Property in Broadstone on the market to rent

Rental property in Broadstone is scarce

Did you know that Broadstone in the Poole Dorset area scores high on prospective tenant searches. Broadstone location is the highest searched for rental property via Primelocation, Zoopla, Rightmove portals. Despite this Broastone has the lowest stats for properties available to rent.

Very interesting stats for the buy to let investor in Poole for next time when considering where to purchase. Broadstone is great for school catchment and this we believe this reason to be biggest driving factor for the high interest in renting a property in Broadstone.

Letting Agency Tailor Made Lettings of Poole town office have available this house To Let in Broadstone . Contact us for viewings 01202 770040

Broadstone rental property

Properties to rent in the Poole area in short supply Dorset hotspot

Poole a beautiful place to live and work

In Poole Dorset the demand for rental property is high and the interest from Companies looking to relocate is on increase. As more and more Company directors buy second homes in and around the beach and harbour locations its hardly surprising that the same business people are investigating the commercial property market for offices and industrial units. Tailor Made estate agents in Sandbanks report a lot of interest and sales happening to Directors of London Companies looking to buy a second home in or near Sandbanks many investing over 1 million pounds for designer homes close to the beach.

It must be said that office space is a fraction of the price of London. Within the last 5 years many Companies tightening their belts have rented space for their City back office operations and systems in and around Poole. The result has seen a continuous flow of new workers arriving in Poole and seeking rental property in the area. Demand has in the last 12 months outstripped supply and the recent increase in property sales has seen buy to let Landlords rent newly purchased homes out within 7 days of coming on the market.

Jamie Rolls of Tailor Made lettings Poole town office advises that existing landlords should take a fresh look at market conditions on renewal of contract. Jamie says "people tend to get trapped into a rental value void where existing agents looking for an easy renewal simply tell an owner that its best not to increase the rent and owners comply worried about the property coming vacant" The owner is often happy to do this but often does so for years on end. In Poole the average 1 bedroom apartment 3 years ago was renting for £500.00 pcm most owners in the area who have renewed several times in that period are now seeing rents of £575.00 pcm yet the same flats on the market to new comers are letting for £650.00 pcm. The key here for property owners is to seek small annual increases that keep up with inflation rather than let a rent stay the same for several years and then ask for a large hike in rent. Jamie Rolls invites Landlords to contact him for a written rental analysis report as the stats make interesting reading and will indicate rentals in the same street or same postcode over the last 12 months. For those seeking to buy and rent out property the same analysis will show where the demand is highest in the area and what the average rents will be for a specified type of property in a stated location.

Tailor Made letting agency on behalf of a Gibraltar buyer recently sourced and rented a home in the desirable Lilliput area of Poole this particular owner was nervous about being out of the UK property market and wanted to invest in a property he would one day hope to live in on retirement. The client wanted to buy now whilst he still had income and with a view to returning to UK in next 10 years. Tailor Made Letting agency were able to find a suitable long term tenant for the property within 10 days of completion

A walk around the harbour and beach areas of Poole will reveal a buzz in the property market as more developers buy up many of the older properties and build in their place designer houses and apartments and you will also see that most of the homes that are built have a sold board on them. The South Coast of England is definately a property hotspot for the future and where the smart money continues to invest with Poole Dorset at the forefront.

. A recent property rented 3 days of coming vacant allowing time for cleaning polishing and a few maintenance items. Lilliput house.

Francis Payne 13 Sept 2014 www.tailormadelettings.co.uk

Poole letting agents fresh advice on buy to let property market

Buy to Let Poole Dorset

The last few months has seen the property market booming in Poole Dorset. So what is happening with the the buy to let market. On the face of it the market is very good with a shortage of property and plenty of prospective tenant inquiries. Wind the clock back 5 years to the time when many property owners who invested in property couldn't sell and were then faced with having to rent their property. Turned out quite a good option because of the low interest rates. So here we are 5 years on with a mini boom and a threat of Government having to take more drastic action to slow the market down and Banks finally happy to lend to buyers. The result has been many of those owners taking advantage and cashing in and many who wanted to buy their own homes buying. In the short term this has left a shortage of rental property in the Poole Area and rents have soared. However Agents are finding they are not replenishing their stocks and seeing more move out's than move in's. Great news for those that have decided to remain Landlords or who are looking at buying a property to rent out. Through our agency we can report that our recognized professional property owners, the smart money have been buying renters. They have been making low offers and gaining high rents believing they are yet again on a rising market for the next two maybe 3 years. The shortage of rental property means that over the last few months the average period to find a tenant has reduced from 3 weeks down to 10 days providing minimal void periods for those who invest. Infact in the last 2 months we have seen 3 purchases where we have advised the buyer/landlord to negotiate as part of the deal access to show the property between exchange and completion resulting in a tenant signing up on or within days of the purchase. We have been pleased with the response to our Buy to Let comparable report/analysis and many property investors have looked at a potential property wondering if the figures quoted by the selling agent are accurate. Tailor Made Lettings given a street name and property description anywhere Poole or Bournemouth will be able to produce a written report detailing all rents asked in that street or within quarter of a mile of that location along with a few other useful stats. For instance consider Broadstone in Poole as a potential location to buy a house. The stats we have show that it is a location with fewest rentals yet has the most searches for rental property. Another trend that we are regularly seeing are end user buyers who look to Poole Dorset as a retirement location. Within the last 12 months 4 people have bought houses in and around the Lower Parkstone area with the sole intention of taking advantage of low prices renting for a number of years before re-modelling refurbishing in readiness for retirement. This trend came to my attention some years ago when a London headmaster arrived at our Sandbanks office. The client was 10 years off retirement was conscious he needed to buy now whilst still on a wage and could afford a mortgage, then in 8 years time he will start getting ready to make his move from the City to a beautiful home in a wonderful seaside town 10 minutes walk of Poole Harbour paying off the mortgage using his lump sum from his pension. Poole Dorset surely has to be one of the best places in Britain to live in. The Harbour,the beach,Purbecks, New Forest,Bournemouth town really make this a feel good area to live and to invest in. Why not call us to discuss potential locations for good investment properties 01202 673454

A happy ending Stress avoided

A happy Landlord story

A developer shows us a detached 4 bedroom house which he intends buying demolishing and building 3 homes on it. The plans have not been drawn up so he figures he has 12 months before he will be ready to build. The purchase goes through and because there is a crack on the building I tell the owner to maintain the building insurance with the same insurer as the previous owner and to get his lawyer to obtain a copy of previous policy. Tailor Made Lettings are asked to find a tenant for 9 month rental.

We advertise and soon have an applicant who wants to rent it but does not want to give references so offers 6 months advance rental for a 6 month contract. He has just sold a house and will get his lawyer to send the 6 months rent and deposit on his completion day. I don’t get a great feeling about the applicant and therefore make a few of my own discreet inquiries and am advised by several people to be wary.

I arrange a meeting with the owner and explain that I have reservations. The owner says that as there is 6 months upfront he is not too bothered and we should proceed anyway.

I suggest that we tell the applicant that the owner has a bank insisting on Rent Guarantee/Legal Assistance Insurance and to get this cover he must have a credit check done as well as an Employers reference. The applicant is disgruntled but agrees to fill in the application form. When he first met us he stated he was a self employed car dealer yet the application form showed he was in fact employed as a jewellery buyer. Again a few discreet inquiries establish his employment is in fact his parent business.

I again meet with the Landlord and update him on the situation explaining that I was not certain that he worked where he said he did and my concern was that once his advanced rental was used up he would not pay and would not vacate. The Landlord advised he would take that chance and I responded that if the vetting passed the Insurers checks then we should take the rent Guarantee/Legal assistance cover.

The 6 months expired and the tenant asked to stay longer the owner agreed another 4 months as long as the advanced rental was paid over. No rent came and the tenant avoided all demands and continued to reside in the house. Two months on the tenant reported a blocked drain and the landlord refused to send anyone. I spoke to the Landlord and advised him to get the drains checked as there were a number of trees on the site and if there had been a collapse it maybe recoverable under his insurance because easily as we had maintained cover with the same insurer. At that point a claim was submitted and the same day an arrears claim was made to the Rent Guarantee insurers.

Over the next 3 months the mains drain into the property was completely replaced at the cost of the building insurer and the tenant was evicted under the legal expenses cover and the owner received a cheque for the outstanding rent less the policy excess.

In this example Property Management experience has been key in a happy ending. The owner obtained planning for two homes within a few weeks of obtaining possession.

Landlords on your toes & get it right

Minimize Risk The great thing about the UK is the capability of checking out someone we want to do business with before committing.

Landlords its time to get on the ball and ensure your rental agent is working for you. After all its you who pays the fee not the incoming tenant

I know that you maybe excited that your agent has found you a tenant and was quick in doing so. Be aware that in this market its far easier to find a tenant the key is finding the right tenant.

However Agents do not always provide you with the perfect tenant. So my tip for today is insist that the agent provides you with all references. Do not be fobbed off with excuses for not getting the references you expect.

Checks for a tenant should include bank reference, credit check, previous Landlord, job reference or for self employed an accountants reference. An agent can apply for these manually or use a vetting agency to obtain the checks. We tend to use the latter as they are proficient in obtaining all information and often do so within 24 to 48 hours a plus in getting a deal in the bag before your prospective tenant is lured away by other agencies.

Recently our Poole lettings office has been quite frustrated at a spate of applicants who we have turned away due to negative checks and who simply go to another agency and are granted a tenancy. Interestingly most of these tenants were intro only arrangements where the agent was paid on completion and walked away

Often Tailor Made find out about the rogue tenant that we turned away a few months later when a Landlord comes to us for advice to resolve the problems

Many agencies have commission staff who are finding it tough in the current crisis and push through applicants who may not stack up. The most recent case I am aware of the previous Landlord had informed us that Mr H had trashed the house and left without paying the last 2 months. Yet the other agents Landlord who accepted them had not been provided with a previous Landlord reference. Agents may tell you that previous Landlords reference isnt worth having as they may be keen to get rid of a horror Tenant and so provide a positive reference. My experience shows very few owners will do this so its worth having a Landlord reference.

So there you have it the way forward is to ask your agent to show you copies of the checks that have been made and then insist on obtaining any that you feel should be provided make sure you get the complete picture.

Be nosey be safe

Landlords get it right !

To work or to Battle In summer of 1979 my mother pushed a copy of the Bournemouth echo job page under my nose telling me you have had your summer now get a job. Circled on the page an office junior job at a local estate agency. I made the call and was given an interview. On arrival at my new job there was no plush office. A ply wood screen with 10,000 pin holes, patrolled by ants and loaded with faded curling card offering shops offices and rental homes. A herringbone wooden floor and desks from the 1950s. A boss worth millions who owned 20% of property in the area and managed another 20% for old school mates. We serviced Landlords who had handed property to tenants new in the late 1940s & 50s but who had never spent a penny on the homes since. By the late 1970s the original protected tenants on regulated rents were vacating or dying. The properties were grim rotted flooring, nail sick roofs led pipes china sinks and cast iron hot water tanks. As the properties came vacant most were re-let. I organised repairs to nail sick roofs,rotted flooring,rotted windows, new kitchen sinks, gas central heating, and a lick of paint. After spending 5000.00 on a property it still looked naff but we still managed to find tenants. The result was that more often than not the properties were problematic and occupied by agrieved tenants continually complaining. I used to say that every morning I put on my tin hat ready for battle. I was rewarded with hard work, great training and the promise to myself that when I started my own business I did not want to do battle every day. Fourteen years later I was able to put that ethos into practice. No bedsits no student housing and no dilapidated homes would mean that all my energy would be concentrated on looking after nice homes and dealing with mature well mannered customers. I wanted to make work a pleasure not a chore. Find the right property choose the right occupier and if you get it right, managing the property will be smoothe and efficient. Of course many times over the years I arrived at a property that fell far below the standard required to find the type of occupier that I preferred to deal with. I was very aware that to take on a property with a load of issues was detrimental to my business so I would often quote commission rates of 17.5% way above the industry standard simply to lose the instruction. Tenant vetting was equally important and Tailor Made Lettings was the first agency in our area to provide 16 point check/48 hour referencing. Managing property is all about systems and applying risk minimization techniques that are proven to work. Experience is key and managing expectations is very important. Telling a Landlord that if he professionally cleans the carpets Tailor Made will look to ensure the tenant does the same when they vacate, follow up by a simple written pre-warning to the tenant that the owner has used a professional company to clean the carpets at a cost of two hundred pounds ready for your occupation and will expect the same courtesy when you vacate. In this instance you have managed expectations for both sides and the result will be a smoother process at the end of the tenancy with both sides aware of their responsibility. If you are about to rent your property here are some tips that are worth inquiring about before giving instruction 1. Insist on 3 references: bank, work, previous agent /landlord & a credit check. Make sure you see all three and not just the good refs. Some agents may use a referencing agency which include all these checks. Agents desperate for commission may simply want to get deal signed away and provide you with 2 good references but hold back the bad one. I get most agrieved when we turn away a tenant due to bad reference only to find they have gone to the agent down the road and been accepted. Happens all the time particularly in the multi chain agencies 2. Ask the agent to provide some comparable eveidence of rentals achieved in last 6 months for the area. Agents will quote a high rent to get the instruction then pressure you with a low rent offer because its slow to shift. An established agent will have comparable evidence to support the rental valuation and find a tenant quickly at that rent or near to it 3. Make sure you have the final say. Make it clear to the agent not to reserve your property until you have discussed and agreed the tenant is right for your property. 4. Use an agency that can provide 48 hour referencing. Longer can mean the tenant has time to see other property and your deal could fall through. Once referenced and approved by you ask the agent to set a deadline to sign the contract. Normally within 3 days of approval any longer and you need to ask why are we waiting. The worst thing you can do is wait a month until the start date to sign up then the tenant decides they do not want it. After 33 years in the business there are literally hundreds of safeguards that can be used to ensure a smoothe rental we have in place letter templates for all situations and contracts adjusted and written to cover most issues. All this with good working practice makes for happy landlords and just as important happy tenants Francis Payne

Beware! Good Agent Bad Agent

BEWARE BAD RENTAL AGENT: Choose the right agent In property Lettings Specialising is King How many of us ask the right questions when choosing an Agent The world economic crisis resulted in a strong rental market as ability to buy is diminished with of finance. The result has been many new letting agencies opening and many Estate Agents who never offered rentals or property management turning a hand into the letting market. A Question I get asked often "what makes a good letting agent" When Tailor Made Lettings first opened the Poole Town centre office in 1992 it was as a dedicated rental office. At that time I had worked in property management for 15 years during a time where the wrong word on the receipt of a prospective occupier could result in your property value halving overnight. In the 1970s and 1980s caution was key slip up in law. These days it has been simplified but the duty of care is still paramount and as in every industry specialising is king. During the late 1990s my wife wanted to return to work and came up with the idea of opening an estate agent. I had lots of room in the Rental office and so suggested that she may like to use a couple of desks and part of the window space to sell property. Within a month with 2 new staff the Sales venture opened. What became apparent very quickly is how different sales staff are in comparison to trained rental staff. The property management team were entering finite information and figures requiring a degree of concentration, suddenly we had some chatty sales staff talking over our heads about deals and applicants constantly thinking out loud. The disruption continued for several months and in the end I told my wife to find her own premises. Within 6 months she had vacated and moved to Sandbanks. The office returned to normality with my team concentrating on the task of managing the issues that arise when renting property. The team of 6 comprised as follows: 1. Owner manager 2. Financial controller 3. Lettings negotiator 4. Property inspector_ problem solver 5. Compliance Administrator 6. Receptionist - Administrator All have been through various levels of training and qualifications. All have been kept up-to-date with the latest changes in Law and compliance. So tell me how many Selling Agents that converted to rentals provide this kind of staffing and where did the training come from. An established letting agent has been through the mill and back many times. Along the way the agency has made errors paid for them and rectified the systems to avoid them in the future. This build up of experience is very important. Too often over the years I have heard agents at conferences or seminars at the bar making silly comments "I don’t take any nonsense from my tenants I really tell them where to get off if they dare question me" Hello Mr Agent! This is no longer a feudal system the likelihood is that your tenant is more qualified than you and earns 5 times your wages. No doubt this is an agent who alienates tenants and as a result looses respect and good communication. Most of the time the ones making the comments turn out to be inexperienced or migrating from sales to dabbling in lettings as well. So a Letting Agent - Property manager is a specialist that you as a client employ to find a tenant and minimize risk. My approach has always been nice people in nice property makes my life as an agent easier and I do prefer a hassle free work environment as opposed to Get them in at whatever cost because we need the commission . This attitude by agents results in problems. It’s frustrating when we refuse a rental tenant due to poor references then they go to the agent along the Road and are accepted immediately. You have to ask yourself did they reference and if they did what did they actually produce to the owner. Over the years as an agency we have turned down offers to manage bedsitters, houses in multiple occupation and student accommodations. Why? Because these types of properties are problematic and managing them will result in a lot of time being spent resolving issues taking staff away from their day to day management tasks. There may well be some good estate agents who double up as letting agents but finding the good tenant may only be half the necessary qualification. The real Letting Agent Property Manager has the knowledge and expertise as to how to deal with things when a good tenant goes bad. Francis Payne