Tag Archives: Leicester Landlords

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. 

Leicester Letting Agent

Landlords Guide To Choosing The Right Leicester Letting Agent

Leicester Landlords Guide

There’s no doubt that choosing the right Leicester Letting Agent for you is no insignificant task as a landlord. It’s so important to find a reliable service who you can trust to help maximise the potential of your property. But does it always need to be difficult?

To assist in your selection process, we’ve put you together a go-to-guide on all the things worth considering and undertaking to find the right letting agents in Leicestershire – giving you the blueprint to finding a company who’s going to suit the needs of you and your property down to a tee.

 

What Landlord services do you require?

Whilst many people often presume that renting out their property is an easy way of providing instant income, many Leicester landlords come to realise that choosing to invest in a Leicester letting agent is the ideal way to help maximise the potential of their property, whilst simultaneously minimising the time and stress they’re having to invest within it.

Different letting agents offer a variety of services, so it is vital that you choose the one who is going to offer everything that you require. As standard, a  Leicester letting agent like Open House will market the property for you, organise the viewing, get references from your tenants and draw up a bespoke tenancy agreement for you. Then, depending on the level of service which the landlord requires, they will also assist in the managing of the property and sorting out any maintenance issues – whilst also dealing with the tenant directly, providing a welcome experience on your behalf.

 

Does your Leicester Letting Agent know your local area?

In order to rent your property out as quickly as possible and yield the optimum turnover on your investment, it is invaluable to select a Leicester letting agent who has a strong knowledge of the local area and can simultaneously offer maximum exposure on your property so its showcased in a presentable way to as many eyes as possible.

Open House’s letting services are offered by a nationally renowned company throughout Leicestershire, so please get in touch if you want a free rental evaluation on a property on any of the following areas:

Anstey
Anstey Heights
Birstall
Clarendon Park
Cropston
East Goscote
Evington
Glenfield
Groby
Hamilton
Leicester
Loughborough
Mountsorrel
Oadby
Queniborough
Quorn
Ratby
Rothley
Rusheymead
Scraptoft
Sileby
Stoneygate
Syston
Thurmaston

 

Do they have a good online presence?

In our digital age, finding a letting agent who has a bold, visible presence online is one of the biggest factors in the successful renting of a property. There are dozens of property portals online which advertise to potential tenants – so the choosing the right platforms is the best approach to take comes to a high-quality online presence.

And we practice what we preach: to ensure for maximum visibility of your listing, Open House have partnerships with 93% of these major property portals – including Rightmove, Zoopla, and Prime Location. This means that your property has a great chance of getting found by Google – receiving over 80 million searches a month on average!

 

Finding expert advice you can trust

It’s useful to envision you and the agent as being as part of the same team. You will be working in partnership to find a suitable tenant who will pay the best price for your property within a time-frame that suits you and your situation. You’re far more likely to succeed in doing this if you work closely together, so picking a Leicester estate agent that you feel you can trust and work well with long-term should never be understated.

Receiving a personal recommendation from a family member or friend is one good way to instill a bit of initial confidence that you’ve chosen a reputable company – as is assessing online reviews and ratings.  Whilst it doesn’t necessarily mean that their experience will be replicated identically in yours, it can still provide an indication of the professionalism and performance of the company in comparison to other established Leicester estate agents. If you need to pull on other services as a landlord, such as skip hire, redecorating, or general property advice, your estate agent should point you in the right direction.

 

Receiving a personalised service

The most Leicester letting agents will offer landlords a dedicated personal agent who will be alongside you throughout the entire process and is always available to go the extra mile for yourself and the property. Those who choose to invest in Open House Estate Agents will benefit from:

– Accompanied viewings to actively sell or let your property

– Flexible viewing appointments available in days, evenings and during weekend to find the right buyer or tenant

– A 24/7 buyer enquiry line to provide round the clock support and ensure that you never miss a serious enquiry

Based around the needs, circumstances and goals of your letting situation, a personalised letting agent will guarantee that everything they do is dedicated to finding the right tenant, for the right price, as quickly as possible.

 

Getting the right valuation

Pinpointing the worth of your property may seem like a straightforward task, however,  the industry experience your letting agents has is a huge factor in making sure that your property isn’t priced out of the market or undersold (losing you potential earnings).

There are numerous factors which are taken into consideration when valuing a property, all of which are going to be specific to you and your house’s precise situation. Because of this, we recommend that you don’t solely place your trust in an instant online valuation which many estate agents offer –  it simply wouldn’t do your property justice.

Ultimately, it will be hugely beneficial in the long run to receive an in-person valuation by an experienced Leicester letting agent who knows your local area like the back of their hand and can take a realistic view of the rental income you and your property has the potential to achieve.

Ready to maximise your property’s potential? Get the ball rolling; give us a call on 0116 243 7938  or simply complete our enquiry form below to set-up Your Free Rental Valuation. With no obligation, one of our expert, friendly Leicester letting agents can offer you an initial rough valuation, answer any potential queries you have and see if you’d prefer a personal visit to give the most accurate rental valuation possible.

Leicester Landlords Increasing Yield with Leicester Letting agent

How Leicester Landlords are Increasing Their Yield

Leicester Landlords Increasing Yield with Leicester Letting agent

Instead of automatically selling, renting out properties is becoming an increasingly popular alternative for Leicester landlords to maximise the earning potential of their property. Landlords are able to secure the benefit of a steady, stable income whilst still having control over the future of their property in the long term.

Therefore, it comes as no surprise that those with rooms to rent are finding more ways to increase their income within Leicester’s competitive property letting market. Keep reading to discover the expert industry techniques that Leicester landlords looking to rent are continuously using to maximise their financial yield:

 

Investing in a Leicester property management service

Utilising a property management service could be the missing link in unlocking your property’s earning potential to the full – through taking care of every aspect of the letting process and allowing you to focus on other investments or aspects within your life. Property management agents are available to bring an expert, knowledgeable practice to various aspects of the letting procedure; including vetting potential tenants, dealing with the collection of rent, providing technical maintenance for your property and ensuring that any potential issues that are raised by tenants are dealt with thoughtfully and efficiently.

 

Houses to rent; but how much for?

Identifying your property’s value may seem very straightforward, however, being precise and accurate is a huge factor in ensuring that your property isn’t priced out of the market or undersold (potentially losing you money!). This is where the knowledge and experience of your Leicester letting agent is vital – so choose wisely.

There are numerous factors which are taken into consideration when valuing a property, all of which are going to be specific to you and your house’s precise situation. Because of this, we recommend that you don’t solely place your trust in an instant online valuation which many estate agent offer – it simply wouldn’t being doing your property justice. Instead, it will be undoubtedly beneficial in the long run to receive an in-person valuation from an experienced Leicester letting agent who knows your local area well and will be realistic about the rental income you and your property has the potential to achieve.

 

How to add further value to your property

Besides cosmetic improvements, there are various other ways of adding value to your Leicester property through home improvements, such as investing in more long-term refurbishments. This is a savvy method which many Leicester landlords use to add value to their property in ways which other houses are unavailable to and make it more attractive to potential tenants.

Some of the home improvements that can be made to drastically improve the value of your property include:

  • Converting the loft into a larger or extra living space
  • Paving over the front lawn (potentially adding another space for parking as well as minimising future maintenance)
  • Getting a new kitchen (considered by most to be one of the most valuable and important rooms within a property)
  • Maximise the outside space (clearing any unnecessary items is a cost-efficient, smart way of improving your property value, as the size of a garden is imperative for many when looking for a new home – especially those with young children)
  • Create space (current buyers value a house where rooms flow into one another, so removing unnecessary furnishings and placing a lot of mirrors in your property are two cost-effective ways of effectively creating the feel of a light and bright open-space within the home)

 

Ensuring successful property viewings

Just as it is for those wishing to sell outright, hosting successful property viewings is still vitally important for landlords seeking tenants to let to.  Not many tenants will want to move into a property without at least viewing it in person first. Here are some of the various methods we recommend for how to get the most out of your Leicester property viewings as a landlord:

  • Preparation holds the key (remove any clutter – it goes without saying but is worth reinforcing – spring clean, it could make the difference)
  • Bright is right (open curtain and blinds, make features out of mirrors, decorate with bright furniture – a dark and dingy property will struggle to find tenants in a competitive Leicester property market)
  • Don’t neglect the front (it can be easy to forget about the front of the house as tenants probably won’t be spending a lot of time there, however, as the first thing that viewers will see, it is always worth investing time into making sure it is presentable, welcoming and that any front garden is well kept – first impressions last).

 

Rent or sell: still can’t decide?

If you’re a landlord who owns more than one property, then making the decision between renting and selling can be an extremely difficult one. The go-to option for some often appears to be selling, as you receive an instant injection of significant funds and can quickly reinvest this in something else, whilst not having to worry about the property again.

However, as many landlords are discovering, renting the property out could actually make you far more money in the long term, if you can afford your next investment without additional finances from the property straight away. This is an especially attractive prospect in the current high-value property market we live in – where the unknown effect of Brexit is yet to take full course.

Renting out a property ensures a sustained income over time for landlords – meaning they could make more money over a longer period of time than selling outright. Alongside this, landlords also get the added option of being able to sell, potentially for even more money, further down the line. Whilst still deciding what to do with the property long term – why not receive the extra income of renting it in the short term?

For those who are still unsure whether renting or selling is the best situation for them, we recommend speaking to one of our expert estate agents, who would be delighted to offer unbiased, expert advice to help make the decision which is the best fit for you.

At Open House Leicester we offer property consultancy services and property management, so talk to us today at info@openhouseleicester.co.uk or 0116 243 7938 to find out how you should rent your Leicester home. Alternatively, simply complete our enquiry form below to set-up Your Free Rental Valuation now.