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  • Buy-to-Let

    What tenants want ... it's not rocket science.

    There is an article in the Telegraph about how to be a good landlord.

    It talks the usual stuff about what tenants want.

    There is one quote that sums up very well my thoughts on this:

    Jonathan Monjack, chief executive of The Happy Tenant Company, which provides landlords with a cheaper alternative to conventional lettings agents, says: “What all tenants want is for matters to be dealt with urgently, and to be treated as customers rather than annoyances.

    “Dealing promptly with maintenance problems and fairly with other issues generates goodwill that pays dividends. It is proven to result in prompt rent payments, so small problems don’t become big ones and even finding replacement tenants when they vacate.”

    When researching a BTL property, I always put myself in the shoes of the tenant and think what they want/need. Would I feel safe walking home at night? Is it easy to park? If I don't have a car, how can I get large amounts of shopping home? Does the property feel secure?

    I believe tenants want somewhere that they feel safe, where they can stay as long as they need, and somewhere they can call "home".

    I snapped this photo at Ikea in Southampton as I thought the message for landlords was very relevant:

    [Image: 3724309034_9ba9b98cb2_z.jpg?zz=1]

    That's why allowing pets is important as well, because pets are part of the family!

    Watch our "Lets with Pets" video >>> here.

    [Image: house.png]Related content:

    The lettings agent of the future

    The tenant of the future

    The BTL property of the future

    The landlord of the future

    Criteria of the person looking to rent vs. person looking to buy
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    Interesting data from the on-line tenant community, The Tenants Voice.

    71% of tenants have paid for repairs themselves rather than ask their landlords

    61% of tenants are wary about complaining to their landlords

    Damp is the number one complaint from 59% of tenants

    London, October 2013 – A third of tenants (32%) who have been evicted, or threatened with eviction, have been put in this position after making a complaint to their landlords about the condition of a property, or after asking for repairs to be carried out, according to a survey carried out by online tenant community The Tenants’ Voice

    This means that a growing number of tenants are falling victim to a practice called ‘Retaliatory Evictions’, where landlords employ their power to evict a tenant after their statutory minimum tenancy period (under section 21 of the Housing Act), rather than undertake repairs requested by them, often in the hope that a new tenant won't complain.

    Read the full article >> here.

    I am shocked to hear this. Tenants are paying for clean, safe, and healthy accommodation and the landlord should be pro-active in ensuring that they get this.

    Damp and mould is particularly dangerous to health and can easily be solved.

    Remember - NO ONE CAN DIVEST YOU OF YOUR RESPONSIBILITY AS A LANDLORD!

    Mary Latham posted this on FaceBook today, so please take note:

    Almost £4k in fines & costs for this ‪#‎landlord‬ who blamed his managing agents & tenants
    Cambridge CC v Akif Karliga
    1 October 2013

    The defendant was a private landlord. Following a complaint, a council inspection revealed dampness and disrepair. The council served an improvement notice requiring remedial works to be completed within three months. The defendant failed to comply and at trial blamed his managing agent and the tenant. He was found guilty of breach of the notice. Cambridge Magistrates' imposed a fine of £1500 with £2,400 costs.
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    Savills Spring Survey reveals more about what tenants want.

    No. 1 is convenient transport links:

    Being close to public transport is crucial for tenants. 52% of tenants live within five minutes of their nearest public transport. This rises to 73% if you expand the catchment to 10 minutes.

    London respondents are prepared to travel for longer to get to work, thus highlighting the affordability pressures of the London market. 60% of London respondents travel for more than half an hour to work, compared to just 30% of other respondents.

    [Image: graph-3(17).png]

    No 2. is convenient location

    There are other factors around the location of the property which also rated highly. Almost half (49%) of all respondents said that being close to work or university was important. The figure rises to 70% in London.

    Location is even more important to wealthier Londoners with 75% of those with household incomes of £80,000 or more stating proximity to work or university is a priority. Moreover, 47% also said that they were prepared to pay extra for the convenience compared to 38% of all respondents.

    More than half (55%) of younger respondents aged between 18 and 25 were also prepared to pay more to live near work or university while just 20% of those over 45 would be happy to pay extra.

    Families with children found it more important to be close to good schools (48%), and 42% of them were willing to pay more. Higher income households found it important to be close to a gym (12%) and 13% were willing to pay more.

    [Image: graph-4(3).png]

    3. Parking.

    Read the full report >>> here.
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    Just adding this video from a Simply Landlord webinar I took part in:





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    A new report reveals that cost is the most important factor for renters choosing a property. This is different to 6 months ago, when the location of the rental property was the deciding factor – then the cost.

    The sixth in the series of surveys (carried out bi-annually from March 2013 to date) highlights how renters’ priorities have also changed in relation to the ease of parking and whether a property has a garden.

    The study revisited the factors that influence whether someone will rent a property and found the following:

    >over three-quarters of renters (77%) said the c ost was the major consideration (up 3% from April 2015);

    >64% of respondents said the location was important – down by 27% in the last six months;

    >ease of parking – the importance of easy parking has increased by 7% since 6 months ago when it was 26% and is almost the same as it was two years ago when it was 35%;
    overall cost, location and having a garden remain the top three influencers on whether to rent a property (the same as April 2015);

    >a quarter of all renters (26%) said the décor was important, with 31% also saying that getting on with the landlord was a consideration when choosing a rental property;
    just 5% of renters said that it was important whether a landlord would allow pets at the property;

    >three-quarters (76%) of females said the rental cost was the most important factor, and just over half said location (57%);

    >male renters, however, felt that both the cost (78%) and the location (72%) were more or less equally important.

    Source/full story
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    People renting a home in the UK take an average of 60 seconds to decide whether a property is right for them whilst viewing, according to new research.

    A nice kitchen is attractive to would be tenants with 30% saying it is the most important aspect and 63% decide to take a property on their first viewing, with just 2% needing more than five minutes to make their mind up.

    The second biggest attraction for prospective tenants is a sizeable main bedroom with 28% saying it was most likely to turn their heads followed by 20% putting a spacious living room at the top of their renting wish list.

    Just 10% put that bathroom as the most important aspect of their rental property and just 2% are bothered about the garden, the research from Rentify also shows.

    Full/source story
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    A new study, conducted by PropertyLetByUs.com, has found that as winter temperatures drop and rainfall remains higher than average in many parts of the UK, it's not just home owners that are concerned about the cost of keeping warm and dry.

    According to the findings, cost-effective central heating is a must for a fifth of tenants.

    Many tenants said they were concerned about keeping their homes warm and free of damp and condensation. Over 80% cited double glazing as the top priority for their next rental home in 2016.

    Full/source story
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    Comparison website GoCompare surveyed 1,000 tenants in June about their priorities when renting a property and then compared their ‘wants’ to 1,546 rental listings on Rightmove.

    Here are the results:



    ​Full/source article

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    New research reveals:

    Five years of survey results showed that a desire for a more relaxed, accessible lifestyle lies behind the most popular reasons for moving home. Along with privacy, mentioned by 66% of respondents, access to local shops and amenities, digital connectivity and public transport are among the top reasons for moving.

    Access to public transport was mentioned by significantly more respondents at 48% compared to 37% in 2013. Even in the digital age, more people wanted to be close to family and friends, up from 37% to 48%.

    Walking to work was also seen an increasingly attractive option, up from 25% to 36%. This year’s survey also showed marked changes when it comes to the size and type of home respondents expected to move into in the future.‘Connectivity seems to be the key for British home movers in 2018. We want to be connected in all areas of our lives, digitally through our mobiles and laptops and physically to good transport links and local shops and leisure facilities. There is a growing requirement for connection, community and convenience,’ said Vanessa Hale, director of research at Strutt & Parker.

    ‘Since 2013, good broadband has jumped from 48% to 57% as a key motivation for moving. It is now seen as a necessity for many as it impacts on every area of our life, whether that be work or leisure, if we don’t have it at our fingertips,’ she pointed out.

    ‘This move towards connection also goes some way to explain why our survey shows that big city life has become more appealing to people. By their very nature, cities tend to offer a greater level of accessibility than smaller towns or villages. City dwellers don’t have long commutes to work and can enjoy walking to a local cafe or the gym. In today’s hectic times, this is the lifestyle many people want,’ she added.

    Full/source article

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    Fascinating read again.  Many thanks.  As far as connectivity, I'm glad that we are beyond the days of dial-up and 56k download speeds.  The rollout of 5G in the new few years, and more importantly the strength of signal (so you can ditch the broadband and line rental) will be a key factor.

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    When I was renting I used to fix small repairs myself.

    I found that after the initial moving in LL or their agents just didn't want to know. Emails un-replied, phone to voice mail, any response of not acted on.

    It was simply less fuss for a few quid and a job I could do quickly myself.

    Being a busy guy I couldn't afford to waste the time keep trying to follow up with the agent/LL not least to say of the disruption & privacy invasion of someone coming around to fix the problem on the odd time I did get them to come out.

    When a big awkward job came up I just moved out of the studio flat as it was a bit of a dive anyway so no great loss, that was when I was a student.

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