Maxine Lesters’ have helped a number of Price Property Landlords who have been concerned about the recent news reports. If you would like to find out more call Maxine Lester on 01480 494939.
Simple Mistake BIG Penalty
Some Landlords and local agents are still ignoring the changes to legislation which came into force on April the 6th this year. The new HMO (Houses of multiple occupancy) regulations now affect Landlords who set up a tenancy on or after the 6th April 2010, where three or more unrelated people will occupy the property. This is regardless of the number of floors in the property. This now means that the Landlord must apply for planning permission for change the use of the property if they set up a tenancy with three or more unrelated people.
“Our concern is that we have been meeting a number of prospective applicants who are totally unaware of the legislation. Meaning that agents cannot be giving best advice to them or presumably the landlords they are working for.” Said Maxine Director of the company. “We have also talked with Landlords who manage their own properties and have inadvertently renewed tenancy’s with three unrelated people not understanding the consequences. The legal implications of becoming a Landlord cannot be ignored. If you do not employ a qualified agent to deal with the legalities you must make sure you take the time to familiarise yourself with all new legislation. A great deal of work that we do for our landlords is to make sure we protect them and the asset we manage. The Law does not accept lack of knowledge as a defence.”
For further information and guidance on how current legislation could affect you and your rental property please call Maxine on 01480 494939.
Insurance claims on the increase
"Insurance claims on the increase,
An increase in the number and variety of claims against Landlords under Section 11 of the Landlord and Tenant Act as reported by the Association of Residential Lettings Agents (ARLA) has highlighted the need for landlords to be more aware for diligence when visiting their properties and assessing the risks to their tenants.
‘’ When we found that this was happening we decided to begin a campaign to carry out thorough risk assessment on each property we managed in addition to our normal visits’’ said Maxine Lester Director and winner of the Hunts post Employer of the year in 2009. ‘’ and I am pleased to say that this has been completed ahead of our planned schedule.
We looked in detail at a number of areas including the positioning of smoke alarms, condition of banisters and outdoor paving which seemed to be the cause of a number of claims. It is so important that Landlords understand their obligations under the landlord and tenant act and by highlighting potential problems we know that we save our Landlords a lot of time and money in the long run.
For further information and guidance on what areas may need extra attention in your rental properly please call Maxine on 01480 494939.
FORTH YEAR LUCKY FOR LOCAL COMPANY
"FORTH YEAR LUCKY FOR LOCAL COMPANY ST IVES, NOVEMEBER 16 2009
Maxine Lester Residential Lettings have come up trumps in the Hunts Post Business Awards for the forth time in a run. This year winning Employer of the Year.
The judges said “we were impressed with the remarkable progress Maxine has achieved during a difficult economic period with the business growing at nine percent. “ Maxine places great emphasis on staff development with all the team now working toward the highest industry qualifications. Employees enjoy a good working relationship with their employer and prosper in the knowledge that they are the leading lettings business in the area. Maxine Lester who started the business in 2005 has won various awards since 2006 ranging from best New Business; Business Person to Business Development was delighted with this year’s achievement.
Maxine Said “we take the development and welfare of our team very seriously and are delighted to be recognized as a good employer. The benefits of having a motivated team are huge – the main reason we have been able to achieve what we have in such a short space of time.
They are a specialist Property Management Company overseeing the assets of private landlords in the Cambridgeshire area. Being ARLA registered they are one of the few Management Companies that make sure properties are managed by qualified staff who understand Landlord and Tenant law thereby maximizing the potential net income for their Landlords. For more information please contact Maxine on 01480 494939.
Rentals on the increase.
A recent ARLA survey (the Association of Residential Lettings) has shown clear signs that rental demand is exceeding supply. Backing these figures, local rental specialist Maxine Lester Residential Lettings are at present registering approximately 4 applicants for every available property across the PE 27, 28 and 29 regions.
Maxine Lester’s regional monthly market survey figures have shown that the amount of property available to rent has dropped by 37% since July with no particular reduction in the number of people seeking properties to rent.
“We regularly review the number of rental properties available in the region so that we are best placed to advise our Landlords on rental demand and the potential for rent increases” said Maxine founder of the company “At the height of the credit crunch we saw many reluctant landlords having to offer their property for rental as they were not able to sell. Due to a far more buoyant sales market we are now seeing these properties leave the market”.
"The main effect of this is that we are seeing more prospective tenants loose properties as they try to negotiate a lower rent. We went through a period where prospective tenants were negotiating on rental prices and landlords were reluctantly agreeing. Now as we often have more than one tenant chasing the same property, this is becoming less common, and is effective in closing the gap between the asking and final rental price If you would like to find out more about the Maxine Lester Residential Lettings survey then please call Maxine on 01480 494939.
Lots more tenants on the market.
A recent review of the rental market by Maxine Lester Residential Lettings has shown some interesting results and some excellent reasons for landlords to be optimistic about the future.
“For the three months to July we have seen an increase of 15.4% in tenant registrations from the previous 3month. We knew from our year on year figures that we were attracting more potential tenants but the last few months have shown a dramatic increase. This is excellent news for any landlord as they will know the market is very competitive at the moment. So having the knowledge that more people are now entering the market and looking for rental properties will give them more confidence when looking at potential offers from prospective tenants.
We have seen the main tenant growth coming from our internet advertising, which attracts 76% of our applicants, an increase of 23% on last year.
By far the largest group of applicants come to us via the property portal Rightmove. We have been working hard to increase our share of the Rightmove visitors choosing properties we are advertising rather than that of other agents. It’s certainly worked as we continue to achieve the highest hit rate in the local market. This means our Landlords will be attracting the lions share of the applicants looking for properties, thereby reducing void periods. If you would like to find out what Maxine Lester Residential Lettings could do for you then please call Maxine or Fiona on 01480 494939.
Give pets a chance.
Recent research from The Dogs Trust has shown that 78% of pet owners experience difficulties finding privately rented accommodation that will allow pets. “Reading facts like these, we were very interested to find out what could be done for responsible pet owners who are looking for rental properties. We have decided to endorse the incentive lead by The Dogs Trust Campaign” Said Maxine Lester Director of Maxine Lester Residential Lettings winners in the Hunts Post Business awards for 2006, 2007 and 2008.
“Our most recent figures show the average monthly rental that Maxine Lester Residential Lettings are being marketed for is £737 which is about the same as it was this time last year. So it makes very little business sense to reject, a very large chunk of the rental market because they have a pet. Having a property empty means increased void periods. By accepting responsible pet owners, landlords open up their potential rental market and maximise their chances of finding long term tenants.
We have always had a pet policy whereby the prospective tenant pays an additional deposit to cover any potential additional wear and tear by the pet. We also insist that we receive receipts which detail the final clean carried out as a tenant leaves. Hopefully this matched with the regular visits we carry out will encourage more landlords to reconsider their thoughts on pets and reduce any potential void periods.
If you have any queries with regard to letting your property with pets Maxine would be happy to talk to you on 01480 494939.
Two of the best for Local Company.
The team at Maxine Lester Residential Lettings have achieved great results in two areas of the business. In the property management side another two team members Sheila and Claire ( pictured) have achieved the nationally recognised qualification in letting and property management. On the marketing side the Company has again achieved the highest results with Rightmove.
‘’We are committed to making sure that our team are fully qualified in all aspects of the business. There are over 56 Acts of parliament and 70 statutory instruments and orders that apply to Landlords and tenants. So it is imperative that our teams understand the technicalities.’’ said Maxine founder of the Company.
“Studying for the course has been hard but wonderfully rewarding” said Sheila Cayton who is the senior Account Manager. “We have a huge responsibility in looking after our Landlords properties and therefore it is very important that we know what we are doing! Property management is more than just finding the right a tenant. It’s the detail in dealing with the tenant and property which could costly to the Landlord if things go wrong.”
The company has also achieved the best results with Rightmove within the local area for the seventh month running. “Attracting the right tenants quickly is of paramount importance to our Landlords. Rightmove is the largest property portal by far and knowing that we hold the number one slot means that more prospective tenants are looking at our properties than anyone else locally” said Fiona Lloyd Sales Manager for the Company.
If you would like to find out more about the service that Maxine Lester Residential Lettings can give you pleases call Fiona on 01480 494939.
Rent free - for one month!
Come to our open day 16th – 17th May and find out how you could live in this beautiful development situated in 6 acres of private and secure wooded grounds.
Maxine Lester Residential Lettings are offering a superb opportunity to live rent free for one month in the beautiful development of The Elms - Houghton. The 2 bedroom luxury apartments range from £875 - £1200 per calendar month. That’s £800 -£1100 with discount for a 12 month tenancy and have all the benefits of being set in private grounds with beautiful gardens. You will have the opportunity of living in the tranquillity of the Elms and the more established community of Houghton Village.
All the apartments are generously proportioned and offer individually designed kitchens, excellent entertaining space and high levels of natural light afforded by The Elms a quite magnificent and unique setting.
The Elms is a carefully designed blend of old and new and you have the choice of modern apartments or living in the restored mansion which was built in 1868 and retains many of the original features including impressive floor to ceiling heights.
To find out more about this beautiful development and how to take up opportunity of this exclusive offer please call our office in St IVES on 01480 494939 to book an appointment as we want to be sure to be able to help you. Please note the offer for discounted rental will only be available up to the 17th May. ”
Lots of room for optimism in the rental market
April 2009
A recent review of the rental market by Maxine Lester Residential Lettings has shown some interesting results and some good reasons for landlords to be optimistic about the future.
“For the 6 months to January we had an increase of 13% in tenant registrations – further increasing to 17.5% in March. Over 67% of our applicants come to us via our internet presence” said Maxine founding director of the Company. “We believe this is due to our research into competitor sites allowing us to focus on what tenants need, and differentiate to improve property marketing for our Landlords. We have recently been advised by the key property portal Rightmove that we achieve the highest hit rate in the area, confirming that our strategy works.
We have also recently started to advertise with PropertyLive, a new web portal that is exclusively for members of NFOPP (National Federation of Property Professionals) which includes our professional body ARLA. This advertising has seen some good initial results although it’s very early days.
The other interesting development is the number of properties available to tenants has dropped. The Company have also seen that the average number of properties that prospective tenants can choose from is now beginning to reduce. “Last year it would not be unusual for a tenant to see as many as eight properties before they would come to a decision. This range of choice is no longer available which means we get less void periods as tenants make quicker decisions, and also suggests rental prices should remain buoyant, all of which is great news for Landlords.”
Tenant Deposit Scheme withdrawn from non regulated Letting Agents
March 2009
Unregulated residential letting agents will no longer be able to hold tenant deposits from April of this year, which could cause some landlords a problem. Due to the high number of unregulated agents that have been going into liquidation the Tenancy Deposit Scheme (TDS) will be withdrawing their service. The TDS provides protection and dispute resolution for issues associated with tenants’ deposits, a frequent source of problems in any tenancy.
“This is no surprise, but could be a problem for some landlords” said Maxine Lester of Maxine Lester Residential Lettings. “The recent Rugg Report recommended more regulation for letting agents, which is a welcome move. Currently anyone can operate as a residential letting agent. This is clearly inappropriate given the legal risks and complexities of managing tenancies. Most people don’t recognize that a tenancy is probably the most complex legal contract they will sign without the advice of a solicitor. The simple fact is if a deposit is not held by TDS or another accredited scheme the Landlord is unlikely to be able to legally remove a tenant.“
“This increased regulation is a further step to increase people’s confidence in the lettings sector. However it will present quite a problem for those Tenants and Landlords who are working with agents that are not regulated, as the tenants deposit is the key protection for landlords, yet it belongs to the tenant.“
“Fortunately landlords locally have a choice of a number of agents regulated by one of the various trade bodies, ARLA, NALS, NAEA or RICS, meaning the agent can use the TDS and manage tenant deposits legitimately. Therefore only those Landlords who use unregulated agents need to review how their tenancies are managed before April.”
Making the most of your Money
February 2009
With interest rates the lowest they have been since records began savers are being hit with a double whammy, with both their cash and their financial investments producing minimal return. However many savers are now recognising that the return that can be achieved from investing in rental property is now more attractive than ever, particularly with the current low property prices.
To illustrate this if you have £150k on deposit with the bank, over 5 years you may generate about £13k interest, before tax.
If you spend that £150k on an investment property, you are likely to generate £22k return, and that’s before allowing for any increase in the value of the of property, which could add another £24k.
Maxine Lester Residential Lettings helps investors find the right property to maximise their return. As an independent property company they can focus on their core expertise, taking the hassle out of renting properties.
“The benefit of dealing with true independents is that they have your best interests at heart” said Maxine Lester “ We live rental, 24/7. Our nine staff are trained specifically to overcome the complexities of rental. With 56 Acts of Parliament and more than 70 statutory orders applying to landlord and tenant Law you need people on your side who can navigate successfully through this minefield.” There are two options when looking for an investment property. Either buy one and find a tenant, or buy a property with a tenant already in place.
“Over the years we have helped a number of Landlords to either start or expand their property investment portfolio. We’ve found that everyone’s needs are totally different, so we like to sit down with people in the initial stages to find out what is important, and properly explain all options. After the initial consultation we can then work with local companies to source properties that meet the investors requirements, providing an objective evaluation of the rental value of the property. This means investors are making a more informed decision about their investment, and have closer control over the return their investment will generate. An added advantage is we can usually start marketing the property early with the aim of having tenants lined up for completion, which is great news for any Landlord”.
If you would like to find out how Maxine Lester Residential Lettings can help you to find your next investment property please Call Maxine on 01480 494939.
Local Rents holding their own
January 2009
Local Rents holding their own Recent research by Maxine Lester Residential Lettings, winners of the 2008 Hunts Post Business Awards has shown that rents achieved in Huntingdon and St Ives area have remained stable, despite the sales market downturn. ''This has been driven by an increase in tenant levels” said Maxine Lester, director of the Company. ''In the last six months we have seen our tenant registrations increase by just over 13%, which would normally have an inflationary affect on rental prices.
However the increase in tenants has been offset by an increased number of properties available to rent, which gives potential tenants more choice. Currently the net result is rental values have remained broadly stable''.
''One noticeable impact of this increased choice for tenants is that takes longer for potential tenants to decide on which home to choose. This makes it more important for the landlord and their agent to present the property as positively as possible, and be aware of the competing properties in the market.” said Maxine. “Obviously those homes with modern, bright bathrooms and kitchens will fare better, whereas those homes that have no central heating or tired kitchens and bathrooms are more likely to be vulnerable to reducing rental returns in the coming months.”
Another interesting fact that came out of the company’s research showed that the average length of tenancy has also increased and now stands at 17 months. “Renting a home is now an acceptable option to buying, even with such low interest rates. In some cases you can get more for your budget by renting than you would by buying your home, and there is a lower perceived risk in a period of economic uncertainty. This works well for Landlords as a stable tenancy should be the main aim in the immediate future.
Rugg Report – positive news for the Private Rented Sector
November 2008
ARLA, the Association of Residential Letting Agents, has welcomed the provisions to stimulate the Private Rented Sector contained in the Rugg Review presented to the government last Thursday. The report concludes that the Private Rented Sector (PRS) offers great opportunities to be a ‘flexible well functioning element of Englands’ housing market.
It also suggests that polices should concentrate on helping good landlords to expand the properties they own. Which could mean changes to stamp duty and to capital gains tax to encourage portfolio development. Suggestions have also been put forward that any changes to the tax regime should be framed to encourage landlords to view their letting activity as a business rather than an investment opportunity.
“The report is extremely interesting” said Maxine Lester, Director of Maxine Lester Residential Lettings “ As well as looking at how landlords could increase their portfolios. it also concludes that Managing Agents should be subject to mandatory regulation which we could not agree with more. As a regulated agent with ARLA, we spent £6,000 on property management courses last year, training our team to make sure they are knowledgeable about legislation which in turn protects our landlords and tenants. The credit crunch is now over a year old and we are now beginning to see the results of poor advice which has been innocently given, but is causing Landlords no end of problems. There is more to letting and managing a property than putting an advert in a paper and finding a tenant. What protects the landlord’s investment is the background knowledge of a trained team who deal with matters on a day to day basis.It is paramount that they know what they are doing.” said Maxine.
Increase in rented properties
October 2008
There has been a rise of almost 20% in the number of new tenancies set up in the last four months, according to the Association of Residential Letting Agents (ARLA), the sector’s professional body. This is in line with other market indicators showing that the rented sector is taking up the slack as the owner-occupier market cools.
“This is certainly the case locally, and pretty much what we forecast at the start of the credit crunch” said Maxine Lester, Director of the specialist letting agency - Maxine Lester Residential Lettings, winners of the 2006 and 2007 Hunts Post Business Awards. “In fact since April we have seen an increase of 58% in the number of new tenancies arranged, well above the market average. Additionally 63% more prospective tenants apply to us about properties we are marketing, meaning we now talk to between 60 – 70 new applicants a week. This has coincided with a boost in our stock of available properties from people who have been unable to sell their homes at the price they require. Renting the property gives them a perfect holding situation until the market stabilises. This growth has meant that we have had to double the office space that we have in our St Ives office to accommodate our growing team”.
It has also been reported that rental incomes have reduced as the volume of properties available has increased. “On the contrary” said Maxine “There may be more choice but those Landlords who offer good quality rental homes are maintaining their income. Admittedly we are now seeing more modest rental increases than those we were achieving in February, but prices are certainly not reducing. We have inevitably seen a few cheeky offers by new tenants, but we have been able to successfully negotiate an agreement which suits both Landlord and tenant.”
“That said the volume of properties is having an adverse impact on some people. I can see the losers being those Landlords that have not redecorated or updated kitchens and bathrooms in the last 10 years. However we are very fortunate as the Landlords who choose Maxine Lester Residential Lettings have a great deal of savvy. They understand that their property is a business investment which needs to be kept to a standard that will successfully compete with other properties. Our Landlords value our expertise and honest advice in this area; it never ceases to amaze us how many Landlords report that we have been the only agent to have noticed issues which are crucial to generating optimal rental returns. We regard ourselves as business partners to the Landlord, with a shared aim to maximise rental income and minimise voids and expense.
”Maxine Lester’s have also seen the length that tenants stay in properties increase by 33% year on year. “There are a number of factors which will cause a tenant to leave a property, or cause them to become a problem tenant” said Maxine “there are so many elements that you need to be aware of when managing a property – frankly it’s a minefield. To ensure we can protect our Landlords last year we spent over £6,000 training our team in technical and legal aspects of property rental, and that’s not because they are stupid! This type of training makes sure they are totally aware of all legislation associated with property management and how to manage difficult situations to minimise risk and alleviate losses to the Landlord. I have been renting property for the last 12 years and I am still learning things. It truly concerns me that Landlords may be exposed to unnecessary risk by having poor advice in what is a surprisingly complex legal area.”
The wow factor wins
August 2008
The WOW factor wins
There is a great deal being written about the state of the housing market, mostly gloomy with some hopeful chinks of light. The most buoyant side of the property market, without doubt is rental. However with a large number of properties entering the market, supply is still being outstripped by demand. Landlords need to be aware that rental rates are not moving forward as fast as they were 5 months ago. “It’s not really surprising” said Maxine Lester director of Maxine Lester Residential Lettings “As property sales are low, estate agents are obviously ring fencing their portfolio by encouraging their customers to rent out their properties. In the short term this will have the effect of increasing the supply in the local market, but it will be interesting to see what happens after the first tenancy comes to an end, particularly if sales are beginning to show signs of movement.” “Demand for rental is still extremely high” she added ” Since December we have seen a 65% increase in the number of people looking to rent and a 57% increase in the number of new tenancy’s we agree. The effect of having more properties entering the market means that tenants now have more choice. Landlords need to be aware that unless they have a property with a “Wow” factor they have to consider the competition when looking at expected rental achievements a weigh this up against potential void periods.''
Private rented sector growth continues
July 2008
Private rented sector growth continues
At over GBP500 billion, the value of the Private Rented Sector now outstrips the total of all privately-owned commercial property, including offices, shops, hotels, factories, warehouses and leisure facilities. In a report for the Association of Residential Letting Agents, ARLA, published this week Private Rented Sector is forecast to continue outstripping other types of investment property and rents will rise significantly in the short term. It is now feasible for younger households to rent decent accommodation on a scale impossible for older generations. This has helped delay the age at which people buy their own homes.
‘’Affordability problems are likely to continue even if the housing supply increases said Maxine Lester Director of Maxine Lester Residential Lettings winners of Hunts Post Business Awards in 2006 and 2007. “It has recently been reported that currently 56% of 30-34 year olds who are able to afford a purpose build flat will fall to 45% by 2016.
“We have seen a 65% year on year increase in the number of prospective tenants we talk to each week and a 25% increase in available stock which means that demand is still outstripping supply. We are expecting to see steady growth in the number of private tenancies of about 3% over the next year. Which means that the share of private renting is likely to grow faster in the economically stronger parts of the country, especially Cambridge and surrounding areas said Maxine.
Don’t get caught out by rush for Energy Performance Certificates’
June 2008
Don’t get caught out by rush for Energy Performance Certificates’
Under new legislation, from 1st October 2008 landlords will be required to have an Energy Performance Certificate (EPC) for their property before they can market it to prospective tenants. Those who do not will face a penalty of £200 from the Office of Fair Trading.
Local Letting Agent Maxine Lester Residential Lettings have been working with their Landlords since February to make them fully aware of the introduction of EPCs well in advance of 1st October to ensure that they are not delayed in the marketing or letting of their property, which could result in a costly void period.
Says Maxine Lester Director of MLRL "With effect from 1st October, private landlords offering a property for rent will be required to show prospective tenants an EPC which will detail its energy efficiency rating. The EPC must be given when any written information about the property is provided or when a viewing is conducted. In addition, it must always be handed to the actual tenant at the commencement of the tenancy."
The EPC will show how energy efficient a property is, rated from A-G with A being the most energy efficient and G the least. It will also make recommendations on how to make the property more energy efficient.
Says Maxine: "It is not compulsory to follow the recommendations but tax savings and grants are available to landlords for improving energy efficiency. We believe that as tenants become more aware of EPCs, and begin to make comparisons between properties based on their energy efficiency ratings, those that are more energy efficient will be easier to let."
To give landlords a full understanding of the new legislation and how it will affect them, the team at Maxine Lesters will be happy to answer any questions you may have on EPC’s. .
Sunny climate ahead
May 2008
Sunny Climate Ahead
Supply for rental property is being outstripped by demand in the local market. Which means one thing - Landlords who have not over geared themselves are now reaping the rewards with increased rental income in what can only be described as an interesting property market.
“In the last year we have been able to achieve average rent increases of 6.7% for houses and 3.75% for flats” said Maxine Lester director of Maxine Lester Residential Lettings – winner of Hunts Post Business Awards in 2006 and 2007.” This is over a consumer price index (CPI) of 2.1% for the year to November which is great news for the investment market. Where we have relet properties we have been able to secure an average rise in rent of 7.2 % for houses and 4.2% for flats. Due to the lack of good rental stock tenants are less transient and our average tenancy now stands at just over 13 months an average increase of 2.75 months on last year.” said Maxine.
Maxine forecasts that rents will grow well in excess of CPI in 2008 and with pro active management she can see no reason why net yields should not continue to improve. But warns that landlords still need to be careful.
“There are some great opportunities for investors in the housing market but it is still important to rely on experienced professionals to make sure that you can get the most from your investment and do not make expensive mistakes. Those agents who specialize in rental know exactly what type of housing is in demand and what will rent out on a long term basis” said Maxine.
Fundamentals of housing market still strong
15th Apr 2008
Fundamentals of housing market still strong
Source: http://www.naea.co.uk
Following the release of the latest Housing Market Survey by the Royal Institution of Chartered Surveyors (RICS), Peter Bolton King, Chief Executive of the National Association of Estate Agents (NAEA) called for steadiness amongst property market professionals and said that there are still strong economic factors underpinning the market that have not changed and that there is some good news.
"The positive news is that the RICS survey showed that just under a quarter of its respondents appear to have reported a rise in house prices, which shows how regionalised the picture is. We are already aware from our own members that house prices are being affected differently throughout the country so to find such regional discrepancies comes as no surprise.
"No one is denying that the housing market is in a tricky situation but it is important to keep it in perspective and we do need to exercise discretion in the figures, for instance the report states that the East Midlands is showing falling prices, yet the recently released Halifax house price index showed a 2.2% rise in the same region. This also needs to be set against the fact that these areas have seen huge price rises over the last ten years.
"The market is battling with the credit crunch, which has undoubtedly had an effect on confidence. However, the key factors that underpin the housing market still exist - low unemployment, historically low interest rates and a pent-up demand for houses. We can see from the figures that it is not all doom and gloom out there and we need to tread very, very carefully before making long-term judgements on the market at this current, unsettled, time."
Maxine Lester Expands
Jan 8 2007
Local Business starts New Year with a bang .
Maxine Lester Residential Lettings winners of the 2007 Hunts Post Business Development Award have recently acquired the business of Campbell’s Rentals Ltd.
“We are absolutely delighted” said Maxine Lester, Director and founder of the Company. “The opening of a 2nd office gives us the opportunity to strengthen our presence in Huntingdon. Rental demand continued to increase though the last quarter of 2007 and we have already seen a benefit to our Landlords. We are now attracting a higher proportion of prospective tenants in the Huntingdon area and have been able to fill our Landlords properties quicker. It gives us a great platform to start 2008. The personnel joining us from Campbell’s will obviously strengthen our existing property management team meaning we can not only improve service but also give a stronger presence in the Huntingdon market.”
How far should you go - decorating (Oct 2007)
Decorating a rental property can be a minefield – the wrong shade of paint could put off prospective tenants.
However there are steps which can be taken to make the process easier to navigate for the new Landlord.
‘’ In the main you must present the home to as wide an audience as possible” said Maxine Lester Director of Maxine Lester Residential Lettings.’’ The most important points to consider is with your budget, your target market and what is important to them. Tenants generally want a clean, tidy and well maintained home that is neutrally decorated. You don’t need to go overboard with a designer kitchen but you should think about putting in an extractor fan to prevent damp in the bathroom.’’
“ Between tenancies a fresh coat of paint in the hall and living room will keep your investment in tip top order . Every 7 – 10 years look to update kitchens and bathrooms as well as looking at lighting and heating‘’ said Sheila Cayton Property Manger. “We have a pretty extensive check list that we go through on each visit and therefore are able to advise our landlords what will be needed in the future to keep the investment at the top end of the rental market. Those Landlords who take a proactive approach to decorating give the right signal to their tenants and we have found that this always extends the length of tenancy”
If you would like more information or advice on any aspect of rental then please contact Maxine on 01480 494939.
ARLA welcomes new member (Sept 2007
)
Maxine Lester Residential Lettings finalists in this years Hunts Post Business Awards has recently joined ARLA, the Association of Residential letting Agents.
ARLA is the leading professional and regulatory body in the UK exclusively for letting agents in the private rented sector. ARLA members are required to comply with a Code of Practice and to have staff in their branches with suitable industry qualifications.
Adrian Turner, Chief Executive of ALRA said “we are please to welcome Maxine Lester Residential Lettings into membership of ARLA. Professional letting agents such as these who are committed to promoting the highest standards in residential lettings help our association to strengthen the Private Rented Sector and to drive out the dishonest and cowboys agents who too frequently prey on the unsuspecting public”
Maxine Director of Maxine Lester Residential lettings said “we have always promoted the highest standards in everything we do for both our Landlords and Tenants and joining ARLA was the obvious next step in the company’s development.”
Are you green enough ? (August 2007)
While most UK householders consider green issues to be important, few landlords are currently willing to pay more for measures that would reduce carbon emissions. According to a recent report on the market for sustainable homes by Savills estate agents.
‘’This picture could be set to change over the few months’’ said Maxine Lester Director of Maxine Lester Residential Lettings winners of the 2006 Hunts Post New Business Award. ‘’With the introduction of Environmental Performance certificates which are due to come into force autumn 2008’’
‘’If we are lead to believe the rhetoric, this new EU directive will greatly affect awareness of energy use in buildings and could have an impact on rental values. It is logical to assume that tenants would most probably opt to pay more for a property, where it could be shown their utility bills for electric and gas could be reduced. ‘’
‘’ There are some great incentives in the form of Tax Allowances for landlords to make there properties more energy efficient. These include loft insulation; cavity and solid wall and hot water system insulation and draught proofing so it really is a win win situation.’’
Buying and Selling Buy to Lets (May 2007)
With Buy to Let substantially improving the housing market stability and more people seeing the long term benefits of this type of investment, more Landlords are looking at the best way to hold the property from a tax point of view.
''The first thing we always advise new investors is to talk to their accountant'' said Maxine Lester Director of Maxine Lester Residential Lettings - winners of the 2006 Hunts Post New Business Award, as there is no 'one size fits all solution'.
Some investors do not realise that as well as becoming a landlord they are also running a business and like any other business it is important to set things up correctly from the start. Apart from personal circumstances the most critical issue is to anticipate the number of properties they aim to have in their portfolio.
One of the key questions we suggest that our clients explore with their accountant are how they should hold the property - in their own name or through a company as both have their merits. Strangely one of the drivers is to know when they intend to dispose of the property, as the taxable gain is dealt with differently for individuals and companies.
Your Accountant should be able to highlight the risks and benefits of each option, although the final decision will be yours and given you are looking forward several years, it is always going to be a gamble. However if you start out understanding the options then you have a better chance of arriving at a profitable solution.''
If you would like to find out more about Buy to Let then please call Maxine Lester on 01480 494939.
M Day - Are You Prepared? (Mar 2007)
ARLA recently reported that only 30% of Landlords were fully aware of how the new Tenant Deposit Protection Scheme will work and what will need to be done after April 6th to make sure that they do not fall foul of the law.
''The aim of the legislation is to ensure that a tenant who pays a deposit and who is entitled to get all or part of it back, at the end of the tenancy does. It will affect all Assured Shorthold Tenancy's (AST's) created after 6th April 2007 '' said Maxine Lester Director of Maxine Lester Residential Lettings - recent winners of the Hunts Post New Business Award.
''In a nutshell the deposit must be held in either a regulated insured scheme (which should be the case if your property is managed by a bonded lettings agent) or a custodial scheme (if the deposit is held by the landlord)''
''It will be down to the landlord/agent to advise the appropriate Scheme Administrator on the details of the deposit. So if the tenant disagrees with the final outcome of the deposit returned at the end of the tenancy. They can then lodge a complaint with the Administrator who will then act as an arbitrator to resolve the dispute'' said Maxine
If you have any concerns with this new legislation Maxine Lester Residential Lettings have set up a help line on 01480 494939 and will be happy to help you with any queries you may have.
Are You Covered? (Feb 2007)
As a Landlord, if you survived the raft of legislation that came into force in 2006 then you should find 2007 plain sailing with only 1 major change - Tenancy Deposit Protection - which this time is all about the way that Tenants deposits are held and becomes law in April 2007.
''It will effect all landlords and agents who operate Assured Shorthold Tenancy Agreements (ASTs), and who take and hold a deposit from their tenant. It will have major consequences on those that do not sort something out by April.' said Maxine Lester Director of Maxine Lester Residential Lettings - winners of the 2006 Hunts Post New Business Award.
''In effect deposits taken from April 2007 will need to be 'protected' in the event that the landlord does not return all or part of it to the tenant at the end of the tenancy agreement.'' Said Maxine
From this date, Private Landlords who do not use an agent to manage their property will, in essence, have three options open to them:
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stop taking a deposit from tenants, or
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lodge the whole deposit with the default Custodial Scheme set up by the government at the start of the tenancy, or
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join an Insurance-Based Deposit Scheme for the right to continue to hold the deposit themselves. They will have to pay a fee to the scheme in order to obtain this 'protection' for each deposit
"Fortunately our landlords do not have to worry about this, as a bonded agent we are part of an insured scheme so its business as usual" said Maxine.
If you would like to find out more about Tenancy Deposit Protection call Maxine Lester Residential lettings on 01480 494939 who will be more than happy to explain this new legislation in more detail.
We are finding that both landlords and tenants are being given little information by the authorities and have been taking a higher volume of calls than normal from people who are confused as to what this legislation will mean to them.
Buy to Let - Win Win all the Way (Jan 2007)
Recent research in to this growing market have shown that Buy to let is set to remain inextricably linked to the future of the housing market and a vital element in providing homes for a significant proportion of the population.
''It is not surprising'' said Maxine Lester Director of Maxine Lester Residential Lettings - winners of the 2006 Hunts Post New Business Award,'' Property values in the UK have risen by more than 150% since 1998 meaning that the average age of the first time buyer is now 34. Buy to Let is a flexible and cost effective way of providing decent accommodation where it is needed. Landlords therefore benefit from a combination of rental income and the uplift in capital values of their properties- it's a win win solution.''
''Our annual survey has shown that unfurnished two bedroomed houses with equal sized bedrooms are still the easiest to let - These homes offer the maximum number of possible tenant types - two sharers, a couple, couples with one child or a single person.'' said Maxine
Part of the service provided by MLRL is to give guidance to both new and established landlords as to the type of property that are more likely to rent out in the local area.
''You can make expensive mistakes if you forget that you are buying an investment and that's where we can help.'' Maxine said.
Award Winners give back to Community (Nov 2006)
The Hunts Post Business Award winners for best new business in 2006 Maxine Lester Residential Lettings have announced they have pledged 10% of their future profits to housing charities.
"We have had a brilliant year and have grown beyond our initial expectations" said Maxine, director of the company, "the Company's ethic is very much based around providing the best customer service possible and we are great believers in supporting our local community - successful business is not just about the bottom line".
"We have decided for this first year to make the donation to Papworth Trust. This was such an obvious choice for us they are a local charity supporting disabled people to have equality, choice and independence, and they support people to enjoy the choices about where they live that we all take for granted.
The rental market continues to be very buoyant and is still offering some good returns to landlords who are also seeing the benefit of capital growth in their asset. . Our complete property solution can help those looking to enter the market for the first time and stop them from making some expensive mistakes has been fundamental in our growth, its great that we are in a position to past that benefit on'' said Maxine.
Local Business goes from strength to strength. New Local Business nominated for award (Sep 2006)
The team at Maxine Lester Residential Lettings in St Ives, are delighted to have been told they have reached the finals of not just one, but two categories of the Hunts Post Business Awards which are to be announced at a Gala Dinner in November.
They have been nominated for both the New Business Award and Business Development Award. '' We are thrilled to have got this far'' said Maxine Director of MLRL "and consider this a huge compliment to us, as the company is less than a year old. It has been a really interesting exercise as the Hunts Post posed some very thought provoking questions which made us realise how much we have achieved in such short a time.''
Hearing about our nominations has made a great end to a very exciting first year for the Company which has seen them win a major contract and the team size double.
Maxine told us "We take Customer service very seriously and have worked hard to ensure that even with the recent major increase in size, we maintain the level of service that has helped us develop so quickly. This has been achieved by listening to our Landlords and tenants, and building a good working relationship with them".
Maxine and her team are looking forward to the next 12 months and hope it will be as exciting and energetic as the first.
Rental Market great news for Investment Landlords (Sep 2006)
The property rental market is in great shape with more people than ever either deciding to extend their portfolio or become landlords for the first time according to local property management company Maxine Lester Residential Lettings.
In Cambridgeshire 11% of the housing market is privately rented and demand for rental accommodation is expected to increase by 40% over the next 10 years.
''There are many reasons for this'' said Maxine Lester Director of MLRL. ''The average age of the first time buyer now stands at 32 so people are renting for a longer period of time. Increased job mobility means that people are relocating across the UK, and since we have a buoyant employment market in Cambridgeshire, demand for new employees to relocate from other parts of the country is high. More importantly the general attitude to renting a home is now far more positive than it was in the 80's.These are just a few of the driving factors that are providing a stable upward trend to the private rental market and make becoming a landlord more attractive.''
''With this in mind we have extended the service we provide to anyone thinking of getting involved in Buy to Let. Finding the right property for the right return can be an exhaustive process. So with our local knowledge we are best placed to match a property to your needs and we can show you the type of return you could potentially achieve which cuts down on the viewing process. We will also go and view properties you are interested in to give you a better idea of the work that would be needed to attract a good return as well as a more detailed view of the potential return.''
The usual mistake that new landlords make is to think that nothing can be done with the investment until the day of completion.
''This is just not the case'' said Maxine '' We work closely with reputable companies like Wellington Wise who understand the need for access before exchange and we have therefore been able to have tenants lined up ready to move in on the day of completion''.
Buy to Let still very positive (Jul 2006)
There have been quite a few conflicting reports about the state of the housing market recently but local letting agent Maxine Lester Residential Lettings is finding that the reports are having little or no effect on Buy to Let investors.
''We recently carried out a survey on a cross section of our landlords and found that nearly two thirds of them are looking to acquire further investment property in the next twelve months'' said Maxine Director of Maxine Lester Residential Lettings. We also found that they have little concern if house prices fall, with nine out of ten deciding not to sell if this happened.''
''A high proportion of our landlords have been active in the Buy to Let market since 2000 and they hold an average of five properties. Virtually half of everyone we spoke to say that they have invested in buy to let properties to create a nest egg with 43% looking for a rental yield as well as capital appreciation but only 6% have invested solely for the income.''
''We work very closely with our landlords finding out what their criteria are and match opportunities that come on to the market with their needs, we call it our Total Property Management Solution and it really is a one stop shop for landlords that know what they want but do not have the time to find the right investment.''
Is Your Deposit Safe? (Jun 2006)
Landlords should now be thinking about what they need to do when the Tenancy Deposit Scheme comes into force in October of this year. The scheme is being set up to safe guard tenant's money from being kept or spent by unscrupulous landlords and letting agents. Once the provisions come into effect, money paid as a deposit to an Assured landlord or agency on all new shorthold tenancies must be safeguarded by a TDS.
Maxine Lester Director of Maxine Lester Residential Lettings said '' This is something that we already do and it gives the tenants and landlords involved peace of mind. All the deposit's we hold are protected by a client money protection bond. When these regulations come in to force it will mean that everyone will have to meet the same high standards that we already work to '''
A TDS will help when it comes to resolving disagreements that arise when the tenants leave a property they have been letting. A body will be set up to act as a mediator for case when problems arise.
The third advantage of the scheme is that it will act as a guarantee that deposits will be paid back if the landlords or agency becomes insolvent.
More information about TDS is available on the office of the deputy prime ministers web site at www.odpm.gov.uk.
Rents on the increase - says Local Agent (May 2006)
Maxine Lester Residential Lettings have seen an increase on the rental values they achieve for landlords over the last six months.
"We carry out regular reviews of our landlords portfolios and have established that over the last six months 67% have been able to achieve a significant increase on the rental values they were receiving the same time last year" said Maxine Lester Director of Maxine Lester Residential Lettings. "The main reason for this being that these landlords have been willing to implement improvements to the quality of the homes they give to us to manage" said Maxine "the most important areas are obviously bathrooms and kitchens, but it is also the detail that counts. A newly painted hallway and clean unmarked carpets can make a lot of difference to the initial impression of the home when finding tenants."
Tenants are very discernable individuals and are willing to pay that little bit extra when they can see that effort has been put into their prospective home. It is also a strong indicator that the landlord cares for the property, and suggests they will care for the Tenants.
"Buying to let is a long term investment and the Landlords we talk to understand that consistent tweaks to the presentation of the property not only protects their asset but also attracts better tenants." said Maxine.
Confusion in the Rental Market (Apr 2006)
As new regulation comes into force this month, Maxine Lester Residential Lettings have been inundated with calls from anxious landlords following a national advertising campaign by the Government.
''There seems to be a great deal of confusion for landlords because they have taken the advertising to suggest that all properties need to be licensed and failure to do this will mean high penalties. Which is just not the case'' said Maxine, Director at Maxine Lester Residential Lettings.''
"We have been talking to our landlords over the last few months to update those that will be effected by the new regulations. We have been quite proactive in liaising closely with the local councils and the ODPM so I think it is fair to say that we have a good knowledge on the effects of the 2004 Housing Act.''
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