buyers by providing a personal dedicated service. Through buying a property with us, you will be given all the best information and Leicester property evaluations to ultimately discover the home of your dreams. 

Our expert team of estate agents have years of experience and knowledge within the Leicestershire area. For more information on how we can help you, get in touch with one of our friendly team today.

Maximise Rental Income With Short-Term Lettings

How Landlords Can Maximise Rental Income With Short-Term Lettings

Maximise Rental Income With Short-Term Lettings
Maximise Rental Income With Short-Term Lettings

Long-term letting strategies may be the most consistent option for the cash flow of your guests, however, that doesn’t mean it will necessarily be the most lucrative for landlords. For many clients, Open House will recommend that the best way to guarantee a firm return on your investment is to work with short term lettings. 

Keep reading to discover how Leicester landlords can maximise rental income with short term lettings. 

What is a Short term Let?

Generally speaking, a long term let is defined as any tenancy lasting in excess of 6 months. Most landlords and estate agents will define anything less than this as a shorter-term let. Another way of distinguishing length of lets is to consider tenancies lasting 1-6 months as medium-term lets and those lasting less than 1 month as short term lets. 

Long term lets can last indefinitely from the 6-month mark. This is the most common type of letting and is taken by a wide variety of the general population. The benefit of long term lets is that they bring a “steady” income and will allow you to manage cash flow and budget for future expenditures accordingly. Another benefit is that you do not need to worry about changeovers or screening new tenants.

Medium term lets can be considered as tenancy agreements lasting anything between 1 and 6 months. These typically bring a mixed rental income. The majority of tenants on medium-term let’s are students and business professionals who wish to live in one location semi-permanently. The benefit of medium lets over long term lets as they allow you to alter your price periodically and also give you more scope to make changes and refurbishments to the property.

Short term lets are any tenancy agreements lasting less than thirty days. This rental strategy produces the most variable rental income. The biggest clientele for landlords operating in short term lettings is to tourists and guests who are visiting cities and other popular areas for business or leisure. A huge benefit of short term lettings is that, through operating a flexible and evolving pricing strategy, landlords are able to maximise their rental income all year round. 

If any of this seems overwhelming, then don’t worry, it’s a lot of information. Open House Leicester Estate Agents are highly trained professionals who use years of experience to define, appraise and optimise your rental strategy as a landlord. We generally define anything less than 6 months as a short term let and will work with you to maximise your rental income if you opt for this strategy.

Which Landlords Should Operate In Short Term Lettings?

As with anything in life, there are pros and cons to short term lettings which need to be weighed up by landlords to ensure that it is the right choice for them. Open House Leicester Estate Agents operate a fully transparent service by giving clients all the information to ensure they need to make an informed decision.

Due to short term lettings being favoured by tourists, they are most successful in areas which already have a high tourist demand (e.g. inner cities or areas near popular attractions). A major benefit of operating in short term lettings is that they allow landlords to take advantage of holiday seasons and peak interest. A clear example of this is being able to charge more around the Christmas and New Years Eve period.

The flexibility which comes with having no long term contracts is another huge benefit of short term lets. This allows landlords to make changes and refurbishments to their property and even have the option to keep them free for personal use if wanted.

However, as with any good thing, there are usually pros which must be weighed up against the cons. The major drawbacks of offering short term rentals are the larger amount of labour needed. A big reason for this is the inevitable wear and tear which comes with consistent changeover, meaning your property will probably require more maintenance both in the short and long term. Another downside of short term lettings worth considering for landlords is the more frequent need for housekeeping and needing to screen tenants between rental contracts. 

Ultimately, whilst short term lettings may appear to be more time consuming, they are a great way of boosting your rental income in the long run. Another benefit is that they help in supporting the local economy whilst also giving you the chance to meet people from all walks of life and allow travellers to experience your area. 

Leicester estate agents are on hand to support you in all aspects of the tenancy agreement when it comes to short term lettings. We will help in screening tenants and advise you on which pricing strategy will work best for your property to ensure that you maximise your rental income. 

What Is the Best Price for My Short Term Let?

There are numerous factors that go into what the best rental price should be for your short term let. Leicester estate agents are here to work alongside you to devise the short term letting pricing strategy which is going to maximise your rental income. Open House provides free rental evaluations to ensure that you are getting the most from your investment.

Location is a huge factor when it comes to short term let prices. Is your property a tourist hot spot? Does it have strong links to public transport? How far is it from the city centre? 

The amenities and utilities on offer is another big factor in how much guests will be willing to pay to rent your property. For example, if you are able to offer an en-suite bathroom, car parking, home gym equipment, a sofa bed and even simple wifi then your rental price should match this accordingly.

The values of properties recently let in your area is another massive factor in your letting price strategy. Open House’s valuations are carried out in person by an experienced valuer who knows your local area well and can take a realistic view of the rental income your property can achieve.

How We Can Help

Open House aims to take all of the stress out of the rental experience by providing a personal dedicated service which optimises your profits as a landlord. 

Through letting out a property with us, you will be given all the best information and industry insight to find the best tenant for you. We conduct thorough Leicester property evaluations and market research to ensure that we are covering all basis for homes within the region. 

Our expert team of estate agents have years of experience and knowledge within the Leicestershire area. For more information on how we can help you, get in touch with one of our friendly team today.

Leicester Landlords to Seize The Moment With Buy-to-Let Opportunities

Leicester Landlords to Seize The Moment With Buy-to-Let Opportunities

Leicester Landlords to Seize The Moment With Buy-to-Let Opportunities

Political and economic uncertainty has affected the housing market for several months now, but recent news has shown a possible change that could affect buy to let mortgages in the not-so-distant future. 

Demand for rental property remains strong, and while yields have fallen, there is still money to be made in the buy-to-let sector. In this blog we take a deeper look into the buy-to-let opportunities, as well as other factors affecting the property market. Is this the perfect time to become a landlord? Open House Estate Agents think so…

What is a Buy-to-Let Mortgage?

A buy-to-let mortgage works a little bit differently to a residential mortgage. A few things you need to know straight away:

  • They often involve bigger deposit
  • You’ll experience higher fees
  • As well as fees, you’ll have higher rates of interest

Buy-to-let mortgages are usually offered on an interest-only basis, which means the amount you’ve borrowed as a mortgage will only be cleared at the end of the term. 

Most residential mortgages are capital and interest loans, where your monthly payments cover the interest and a portion of the debt, and the value of the loan plus interest is gradually paid back over the deal period.

Leicester Landlords with a buy-to-let mortgage can usually expect their monthly mortgage payments to be covered by the rent they receive. Our property services ensure a smooth tenancy for both landlord and tenants involved. 

As a lender, this type of mortgage can be seen as a higher risk and there may be uncertainty of repayments. 

Average Buy-to-Let Purchase Price

The average purchase price for a buy-to-let property from 2016 – 2018 was £183,278, compared to £272,425.00 for a residential purchase property.

This may suggest that potential landlords are looking for less expensive properties because they need to find a bigger deposit to get a buy-to-let loan.

The type of property they’re looking to buy might also be cheaper if they’re looking for more flexible accommodation that’s attractive to people looking to rent. 

How Rates Pose New Opportunities to Landlords

Latest figures show the average 40%-deposit tracker mortgage is 3% cheaper than it was three months ago, and a 30%-deposit tracker deal is 2% cheaper than in March. As a Landlord, if you take out a £150,000 mortgage, you would save £234 a year with a 40% deposit and £144 a year with a 30% deposit.

In a time where rates are almost at a historic low, landlords are exposed to new opportunities. Particularly if landlords looking to review their existing portfolios and consider remortgaging to a lower, fixed rate buy to let mortgage.

The lowest mortgage rates aren’t necessarily going to be available to everyone. Lenders will always assess each application based on what the landlord can afford, and how high-risk it appears as a borrower.

House Prices Posing Opportunity

It has been widely reported that house price growth has stagnated, and this is no different when it comes to the Leicester market. However many buyers and sellers are holding fire to await the outcome of Brexit.

Compared to last year, house prices are still down, however there has been recent spikes. Some reports show a 12% monthly rise in southern-based landlord registrations in March 2019. This may be echoed across other UK regions and could be a sign they are on the up.

Which experts say ‘Recent price drops in some regions mean that it’s becoming more of a buyers’ market, so you might be able to get a good deal. Besides, buying a property should generally be regarded as a long-term investment and, even if there is a short-term price drop, house prices will probably stabilise in the future

Tenant Fees Are More Enticing

The Tenant Fees Act 2019 came into effect on June 1st and has already had a significant impact on the landlord market. 

At OpenHouse Estate Agents, we have kept our pricing structure exactly the same. Meaning that Leicester landlords aren’t facing harsher fees. Recent news shows that the tenant fees ban is set to cost letting agents across the UK nearly £200m a year, and landlords £300m. Our aim as a local estate agent is to make as little disruption as possible to our landlords and make the process as easy as possible. 

Tenant Demand Continues to Grow

Whilst the property market is full of constant change and sometimes uncertainty, tenant demand continues to remain untouched. Those unable to buy new homes are continuing to seek private rental accommodation. 

Reports show demand increased by 7% during May and June 2019, seven times the normal uplift in tenants looking for property at this time of year.

Window of Opportunity… But How Long For?

With soaring tenant demand and historically low interest rates, now seems the perfect time to take hold of this property market opportunity. Competitive deals are available now and could change at any point.

Are you a local property investor or first time landlord looking to take the plunge? Our property experts at Open House Leicester are asking, what are you waiting for? Get in touch today to discuss how our services for landlords can help you. We are open six days a week, meaning you have more time to contact us!

estate agents leicester

Which Tenant References are Reliable and Useful for Landlords?

estate agents leicester

Are you looking to advertise your rented property to tenants for the first time, or are you looking to reach out to new potential prospects? If so, you’ll need to ensure that tenants have relevant and correct references before you go ahead with anything. This is a crucial process that can be almost too easy to forget about when signing up new tenants. 

It can be all-too-tempting to take on the first tenants that show interest in your property, without first performing the necessary processes. This is especially common with first-time landlords who are eager to start seeing some monthly revenue from their property or have no prior experience in interviewing tenants. However, you need to be a little more cautious when taking on new tenants.

For both your sakes and to keep in line with the local law, you’ll need to ensure that your tenants can provide reliable and useful tenant references. This will ensure that you are accepting tenants with a genuine interest in renting your property and treating it well during their time.

If you aren’t sure about tenant references and you need some more information, Open House are here to help. With years of experience in the rental industry, we can inform landlords on some of the most reliable and useful tenant references to ask for and look out for when advertising their properties. 

What are Tenant References?

Private landlords and estate agents in Leicester need to think about two things: whether their tenants are able to pay their rent every month and if they are suitable for the property. To be able to do this, they can request tenant references from potential renters.

Similar to the kind of references you’d ask for at a job interview, tenant references refer to a series of checks into the tenant’s backgrounds. These checks include tenant providing some of their personal details to private landlords to prove their reliability and identity.

Without these references, landlords may have the right to decline potential tenants. This also applies to tenant references that highlight any issues with the potential tenants, such as failure to pay rent on multiple occasions or a history of bad relationships with previous landlords. 

What are the Essential Tenant References?

Before you ask potential tenants for their references in their tenant interviews, its first important to know the essential tenant references to be looking out for. To make things easier, we’ve compiled a list of the essential tenant references you should be asking to see. The top 5 references are:

  • Credit checks – this will provide both private landlords and estate agents in Leicester with detailed information about the tenant’s credit profile. You’ll need to look out for certain things such as poor credit history, court judgements, bankruptcies and unresolved debts. 
  • Income reference – this reference will give you a clear idea of the tenant’s income and if they will be able to afford with the upkeep of monthly rental fees. In this reference, you will be able to see details of their employment as well as a character reference from their current employer. 
  • Landlord reference – perhaps the most insightful reference is the landlord reference. This refers to a reference given by the tenants previous landlord, outlining their suitability as a tenant. You’ll be able to see if they paid rent consistently and if the property was left in good condition after their rental period ended. 
  • Proof of identity and right to rent – landlords and estate agents in Leicester will need to see information such as photo ID including driving licences and passports. To see if a tenant has the right to rent, you may also need to ask to see their immigration documents.
  • Guarantors – if, as a private landlord, you have any concerns about your tenant meeting payment deadlines but they seem like a great tenant, you can ask them to find a guarantor. This is someone who will agree to pay the rent or cover damage to the property if the tenant cannot pay. 

Why are They so Important

With the demand for rented accommodation showing no sign of slowing down, it’s important that landlords and estate agents in Leicester are following proper procedures. If you do not carry out a tenant interview and ask for tenant references, you could be faced with a problem tenant that will cause you ongoing issues.

If you ensure you check your tenant’s references before going ahead, you can create a positive and seamless landlord-tenant relationship from the get-go. This will make both your lives easier and may even result in tenant returning to you again and again, ultimately increasing your revenue. 

Failure to undertake a Right to Rent interview with a tenant may result in a fine or even a jail term so it’s important that you conduct these interviews thoroughly and check through all your tenant’s references.

Make sure you interview every kind of tenant that shows interest in your rental property. All adult tenants aged 18 or over must be named on the tenancy agreement and if they are contributing to a share of the rent, they must also go through the same checks and referencing process.  

Contact us for More Information Today

Are you still unsure about tenant references or how to successfully let your property in the Leicester area? If so, get in touch with us today. Open House are leading estate agents in Leicester with years of experience in the letting market.

We can advise landlords on the proper process for letting out their rental property, including the process for tenant referencing, to ensure they have a seamless landlord experience from start to finish. 

leicester lettings

The 2019 Summer Rental Market: Top Tips for Leicester Landlords

leicester lettings

As the summer slowly approaches it’ll cause things to heat up, and this includes the rental market! There was speculation that Brexit would affect Leicester lettings, however, it still remains a thriving market full of opportunity for both landlords looking for great occupants, and tenants looking for the perfect rental property. In fact, Leicester is considered one of the top buy-to-let hotspots in the UK! 

Often, we see a huge increase in the demand for rented properties in the summer. This is due to parents looking to move closer to schools and their catchment areas, ready for the new term to start. The summer is also a perfect time for families to relocate due to the school holidays. Students starting university in Leicester will now also be looking for affordable rented accommodation, so it’s important to make sure you’re ready. 

With peak letting season upon us, it’s important that Leicester landlords are prepared to take advantage and capitalise on the seasonal increase in demand for rented properties in and around the Leicester area. Open House have compiled some top tips to help landlords capitalise on their Leicester lettings.

It’s Time to Assess your Properties Garden

Perhaps one of the most obvious places to start when evaluating your property for summer is the garden. With the increasing demand for rented properties over the summer months, landlords will be having more and more viewings for their Leicester lettings.

With the weather showing promise for more sun, tenants will feel more inclined to check out the garden. If you make sure it is looking presentable, you’ll be far more likely to be shaking hands with your new tenants sooner than you’d anticipated.

Not sure where to start? Here are some simple yet effective things you can do to make sure your properties garden is summer ready

  • Cut the grass
  • Clear dead leaves and weeds
  • Plant a few flowers
  • Ensure any damage is repaired, eg broken fence panels
  • Clean the patio

A rented property with a nice garden will be far more likely to experience popularity and demand with tenants. So, if your property has a garden, don’t forget to show it some TLC before advertising your property. 

Line up Renovation Projects for Summer

The summer is actually the perfect time to start on some renovation projects! You may be thinking working on renovation will be disruptive to your tenants, however, you should consider if your tenants are going on holiday. 

If your tenants are taking their family away on a nice break this summer, it can be the perfect time to get to work on maintenance and repairs of the property. There’s plenty of things you can do during your tenant’s vacation, such as:

  • Give the walls a fresh lick of paint
  • Fix any plumbing issues
  • Repair the light fixtures/replace bulbs for more energy efficient options
  • Clean stains from the carpets
  • Repair any damage caused by damp
  • Garden repair and maintenance

Some of these jobs can get in the way of your tenants, so it’s always best to plan them around their holidays. With families more likely to book holidays for the summer months, it can be the perfect opportunity for landlords to update their Leicester lettings. 

Certain jobs are far easier to perform in the summer when the days are longer and lighter, providing the perfect conditions for productivity. For example, window repairs or replacements and other forms of exterior work are far easier to be carried out in the summer. 

Consider Short Lets for Extra Income

Have you ever considered advertising your Leicester lettings for short term renting? Leicester is a thriving city, bustling with amenities, heritage and a world-famous football team that attracts millions of visitors every year.

If you’re looking to increase your revenue this summer, why not advertise your property for tenants looking for short term letting solutions over the summer? Popular with young professionals who have a summer internship or people who are staying in Leicester for the summer months, this can be a great way to get some extra income. 

Short term lettings consist of lettings that are anything less than 6 months. Therefore you can decide exactly how long or how little you wish to have your property available as a short term letting option for tenants. 

Get your Property on Popular Listings

As we’ve established, there will be a lot of competition when it comes to Leicester lettings in the summer months. This means it’s important to get your property the exposure it needs in order to attract tenants over the summer months.

If you choose to advertise your rental property with Open House, we can ensure a quicker transaction than average. With our large network, we can help you advertise your rental property to thousands of potential tenants.

Simply get in touch with us here at Open House to see how we can help you with your Leicester lettings. With years of experience in the letting industry and knowledge on the Leicester market, we can help you successfully advertise your property. 

5 Reasons to Let your House in 2019

5 Reasons to Let your House in 2019

5 Reasons to Let your House in 2019

With the housing market ever changing, it can be hard for people to decide on whether they want to sell their property outright, or let it out to potential renters. As leading letting agents in Leicester, we have gained years of experience in the housing market and have discovered some of the main benefits of renting out your property.

Letting can be an incredibly lucrative choice for individuals if they do it right, and it has some great potential for earning. If you’re interested in becoming a landlord and letting out either one property or a selection of properties, keep reading! We’ve got some great insight into why you should become a landlord and let your property in 2019.

  • Extra Source of Income

The first and most obvious advantage of becoming a landlord and letting your property is the extra income you will receive. Whilst you may get a lump sum when you sell your house outright, with letting, you can enjoy a regular monthly income. You can either use this as your primary source of income or use it to bump up your monthly pay package.

Depending on the area that you choose to let out your property, you can expect to see great revenue growth. For example, some landlords earn around £15,000 a year before tax and other deductions. This is a nice addition to either a normal, full-time wage or even a pension.

You can choose to rent out your property on a short-term basis, for example, if you have a holiday or big event coming up that you need some extra income for. Or, you can choose to go into long term letting and enjoy a continuous income for as long as you desire. We are a property valuation company in Leicester and can help you figure out how much you should be charging for your rented property.

  • More People are Choosing to Rent than Buy

Due to the current state of the housing market and house prices on the rise, there’s a huge market for people looking to rent houses instead of buying. For example, the market consists of a wide range of potential customers including:

  • Young couples and/or first-time homeowners who are seeking to leave the nest but can’t afford large deposits and mortgages
  • Elderly people looking for a downgrade property once their family have moved out
  • People who move around regularly and don’t want to settle into a mortgage or permanent home

With so much potential, it can be extremely beneficial and lucrative to become a landlord and let your property in 2019. For example, the number of middle-age renters actually doubled in a decade, proving that the letting and renting market is one to be pursued by savvy landlords.

  • Can Help you Move Home

Are you in the process of trying to find a new house or relocate, but you’re struggling to sell the house? There is a solution to this all-too-common problem. Instead of trying to sell your house, you can always put it up for rent instead! This can give you more chances to shift the property and be able to relocate as you wish.

Since rented property is more attractive to buyers in the property market nowadays, you’ll have more luck in advertising the property as a rented property instead of trying to sell it outright. You’ll also be able to enjoy the extra bit of income you receive as you embark on your relocating journey.

Remember to get your property valued! We offer property valuation in Leicester to be able to give you the best figure going forward and help you correctly advertise your home to a good market audience.

  • Chances to Travel / Work Abroad

On the topic of relocating, if you’ve always wanted to move abroad or work abroad for a short period of time but you’ve been worried about what to do with your property, letting is always an option!

By choosing to let your property to reliable renters, you can feel free to spread your wings and travel and work abroad as you wish. Some people think that you can’t even holidays as a landlord, but this isn’t true.

If you use a good letting agency such as OpenHouse Leicester to find you great quality tenants, you can have the freedom of moving abroad whilst having the comfort of knowing your house is being rented by a great tenant.

  • Property Value Growth

The final benefit you can expect to receive from letting your house and becoming a landlord is that you can benefit from the property value growth. Since you own the property, you can actually continue to gain from the increase in property value whilst you are letting it out to your tenants.

The increase in property value happens for a variety of reasons, such as increased demand in the area, regardless of if the property undergoes any changes or not. Remember, if you’re unsure of the current value of your property, make sure to take advantage of property valuation services in Leicester to make sure you aren’t losing out on any extra income.

This will, of course, depend on the area you are letting in, however, many areas see a significant rise in property value over the years, so make sure you keep on to of this so you can get the most out of your rented property.

Let Your Property Today

Are you now curious about putting up your property on the market for potential renters? Let Open House Leicester help you. Not only do we offer quality property valuation in Leicester, but we can also get your property on some of the best property listings in the UK to ensure the successful advertisement of our property.

Just get in touch with us today to discuss your needs. Our friendly and expert tea of property experts have years of experience when it comes to letting and renting properties so they will be able to answer any questions you have and make sure you are getting the best quality services.

Why Millennials Hate Most Letting Agents

Why Millennials Hate Most Letting Agents

Why Millennials Hate Most Letting Agents

Nowadays, the relationships between millennials and letting agents leave a lot to be desired. There’s a lot of negativity, mistrust and miscommunication between millennials and letting agents that stunts the process of young people getting homes and letting agents getting their income.

But why has this negative relationship come about? Well, many letting agents are not as honest with millennials as their shop-front and business message makes them out to be, often sneaking in hidden fees that leave millennials shaken and enraged.

We’re here to highlight some of the key reasons why millennials hate most letting agents but to also reassure millennials and young people in the housing market that there is hope! (Not all letting agents are crooks, you’ll see!)

Unregulated Letting Agents

It is actually surprisingly easy for anyone to set themselves up as a letting agent. As a professional letting agents, we see this all the time. All kinds of unregulated letting agents pop up, offering services that they can’t promise or guarantee.  

This means that there are people with no training, no experience and no knowledge in the property market trying to sell and advertise houses. This ultimately means that they can potentially mislead millennials who are in the house hunting process and take them down a long, winding and complicated road. This can be incredibly frustrating and a huge waste of time and money.

This is why it’s always important to seek advice from a genuine letting and property agents who have the experience, time and quality service you need in order to successfully find or sell a house.

Hidden fees

This is a tactic that many unregulated letting agents use that can catch out unsuspecting millennials. For example, the letting agent may take said millennial through a whole process, without being completely honest about any fees, then drop a £500 admin fee on them without warning. This is extremely poor practice, as everything should be kept above the surface to provide a smooth and enjoyable experience for both parties.

Young people looking to buy or rent their first property are often seen as easy targets for low-quality letting agents. Since young people may be entering onto the property ladder for the first time, they wouldn’t know to check the fine print and ask certain questions to save them being slapped with an unsuspected fee.

As well as hidden fees, untrustworthy letting agents also try and get as much money from millennials as possible as soon as possible. For example, they may demand that you not only pay one months rent in advance but that you also pay a deposit AND an admin fee on top of this.  As on June 2019, admin fees are illegal, so you can be sure you won’t be affected by this. If your estate agent tells you something different, stay away!

This is an incredibly poor practice and is a huge contributing factor to the poor relationship between millennials and letting agents. There’s little wonder that millennials are losing faith in letting agents, and that genuine letting agents in Leicester are suffering due to the bad press that is associated with letting agents.

Poor Communication and Management

For many letting agents, it’s all about that quick sale and getting the commission through. This means that they compromise on quality and communication with millennials, leaving them feeling deflated, ignored and totally disrespected.

Buying a house, or even renting one, is a huge decision and needs to be handled with the utmost care and respect. However, sketchy letting agents will often rush you through the process without providing you with the necessary information and communication touch points you need to feel reassured.

Worried you’re using a poor quality lettings agents in Leicester? Here’s what to look out for in regards to poor communication:

  • Repeatedly ignoring your calls
  • Failing to answer your questions
  • Refusing to have any meetings with you
  • Skipping over important information in meetings
  • Rushing through documents or phone calls, leaving you flustered
  • Blanking you when you enter the office

Lack of Transparency

Linking on to poor communication, sketchy letting agents are also dishonest when it comes to buyers and tenants feedback. Instead of being truthful, they will often just tell you exactly what you want to hear instead of providing genuine feedback and information. This tactic is often used by poor quality letting agents to push quicker sales and to avoid having to communicate properly with their customers.

Pushing Other Unnecessary Services

As previously mentioned, some letting agents like to take advantage of first-time buyers with no experience in buying, selling or renting a property. This means they find millennials susceptible to dodgy marketing ploys whilst trying to sell them a house. For example, the letting agents may try to push unwanted and often, completely unnecessary services onto millennials whilst implying that if they don’t pay for these services, they may not get the same treatment as other customers.

This is referred to as pressure techniques, leaving millennials feeling forced into making financial decisions, often on the spot, that’ll leave them out of pocket. We at Open House Leicester strongly disagree with these marketing ploys and tactics. We treat all of our clients with equal respect and will always ensure quality services.

Why Open House Leicester are Different

Open House Leicester have years of experience in the letting, selling and renting market. We pride ourselves in being open, honest and providing genuine advice, either for first-time homeowners looking to find their ideal first home in the Leicester area or to help landlords find their perfect tenants.

Due to our amazing reputation with both homeowners and landlords, we’re able to get properties listed on some of the biggest and main property listing sites. Better yet, we don’t hide anything. We want this process to be as smooth and as simple for both homeowners and home sellers/landlords, which is why we keep everything above the surface so nothing ever comes as a surprise.

If you’re looking to find a genuine, trustworthy letting agents in Leicester to find your perfect property, get in touch with the team today. With honest and expert advice, we’ll be able to help you get your foot in the property ladder.

Increase Property Exposure with Open House Leicester

Increase Property Exposure with Open House Estate Agent Leicester

Increase Property Exposure with Open House Leicester

At Open House Estate Agents Leicester, it is our mission to help sellers advertise their homes and get them successfully on the market, with the aim to find genuinely interested buyers. With the housing market being as tough as it is in 2019, it can be hard for house sellers to quickly and easily advertise their property to the buying market.

On average, it can take around 2-3 months for your home to sell if you are advertising it privately. However, this is not always the case and some properties can remain on the market for many years, especially if they are not appropriately advertised and marketed.

However, at Open House, we can help sellers to get their properties seen by a larger market due to the resources we have available to us. If you’re a seller who is struggling to get their property seen by the market and make a sale, we can help.

We advertise properties with some of the main property portals in the UK. Learn more about each of these sites and how we work closely with them to ensure your property gets exposed to the right audience and how you can make a quick sale.

Right Move

Right Move is an incredibly trusted and reliable resource for homeowners looking to buy or rent their next home. We advertise our properties through Right Move to ensure your property is put directly in front of an audience who are genuinely interested in buying or renting.

Right Move is the UK’s largest property portal, allowing homeowners to find their next home and giving sellers a chance to reach a lucrative market. If you choose to sell your home through us, you can rest assured that your property will be seen by thousands.

Zoopla

Zoopla is a fantastic resource for buyers to make better-informed decisions about properties. If you choose to advertise your property through us, we can get your listing on Zoopla and help towards achieving a quicker sale.

Zoopla is a company that is all about transparency and can help homeowners make informed decisions about properties based on the market research, data and local information they provide.

Prime Location

The final property portal we use is Prime Location. Prime Location focuses on helping buyers in the middle and upper-tiers of the market find their next home through specifically tailored lists.

Prime Location gets around 5 million users to the website every month, which means 5 million more people who will be viewing your property whilst it is up for sale. Prime Location is also a part of Zoopla, meaning extra exposure for your property.

Advertise with us Today

If you need to make a quick sale or you’ve been struggling to manage to sell your home independently, we can help. We can give you a free property valuation to get a good figure for how much you should be selling your house, then we can get it advertised on some of the UK’s leading property portals.

Get in touch with us today if you’re interested in letting, selling or buying a home and we can offer you honest and reliable advice to help you get your foot in the property ladder.

Prime Letting Locations in Leicestershire

Learn More About Prime Letting Locations in Leicestershire

Estate agents in Leicester

Are you a landlord looking to start letting to tenants? If so, it can be overwhelming to know where to start and which locations offer the prime potential for a lucrative return on investment. Here at Open House, we have years of experience in letting, renting and selling in Leicestershire so we have acquired knowledge on each of the locations within Leicestershire and the unique characteristics and perks of each place.

Each Leicestershire location has its own benefits to landlord and tenants. Read on to discover some of the main benefits of letting a house in these areas and discover which one would be best for you.

Birstall

Birstall is a fantastic location for landlords looking to target a large potential market of tenants. Having created a friendly and warm community, Birstall is a great location for families.

Due to its location, Birstall is an idyllic combination of a village atmosphere with plenty of amenities and excellent commuter links. If you’re a professional who often has to travel around for work, setting up in Birstall is a great choice.

If you’re a landlord considering a location, Birstall can be a potentially lucrative choice for you. There are also plenty of lovely homes in Birstall, each one with unique charm and character. If you need an Estate Agent in Birstall, get in touch today.

East Goscote

This is another great location for families due to it being a modern village with an approachable and community feel. East Goscote has a primary school within the village, perfect for families with young children.

East Goscote also has a Neighborhood Watch, meaning residents can feel safe and reassured by an active community. If you need an Estate Agent in East Goscote, get in touch today.

Evington

Evington is a fantastic location for both landlords and tenants. For example, Evington has been a conservation area since 1989, fantastic for tenants who are cautious of the environment and can be a great selling point for landlords looking to attract new tenants.

There are 2 main shopping centres in Evington, as well as a local library. Evington is the perfect location for golf fans, as it is the home of Leicestershire Golf Club. If you need an Estate Agent in Evington, get in touch today.

Mountsorrel

Living in Mountsorrel provides tenants with a fantastic location, great for travelling to either Leicester city centre or Loughborough for shopping, days out or for work. There is a fantastic leisure centre in Mountsorrel, offering tenants a chance to swim and get some exercise in the gym.

The humble village is well-known for its Buttercross Market in the centre of the village, as well as the granite quarry which is the largest in Europe. Also, the Leicester arm of the Grand Union Canal runs directly through Mountsorrel. If you need an Estate Agent in Mountsorrel , get in touch today.

Oadby

Oadby is a small and attractive town in Leicester, only 5 miles away from the city centre. If you want to attract tenants who love the village life but also want easy access to the city for leisure and work, Oadby is a fantastic location to let your home.

There are quick and convenient public transport routes directly from Oadby into Leicester town centre, perfect for those who do not drive. There is a pleasant mix of a relaxed village lifestyle whilst also having plenty of things to do. For example, you can go and watch local sports in your free time, such as home matches for the local football team.  If you need an Estate Agent in Oadby, get in touch today.

Queniborough

This is a great location for people looking for the sleepy charm of an old-style village that is also close to bigger cities such as Leicester city centre. Queniborough boasts thatched roofs and a parish church of St Mary’s was quoted to have one of the finest spires in the whole of Leicestershire by Nicholas Pevsner.

Within the village, there is a post office, corner shop, ladies and gents barbers and a general store. This is a perfect location for older tenants looking to find a comfortable and accessible village to live in.  If you need an Estate Agent in Queniborough, get in touch today.

Ratby

Ratby is one of the most sought after places to live in Leicester, meaning there is a potentially large and lucrative market for potential tenants for savvy landlords. Occupants love the Sports Club, but there is a primary school, a local pub and a Co-Operative for those who like to shop for branded goods.

Ratby offers potential tenants with a great location as this beautiful town is only one mile from Junction 21a of the M1. This location doesn’t have to be a no-go for non-drivers as three are regular bus services in and out of the village.  If you need an Estate Agent in Ratby, get in touch today.

Rushey Mead

Looking to target families with your rented property? Then Rushey Mead is a perfect location to advertise a rented property. Most of this location is made up of couples with children, making it a safe and fun location.

There are so many benefits of renting and letting in Rushey Mead. For example, the crime rates are very low and house prices here are lower than the East Midlands average.  If you need an Estate Agent in Rushey Mead, get in touch today.

Sileby

Despite the population of Silbey being rather small, there is a fantastic community that is great for socialising with after work and at weekends. There are 3 fantastic pubs, offering new potential tenants with the perfect opportunity to get to know the locals.

There is also a Conservative Club. This is a great venue for a game of snooker or pool and is often the venue of choice for live acts and regular bingo sessions. After a fun evening with friends and family at the pub, you can take your pick from a choice of high-quality takeaways, perfect to finish off a Friday night.  If you need an Estate Agent in Sileby, get in touch today.

Syston

One of the most attractive parts of living in Syston is the church of St Peter and St Paul. It is the oldest standing building in Syston and has been beautifully crafted from pink granite and white limestone.

Syston is the perfect area to attract foodie tenants as it is the official headquarters of Pukka Pies. It is one of the largest employers in the town, employing over 250 people. This is a small and non-threatening village, perfect for older tenants or single tenants looking for a comfortable place to live.  If you need an Estate Agent in Syston, get in touch today.  Or if you’re looking to sell your Syston home fast, check out our blog.

Let Your Property with Open House

We provide landlords with a quick and easy way to advertise their properties, as well as advise on prime locations that can bring in a great amount of revenue each month. Get in touch with us today to discuss how you can advertise your property and maximise or income.