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Reside Named in Top 5% Of UK Agents

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Reside has been named as one of the country’s leading letting agents in the largest and most rigorous analysis of the nation’s property sector.

The Best Estate Agent Guide, which is produced by The Property Academy in conjunction with Rightmove, is the only industry award which does not require agents to nominate themselves or pay to enter. Every estate and lettings agency on Rightmove, which amounts to over 90% of agents in the country, is automatically entered into the awards.

The Best Estate Agent Guide covers over 90% of UK estate agents, is independently assessed and transparent

Gold Award Winners: The Reside Team

Initially, every agent’s Rightmove data is analysed over a six-month period against criteria such as average letting time, and how frequently properties returned to the market after a let fell through. The best performing 2,500 agencies are then mystery shopped to put their customer service and efficiency to the test.

Everyone at Reside is absolutely honoured to have been awarded the Gold Award in the 2021/22 Best Estate Agent Guide, the highest rating that can be achieved which places us in the top 5% of agents nationwide.

Ben Bower, Reside’s Managing Director, commented, “This award is a wonderful testament to the hard work of our staff, whose expertise in lettings provides complete peace of mind to our landlords. Being placed in the top 5% of agents in the country reassures us that we have been getting it right to date, but rest assured we won’t rest on our laurels – we are always trying to improve our services and our own expertise.”

Reside is an independent letting agent in Bath. Please get in touch if you would like to discuss any aspect of letting or managing your property; we would love to hear from you.

Reside Review: August 2021

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Reside General Manager Toby Martin brings you news of the rental market in August 2021.

As inevitable as an England batting collapse, August was yet again another busy month for the rental market. Recent trends of property supply being outweighed by tenant demand reached new heights, as competition for properties contributed to us letting more than 50% of our properties within 1 day during August.

Our overall average letting time was just 3.5 days which, in any other year, would be remarkable. In the current market, however, this only just represents our best month on the year so far.

Due to the overwhelming demand from tenants, the average rent achieved in August was 100% of the asking rent. In other words, every single property received an asking rent offer.

Another Legislation Change for Landlords

Towards the end of August, the government announced another change to legislation affecting landlords – there have now been around 50 since the start of the pandemic.

On this occasion, the announcement was a welcome one, extending digital Right to Rent checks until April 2022. Allowing these checks to be carried out digitally has been a great time saver for landlords and agents, and a permanent online system is hopefully in the pipeline.

Awards Season… Again!

Last year’s Bath Property Awards were delayed due to the pandemic, meaning that this year’s ceremony has come around quicker than ever. We were delighted to be named a finalists in the ‘Best Lettings Agent’ category, which we were honoured to win last year. For the first time, we have also been nominated in the ‘Best Employer’ category – if only there were a ‘Best Employees’ award, we would be a shoe-in for that one too!

Reside is an award-winning independent letting agent in Bath. Please get in touch if you would like to discuss any aspect of letting or managing your property; we would love to hear from you.

Tenants: 5 Tips To Help You Secure That Property

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Reside’s Toby Martin on how to get to the front of the queue in such a competitive market.

Since the beginning of 2021, the rental market has been overwhelmed by demand from tenants looking for new homes. At the same time, supply of available properties has dwindled, thereby creating a very difficult environment in which to secure your next move.

Here are our top 5 tips to beat the competition and secure that perfect property:

1. Register with the local letting agents

If we have a registered tenant on our books who we think would suit a newly available property, we will share it with them before the property comes onto the open market; our last few properties have all been let in this way, without the need to list them on Rightmove. If you are scanning Rightmove or On The Market on a daily basis, or waiting for their property alerts to arrive in your inbox, you will miss out on a great many properties.

Speak with the local agencies and make sure you are registered and known to them; you might just be given the opportunity to rent a property that never comes to the market.

2. Embrace technology

Video technology has really come to the fore during the pandemic, and our video tours have enabled a great many people to view and rent properties without needing to leave their homes. As we are now emerging from lockdown restrictions, these video tours have taken on a new use – enabling tenants to be the first to view a property, and get ahead of the rush. We are still agreeing many lets without carrying out physical viewings, thanks to our high quality and comprehensive video tours.

3. Be decisive

If you think you have found the right property, don’t waste time in expressing your interest and submitting an offer. If you take too much time to consider your options and view other properties, you may well miss out.

4. Make your first offer your best offer

In a normal market, we are quite accustomed to receiving an ‘initial’ offer from a prospective tenant, who is anticipating a negotiation with the landlord before agreeing terms. In the current climate, we are frequently seeing tenants submit their best and final offer from the outset, in the knowledge that they may face competition to secure the property.

5. Express yourself

Don’t be afraid to let your personality come across to the landlord. Landlords are not purely swayed by the terms of your offer, they are also looking for tenants who come across as friendly, reliable people – someone who will care for the property in which they live.

Reside is an award-winning independent letting agent in Bath. Please get in touch if you would like to discuss any aspect of letting or managing your property; we would love to hear from you.

Reside Review: July 2021

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Reside General Manager Toby Martin rounds up rental market activity in July 2021.

A month of frenetic rental activity resulted in Reside’s busiest July since the company opened in 2008.

July 2020 had set a new high for lets agreed over the course of the month, but this year proved busier still.

New applicants registering for properties during July increased by a staggering 40% compared to July 2020 and was also up by 7.4% on June 2021, demonstrating significant levels of tenant demand.

What is most staggering is the speed with which available properties are being secured by tenants, in the knowledge that they are likely to lose out if they are slow to make an offer. It took, on average, just 7 days for Reside to agree a let during July, achieving an average of 100.4% of the advertised rent.

These figures serve to reinforce the recent trend of high tenant demand being underserved by a dearth of available property. With such competition for available properties, there have been few better times to bring a rental property to the market.

Reside is an award-winning independent letting agent in Bath. Please get in touch if you would like to discuss any aspect of letting or managing your property; we would love to hear from you.

EPCs on Listed Buildings: what do landlords need to know?

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Reside’s Toby Martin dives into the puzzling world of minimum energy standards in the private rental sector, and how they apply to Listed properties.

By law, any rental property must have an energy efficiency inspection carried out in order to place the property on the rental market. The energy efficiency of the property is graded between A and G, with A being the best rating. The property’s energy efficiency is summarised in a report called an Energy Performance Certificate (EPC), which must be included in the marketing particulars and provided to any prospective tenant.

A recent law, the Minimum Energy Efficiency Standards Regulations, was introduced to prevent landlords from renting out properties with an F or G energy rating without first carrying out the improvements suggested in the EPC to increase the overall rating. The intention is for the landlord to carry out any works necessary to raise the overall score to an E rating.

The government wants to raise the minimum energy efficiency standards to EPC Band C by 2025 for new tenancies in private rented homes, and by 2028 for all tenancies. However, this legislation is yet to be finalised.

Initially, it was thought that Listed properties were exempt from the requirement of even having an EPC due to the difficulty landlords would encounter when trying to improve the property. Listed buildings regulations restrict many of the improvements that are often suggested in EPCs, such as fitting double glazing windows.

However, recent clarification made it crystal clear that all properties, including those in Listed buildings, must obtain an EPC when going on the rental market. Listed properties, mainly due to their age and limitations on energy improvements, are more likely to receive low scores, but landlords of these properties should know that it is still possible to go to the rental market, even if it is impossible to increase the energy rating to the required E rating.

Landlords of low-scoring properties must carry out the recommended improvements to increase the energy efficiency of their property, but there are certain situations in which properties can be registered as exempt from these requirements. The most relevant of these exemptions are:

  • ‘High cost’ exemption: The prohibition on letting property below an EPC rating of E does not apply if the cost of making even the cheapest recommended improvement would exceed £3,500.
  • ‘All improvements made’ exemption: Where all of the suggested energy efficiency improvements for the property have been made, or there are none that can be made, and the property remains sub-standard, an exemption from further improvements can be obtained and the property can be placed on the market.
  • ‘Consent’ exemption: If third party consent is required to carry out a suggested improvement, for example from a freeholder or local authority, and that consent cannot be obtained, an exemption can be registered.

Despite the minimum energy standards regulations, any property can be brought to the rental market – you just need to know how to navigate the EPC maze.

Reside is an award-winning independent letting agent in Bath. Please get in touch if you would like to discuss any aspect of letting or managing your property; we would love to hear from you.

Reside Review: June 2021

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Reside General Manager Toby Martin rounds up rental market activity in June 2021.

Market Update

The rent trend of high tenant demand versus low property supply continued during June 2021. Competition for properties reached such heights that our average letting time between listing a property on the market and having an offer accepted by the landlord was just 3.45 days. The average rent agreed across those properties was 101.2% of the advertised rent.

The message from Reside is clear – if you are a landlord, there has probably never been a better time to bring your property to the rental market.

Landlords – are you compliant?

Whilst on the subject of interesting statistics, a recent article by property industry expert Paul Shamplina revealed last month that there have been no fewer than 47 changes to regulations affecting landlords during the Covid pandemic alone.

There’s been 47 changes to regulation and law in the UK during Covid and for the small portfolio landlords now everything has changed massively.

I believe it’s essential that they have a letting agent on their side albeit the correct agent by picking the right one, which is very important.
– Paul Shamplina

Meanwhile, new research by the National Residential Landlords Association puts the total number of laws with which landlords must comply at 168. In 2010, this figure stood at 118 – that is a 42% rise in 11 years. The rate at which regulations are changed has only accelerated over recent years, and more law changes will continue to come for the foreseeable future.

Without a professional, ARLA Propertymark qualified agent managing your property, it is very difficult for a landlord to be 100% confident that they have complied with all of their legal obligations.

Reside is an award-winning independent letting agent in Bath. Please get in touch if you would like to discuss any aspect of letting or managing your property; we would love to hear from you.

Why Are Property Videos So Important?

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Reside’s Toby Martin explains why video tours have risen to prominence over the last 18 months.

When England went into its first national lockdown in March 2020, it prompted a significant change to our industry. For years, property agents have relied on glossy promotional photos and in-person viewings to sell or let properties, but our industry’s response to the Covid-19 pandemic has seen video technology become the most important piece of the property marketing jigsaw.

Shortly before that first lockdown, we rushed out to all of the properties we were marketing at the time and recorded walk-throughs using our iPhones. These were rudimentary, rather shaky videos – not very professional at all – but they proved to be highly effective. More than 50% of the properties let by Reside between March and September 2020 did not require an in-person viewing at the property. They were taken on the basis of the photographs, which remain very important, our floor plans and the video tour.

The most stress-free letting experience I have had. The video tour options meant we could stay safe during the whole process.
– Emily Goodyear, Google Review

Whilst our professional photographs allowed tenants to see a property at its finest and created the initial interest from the online listing, the video tour created an extra element of trust with the prospective tenant. An unedited, recently recorded video gives a true, trustworthy portrayal of the property in question, and allows the tenant to proceed with confidence without the need to visit the property in person.

A year down the line, we have worked hard to improve our videos by investing in more advanced video equipment. Our videos are now more professional and higher definition, but they retain the homemade quality that allows tenants to trust what they see on the screen. And, as we record them in-house, we don’t need to charge our landlords an extra penny.

Every property is now listed online with a full video tour, and they continue to allow overseas, isolating and infirm tenants, or just those who can’t get away from work, to experience the property from the comfort of their own home.

Reside is an award-winning independent letting agent in Bath. Please get in touch if you would like to discuss any aspect of letting or managing your property; we would love to hear from you.

 

The Debt Respite Scheme: how does it affect tenants & landlords?

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Reside General Manager Toby Martin explains the impact of the government’s new debt relief initiative.

May was Mental Health Awareness Month, a very apt time for the government to launch the Debt Respite Scheme, also known as ‘Breathing Space’.

The purpose of the scheme is to provide a temporary period of respite from creditor action to help people in problem debt, for example a tenant in rent arrears, consider their options and engage with professional debt advice.

A Breathing Space moratorium will provide protections to those in problem debt by pausing enforcement action and freezing charges, fees and interest for up to 60 days. It is not a payment holiday and certain debts, including rent, are considered ‘ongoing liabilities’.

“Breathing Space will… encourage more people to seek advice, and when they do, there will be better protections in place to stop further harm and help recovery.”
Phil Andrew, CEO of StepChange Debt Charty

There is also an alternative way into the scheme for people receiving mental health crisis treatment. A mental health crisis moratorium has some stronger protections and lasts as long as a person’s mental health crisis treatment, plus 30 days.

A Breathing Space moratorium can only be accessed once every 12 months, but there is no limit to the number of times that an individual can enter a mental health crisis moratorium.

Anyone looking to start a Breathing Space must first seek advice from a debt service provider who is authorised by the FCA to offer debt counselling or a local authority. They will determine whether the individual qualifies for a Breathing Space and, if so, will contact any creditors to notify them of the moratorium.

Reside is an award-winning independent letting agent in Bath. Please get in touch if you would like to discuss any aspect of letting or managing your property; we would love to hear from you.

Reside Review: May 2021

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General Manager Toby Martin rounds up the month of May, with news of new notice periods for landlords, the Queen’s Speech and more.

Reduced Landlord Notice Periods

As of the 1st of June 2021, notice periods for landlords have decreased from six to four months. The government temporarily increased notice periods to six months in August 2020, to provide tenants with greater security in their homes at the height of the pandemic. If the ‘roadmap’ out of lockdown restrictions goes according to plan, notice periods are expected to return to their pre-pandemic levels, i.e. 2 months, in October 2021.

Notice periods for tenants remain unaffected; a tenant can serve 1 month’s notice to bring their tenancy to an end.

You can read our detailed blog about this legislation here.

‘Breathing Space’ for Tenants

At the start of May, the Debt Respite Scheme came into force; a new initiative designed to give people in problem debt ‘breathing space’ to consider their options. The scheme, which will apply to tenants in rent arrears, permits any person who is in debt to seek a moratorium from an approved debt advice provider.

We will be posting a full blog on this subject in the coming weeks.

The Queen’s Speech

The Queen’s Speech at the start of May outlined the government’s priorities over the coming year, and contained a promise to ‘enhance the rights of those who rent‘. A White Paper has been promised in the autumn, which will address the government’s long-term promises to overhaul Section 21 evictions and introduce lifetime tenancy deposits for tenants.

You can read our detailed blog about the Queen’s Speech here.

Demand Continues to Outstrip Supply

In line with previous months, tenant demand significantly exceeded property supply during May 2021. At one point, the sheer weight of tenant demand saw our available properties drop to zero for the first time in many years; happily, this did not last for long as new properties swiftly became available. But for every property we place on the market, we are seeing multiple interested parties competing for it, which is in turn driving up rents across the board.

New applicant registrations increased by 22.3% compared to May 2020 which, despite being affected by lockdown restrictions, was a record-breaking month for Reside.

Our message to landlords is simple – it is a very good time to be bringing a rental property to the market.

New Recruit

We are delighted to bring you news of a new addition to the Reside team. Chris Gray has joined us in the role of Lettings Negotiator, and will be first point of contact for many of our clients. Chris brings a wealth of experience in sales and property, and knows Bath inside out.

Reside is an award-winning independent letting agent in Bath. Please get in touch if you would like to discuss any aspect of letting or managing your property; we would love to hear from you.