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Make Money From Purchase Lease Options

Make Money From Purchase Lease Options

Make Money From Purchase Lease Options

Stewart Hale from RentToBuy and PIN founder, Simon Zutshi have a really interesting presentation for property investors showing how to make money as a Rent-To-Buy Agent.

MyPropertyPowerTeam want to make sure all UK based property investors are aware of this unique opportunity because right now there is a huge potential for property investors to make some serious money using a very simple investment strategy that works by putting Motivated Sellers together with Tenant Buyers.

There is nothing earth shattering or complicated about this property investment strategy but thanks to the opportunity to become an agent with RentToBuy now it is much easier to implement than ever before, and Stewart and Simon can’t wait to share it with property investors who want to earn from their investments.

How Purchase Lease Options Make You Money!

How Purchase Lease Options Make You Money!

Now really is a fantastic time for property investors to be doing lease options, the UK property market conditions are perfect.

It is possible to control properties with lease options that have relatively low monthly mortgage payments, which means property investors can get great cash flow from properties that they don’t even own!

Perfect or what!

  • But what about properties where there is no equity and no real cash flow?
  • Can you make money from these?

Most property investors would say NO!

But Stewart and Simon will show property investors how to make money by selling them onto Tenant Buyers.

That’s what this 3-hour seminar with Stewart Hale and Simon Zutshi is all about.

This is yet another NO COST event from top UK property investment educator , best-selling author of “Property Magic” and founder of the 10 year old PIN network, Simon Zutshi.

Click Here Now For Details

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More Red Tape For LandlordsRed Tape Increases For Private Sector Landlords
Despite Government Promises

Despite numerous promises to reduce the amount of red tape property professionals had to deal with, there are now even more legal requirements to let and manage rental properties.

The coalition Government started an initiative called the Red Tape Challenge, aiming to reduce the time and associated financial costs incurred by businesses and consumers in complying with unnecessary legislation.

However, recent Government announcements will increase the amount of red tape and infuriating processes that landlords and letting agents have to deal with

The Residential Landlords Association (RLA) say there are currently over 100 national regulations governing the letting of a rental property in the private rental sector.

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Landlord Details Must Be Included In Prescribed Information

Landlord Details Must Be Included In Prescribed Information

All UK Landlord details should be correct
before being included in Prescribed Information

The information must be included, even when the rental property is fully managed by a managing agent, to avoid any possible legal problems with tenancy deposits.

Linda Howard, of Shoosmiths solicitors has warned that individual judges could make different interpretations on the wording of requirements after the news that a possession order was overturned because the legally required Prescribed Information gave the letting agent’s details instead of the landlords.

She said: “The Housing (Tenancy Deposits) (Prescribed Information) Order (2007) seems to make it clear, at 2, (g) (iii) that the name, address, telephone number and any email address or fax number of the landlord, not the agent, must be given.”

Ms Howard also pointed out that in another case in the county court, a duty solicitor raised exactly the point of an agent’s rather than the landlord’s details being given and the judge subsequently adjourned those proceedings because of seeming non-compliance with the Prescribed Information Order. However, the case went through on the second hearing because the landlord argued that Rules of Agency applied.

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Illegal Immigrants To Be Banned From Renting Property In The UK

Illegal Immigrants To Be Banned From Renting Property In The UK

Landlords Face £3000 Fines
For Letting To Illegal Immigrants

Private rental sector landlords will be risking a fine of £3000 for breaking the law by letting rental property to illegal immigrants without doing proper background checks and comprehensive tenant referencing.

The proposal is currently undergoing a seven week consultation process and set to become part of the forthcoming Immigration Bill, launched by Immigration Minister, Mark Harper.

Under the proposed new legislation, illegal immigrants will not be entitled to free NHS treatment and will be prohibited from renting property in the UK.

Mr Harper said: “The consultation seeks views on the creation of a duty to require landlords to conduct immigration status checks on tenants before providing residential accommodation, with financial penalties for those landlords who let property to illegal migrants having failed to conduct the necessary checks. The landlord checking proposal is modelled on the existing civil penalty scheme for employers of illegal migrant workers.”

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Advertising Property For Sale

Advertising Property For Sale

Once you have made the decision to put your property for sale on the open market you will need to decide on your marketing strategy. There are various options available in the UK for sellers to consider; do you want to go it alone with a private sale, stick with convention and instruct a local high street estate agent or opt for the middle ground with an internet based agent?

Each option has its pros and cons but no matter which you choose you will need to get the property for sale seen by potential buyers!

For sale boards are a great strategy. Many people consider them old fashioned but they really are a cost effective, simple and efficient way of generating interest in your property. For sale boards will work more successfully for some properties than for others based on two main factors.

Firstly the area, is there good footfall or a high level of passing traffic?
The board needs to be seen in order to work!

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New Row Over Letting Agent's Evil Fees

New Row Over Letting Agent’s Evil Fees

Homeless Charity Wants All
Letting Agent Fees To Be Met By Landlords

The homelessness charity, Shelter have started to campaign to get all letting agent fees currently charged to tenants banned throughout England, and they want landlords to foot the bill for it, a point which has angered the Residential Landlords Association (RLA) and caused consternation with the Association of Residential Letting Agents (ARLA) and the UK Association of Letting Agents (UKALA).

Shelter have launched a new report, “Letting Agencies: the Price you Pay”, claiming that charging landlords is a fairer way of doing business and the charity also claim that tenants are having to go without food or heating to meet increasing housing costs because letting agents’ fees are out of control.

Shelter were instrumental in getting letting agent fees banned in Scotland and now want the practice outlawed by MPs in England and are calling for politicians to take action.

The homelessness charity seem to think that all letting agents are the devil in disguise and recently questioned 58 separate letting agents throughout England, anonymously, asking them about what fees each charged in order to set up a tenancy for a tenant and discovered the average administration fee charged by agents was £350 (GBP) plus upfront rent and tenancy deposits. Less than a third of letting agents questioned charged fees totalling more than £400 and seven charged in excess of £700.

The Shelter research claims that in the last three years,

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New EPC Rules In Force From 9th January 2013

New EPC Rules In Force From 9th January 2013

The Energy Performance Certificate (EPC) shows the energy efficiency of a property, including any recommendations for improving the energy standards of the property, and it is a legal requirement in the UK that all properties for sale or to let have this certification. 

When letting or selling a property the EPC must be commissioned before any marketing can begin and a physical copy should be obtained within 7 days of the property first being advertised. That gives landlords just a week to instruct an agent, arrange an EPC and begin marketing the property for sale or to let. 

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Award Winning Property Management

Award Winning Property Management

Castledene Property Management was awarded as Silver in the Northern Medium Letting Agent category at The Lettings Agency of the Year Awards 2012 in association with The Sunday Times and The Times and sponsored by Zoopla.co.uk.

On Friday 25th May, over 450 leading lettings agents from throughout the UK attended a glittering ceremony at The Lancaster London Hotel opposite Hyde Park where the winners of only dedicated awards for the lettings agency industry were revealed. The winners received their awards from former Olympic Champion, Sir Matthew Pinsent who wowed the audience with some incredible stories of his achievements.

The awards ceremony was the culminating event of a rigorous and thorough judging process carried out over a four-month period by a panel of industry experts who assessed initial entry submissions before conducting an extensive review of the entrants, which included hundreds of telephone interviews and mystery shopping exercises. The whole of the judging process was overseen by The Property Ombudsman; Christopher Hamer.

Now in its third year as a dedicated competition, these awards have become widely recognised as the most sought-after and difficult to win. With more entrants than ever before, over 5,000 offices were represented this year, but only the very best of the best were crowned as winners.

Castledene Property Management winners of the Silver in the Northern medium letting agent category were delighted to receive the award.  John Paul, Managing Director commented “We are delighted to be recognised at such a prestigious event. All the hard work and dedication by the staff has paid off and it shows that with the right focus and determination you can prosper despite all the doom and gloom in the media”

A website listing all the winning companies with comments from the judges as to why they won can be found at www.lettingsagencyoftheyear.com

Peter Knight, Chairman of the event organisers Estate Agency Events commented; “Landlords and tenants can be confident that the agents displaying this awards medal represent the very best of the best. Whilst there has been much talk of the need to establish minimum standards for lettings agents, I am delighted that these awards can shine a light on those firms that are exceeding standards at every level within an increasingly competitive industry.”

The main awards were sponsored by Zoopla.co.uk, whilst the specialist categories were sponsored by some of the industry’s leading suppliers including Audio Agent, ARPM, BriefYourMarket.com, Endsleigh Insurance, Imfuna, LetMC, MidWest Displays, Moneypenny, Ravensworth, Reapit Spark Energy and The Property Academy. 

For further information, please contact Johnpaul@thecastledenegroup.com

Two Executives have been suspended at the UK’s largest tenant referencing firm, HomeLet, while an investigation into the selling of tenants’ insurance policies is under way.

The investigation follows a crackdown by the Financial Services Authority on the selling of contents insurance policies by HomeLet, which is one of the brands owned by insurance giant Barbon, (the company formed from the former insurance wing of the collapsed property services firm Erinaceous).

The probe revolves around a clause in lettings agents contracts, making it a mandatory requirement for tenants to take out tenants’ content insurance.

It is understood that the clause – which was apparently a long-standing one and not objected to by the FSA during earlier inspections – was originally inserted by agents on the advice of HomeLet.

HomeLet sells its policies to landlords and tenants through letting agents, and claims to sell one in five of all tenants’ references. It has a network of 3,000 lettings agents, all of whom have apparently been contacted and told to remove the clause.

It is understood that the FSA, which requires HomeLet to make sure the agents do not breach the regulator’s rules, has been concerned on two fronts: first, the possibility that making purchase of insurance a condition of tenancy could be an unfair term; and secondly, because the clause breached FSA and OFT guidelines which state that a tenant cannot be asked to buy their own contents insurance – although, confusingly, a tenant can be asked to buy insurance that covers their landlord’s possessions.

The HomeLet spokesperson said: “HomeLet is involved in a review process which may lead to policyholders with tenants contents policies being contacted about how such contracts were purchased. This is a thorough process to ensure it meets the company’s required standards. HomeLet continues to provide insurance products and services to existing and new customers. HomeLet is committed to best practice in the service it offers to landlords and tenants via agents.”

The next step in the investigation will be for HomeLet to contact tenants who were sold the HomeLet contents insurance. HomeLet says the tenants will be contacted ‘shortly’.

It is thought the FSA could have other lettings insurance firms in its sights.

Source: Estate Agent Today

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The professional letting agent - Castledene Property Management Ltd

Good Agents Don't Happen By Accident

It is widely thought that anyone with an interest in property and business can set up a property management company or a lettings agency. But, are there pitfalls in the process for new letting agents?

Over the last few years, the UK media have run countless news stories about letting agents failing their landlord clients and closing down, taking hundreds of thousands of pounds of client funds with them.

Many landlord investors seem to think that all lettings agents in the UK are equal, but is this the case? Does it take a certain kind of person to make a property lettings business successful?

A Good Letting Agent needs to be:

  • A Good communicator – Must be able to speak to investors and landlords as well as tenants
  • Customer orientated –both landlords AND tenants are your customers, so you need to find a happy balance
  • Analytical –Especially if you are dealing with the rents
  • Systematic – Capable of following systems and dealing with problems
  • Sales driven – you need to sell your services to prospective landlords and tenants to generate business.

Unless the business is in the fortunate position of being able to employ staff, with the relevant skill sets needed, from day one, then you as the business owner will need to be master of all of the above skills, or at least be competent, otherwise you will lose business as a result of your failings.

When starting any type of new business, you need to know what the main aims and objectives of the venture are and what niche will it operate in. If you don’t, how can you expect to be able to push the business forward and in the right direction?

There are already thousands of UK letting agents managing Billions of pounds (GBP) worth of property out there, so what separates you from them? Why should landlords and property investors choose your letting agency instead of anyone else’s? Are you a HMO specialist, do you manage top end properties? Do you deal with LHA tenants?

New letting agents often spring up and disappear again within 6-12 months because the business owners did not know enough about the local property market, the lettings industry in general, the niche market of the area they were operating in or even the demographic of their client base, in other words they did not have enough forethought to be able to survive and profit.

If information and responsibility is not handled correctly, it can be a very steep and expensive learning curve for a new property lettings business, leading to a host of financial and legal issues that interfere with your client’s expectations and obligations. Such matters could also force the closure of the business, costing your landlord clients dearly.

Landlords with an ill advised or ill equipped letting agency, who have been forced to close because they failed to move with the times, can find themselves with no tenancy agreements, (AST), no gas certificates (CP12), no rental income, no deposit and no fallback plan.

In fact, in some cases reported by the media, some failing letting agents had stopped paying rents to Landlord clients several months prior to closing, meaning that the landlords ended up falling foul of the law and many thousands of pounds out of pocket.

To be successful in property lettings, as with any business, you have to have knowledge and experience, not only the practical side of property management but also on the legal side, and keeping up with the latest government legislation, including all welfare reform changes and their impact on landlord clients, can be a minefield at times, but knowledge is power and only the strongest survive.

In business, failure to plan is planning to fail and monetising your skills and knowledge is not a crime. Knowledge and experience are the keys to success so business owners need to realise where their knowledge is lacking and plug the gaps with employees or other members of a support network, such as solicitors, insurance brokers, mortgage advisor, builders etc. Letting agents can also get help is by joining the National Approves Letting Scheme (NALS) and/or the Association of Residential Letting Agents (ARLA).

If you have property for rent anywhere in the North of England or Wales contact Castledene Property Management Head Office on 0191 527 4000 who will be more than happy to help!

There Will Never Be A Better Time To Invest In Property

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