Last week, myself and my husband Nick Tadd were invited to contribute to the NALS Conference 2011, which was held in London on the 6th October.

The National Approved Letting Scheme event was designed to offer an insight into all aspects of the market as well as ways in which agents & Landlords can operate their businesses more effectively.  It was attended by approx. 120 delegates from all areas of the professional property industry.

The conference was sponsored by Paragon Mortgages and featured presentations from leading industry figures including Richard McCarthy (Department of Communities and Local Government), Nick Cooper (MD of Northwood Lettings), Richard Blakeway (Mayor’s office of London), John Heron (Managing Director of Paragon Mortgages),  Miles Shipside (Commercial Director of Rightmove), and Paul Shamplina (Landlord Action).

Both myself and Nick were hugely impressed by the quality of the speakers and the information shared.  As Landlords, we learned a great deal that we can take back and share with the Property Tribes community.  This included the “heads up” about The Green Deal programme, the lenders view on the future of Buy to Let, and how to spot a rogue tenant.

As many delegates in the below video comment, it provided gravitas to have presentations from representatives of Government at the event.

The event also wanted to draw attention to the “SafeAgent” scheme which was set up by NALS.

SAFE – Safe Agent Fully Endorsed – is a mark denoting firms that protect landlords and tenants money through client money protection schemes.

There are several schemes in the sector operated by ARLA/NFOPP, the Law Society, NALS and RICS to which agents voluntarily belong.  Working with a SafeAgent can give confidence and peace of mind to both tenants and Landlords as the SafeAgent badge means that the agent is signed up to a client money protection scheme.

This is very topical, as, on Property Tribes, we have been discussing the rising number of lettings agents that have gone bust of late, taking Landlords rent and tenants deposit monies with them.  Read the discussion >>> here.

NALS Chief Executive, Isobel Thomson, shared her views on how lettings agents are “gatekeepers” of the Private Rented Sector and the role they have to play in ensuring the security of both tenant and Landlord.

My husband Nick Tadd was delighted to be speaking on the topic of social media and honoured to be sharing the stage with a line-up of such presitigous speakers.  He paid tribute to Steve Jobs, who died the previous day, and also gave an insight into how companies can optimise social media for business exposure by understanding how humans interact with the machine (computer).  He was quick to point out that there is no “me” is social me-dia.  It is about giving people what they want and need, not what you want them to have!  Where what you contribute to the web collides with what people want or are looking for, you find “relevance”, and that is a very powerful place to be on the social web.

How to find NALS Conference on the social web:

Video:  Nick set NALS up with their own branded YouTube channel and we recorded some speaker interviews, with myself as Reporter.  These interviews include commentary from John Heron, Managing Director of Paragon Mortgages, Nick Cooper, M.D. of Northwood, and Miles Shipside, Commercial Director of Rightmove.  You can view these videos, along with a short feedback video, on the NALS YouTube Channel.

Twitter:  The whole event was broadcast live on Twitter from  @safeagent twitter account.  You can find the twitter stream and all the other tweets surrounding the event by putting #NALSConf into the Twitter search box.  Use the stream as “minutes” or “content highlights” of the event, and also to connect with other property professionals.

Congratulations to NALS for a hugely successful event and for putting on such timely and important presentations from some of the most credible speakers in the property arena.

I am already looking forward to next year and recommend this event highly for anyone serious about landlordism and property investment.

Happy Landlording!

Vanessa Warwick
Follow me on Twitter:  @4_walls

Vanessa Warwick is a former TV presenter, turned professional Landlady, consultant, and speaker. Along with her husband Nick Tadd, she founded Property Tribes, which is now the U.K.’s busiest on-line Landlord and investor community. Nick and Vanessa have just launched their new tech product, Yulpa, an on-line “property office/filo-fax” that helps you organise and manage your entire property life in one place. It comes with an iPhone app that does auto due diligence on any property being considered for purchase.

Vanessa and Nick advocate the use of technology and digital and social communications in property, and speak at events all over the U.K. as well as consulting for the BBC on property. They invest mainly in flats London and family houses in the South East and are also big advocates of holiday lets, having two upmarket holiday lets on the South Coast that achieve above-average occupancy thanks to the couple’s web efforts and vertical marketing strategies.

We’re all aware of the importance of vetting tenants … but I believe that prospective lettings agents should be vetted just as rigorously!

There are several factors that I look for in a good lettings agent:

1.  A high level of service.

2.  Excellent communication.  (Easy to get hold of, responds to emails, keeps me updated and informed at all times).

3.  In-depth knowledge of the local area.

4.  Pro-active rather than re-active.  Provides solutions, not excuses.

5.  Systems in place including the facility to take direct debit from tenants.

6.  In-depth understanding of tenancy law.

7.  Professional but caring.  I want the agent to treat and respect my tenants the way I would myself.

8.  Member of ARLA, NALS or similar professional body.  (Providing protection for money).

9.  Markets on all the main property portals including RightMove, FindAProperty, Zoopla, Globrix etc.

10.  A sustained track record of all of the above.

In the last couple of years, hundreds of new lettings agencies have been set up, many of them by people, who it would appear, have little experience or understanding of the business.   Many of these companies have subsequently gone bust, taking tenant’s deposits and Landlord’s rents with them.

I suspect that many Landlords are attracted by low commissions … I’ve seen some as low as 5% and I just don’t see how a business can be sustainable with such small commissions … unless they had hundreds of properties on their books.

For further insights, there is a great thread on Property Tribes forum:  Lettings Agents – easy, peasy money!

I have recently started migrating our properties over to the National Property Group, who, so far, have ticked all my ten points above … and more!

One of the best ways to find a reputable lettings agent is to ask for a recommendation within the Landlord community.  Use forums like Property Tribes, listings such as Trading Post, or directories like Property 118.

If you decide to self-manage, then Yulpa can help take over the role of the lettings agent by helping you track payments, schedule tasks, and manage your properties and your tenants all off one “dashboard”.

Whichever route you choose, you must ensure that you are organised and efficient, that rents are collected on time, raised when appropriate, voids minimised, repairs undertaken promptly, and arrears chased.  Otherwise, you will really struggle to make a success of your property business.

Recognise that the people you have around you – your team – are key to that success and ensure that, when you find good people and good companies, you let them know that they are valued.

On that note, I would like to thank Sally Asling of Surrey Lets for her great service and for inspiring this blog with her post:  It makes me so cross!

Happy Landlording!

Vanessa Warwick
Follow me on Twitter:  @4_walls

Vanessa Warwick is a former TV presenter, turned professional residential Landlord, consultant, and speaker. Along with her husband Nick Tadd, she founded Property Tribes, which is now the U.K.’s busiest on-line Landlord and investor community. Nick and Vanessa have just launched their new tech product, Yulpa, an on-line “property office/filo-fax” that helps you organise and manage your entire property life in one place. It comes with an iPhone app that does auto due diligence on any property being considered for purchase.

Vanessa and Nick advocate the use of technology and digital and social communications in property, and speak at events all over the U.K. as well as consulting for the BBC on property. They invest mainly in flats London and family houses in the South East and are also big advocates of holiday lets, having two upmarket holiday lets on the South Coast that achieve above-average occupancy thanks to the couple’s web efforts and vertical marketing strategies.