Hiring a property management company can be a great solution for landlords, whether you’re new to the industry or tired of dealing with tenants directly. They can help to break the link with tenants and help you to avoid a whole range of problems that can prove to be a real pain point for landlords.

Using Next Step Estates can help you to avoid awkward conversations with tenants but also the problems that come with dealing with them directly. With our expertise, we can give you a hands-off approach when it comes to dealing with tenants as our property management services are designed to provide a simple yet highly effective solution.

Urgent letting enquiry? Questions about a problem tenant? Call us on 020 8767 6181

Out of office hours? Send a message via the Contact Form.

Private Landlords Benefit from Property Management in Tooting, London

So, let’s look at how a professional and dedicated property management company can help, first of all, we have some incredible stories to share of how we are problem solvers, at weekends, and out of business hours:

Aldis Street, London, SW17

Property Management – Tenants Rent Paid Promptly to Landlords

Collecting rent on time is a top priority for landlords, and a property management company can provide a valuable service in this regard. As a buffer between landlords and tenants who may struggle to pay rent, they can employ expert strategies to handle the situation in a professional way, preventing it from becoming personal. In the unlikely event that no resolution can be reached, they can also initiate eviction proceedings on behalf of the landlord.

Repairs and Property Maintenance Support 24/7 with Next Step Estates

When issues arise in your rental property, quick action is often necessary to address them. However, it can be challenging to find the time or the right person to handle the problem, especially if you’re busy or away. A property management company can provide a solution by having a network of skilled tradespeople on hand to address the issue. They will also handle the logistics of coordinating with tenants to schedule repairs, saving you time and hassle. Additionally, they will conduct regular inspections to ensure that the property is well-maintained throughout the tenancy.

Dealing with unexpected issues at a rental property can be a hassle, especially if the property is located in a different city. A property management service can take on this burden for you by handling any issues that arise, day or night. They will arrange for repairs or replacements and act as the main point of contact, freeing you from the inconvenience of having to handle these tasks yourself.

A property management company in Tooting can handle all tenant interactions in a professional manner, including delicate matters such as late rent payments, evictions, and damage to the property, without the need for you to engage in uncomfortable or confrontational conversations.

Find Great Tenants with Dependable Financial Solvency for Rent On Time, Every Month

A property management company’s main goal is to help you maximise your financial return on your rental property. They do this by making sure that the property is occupied by reliable tenants who pay rent on time.

To achieve this, they work diligently to get your property ready for the rental market by ensuring that it is legally compliant and presented in the best light possible.

They will advertise the property on various popular listing platforms to reach as many potential tenants as possible.

Additionally, when a tenancy comes to an end, they have efficient systems in place for checking tenants out of the property, making sure that it is left in great condition or if necessary, quickly bringing it back up to standard for the next tenants.

We are standing by to help, your next step is to send a message via our Contact Form.

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UK Rent Repayment Order and How to Avoid RRO – London Landlords

If there are five people living in the property then the landlord must apply for an HMO licence.

The most common reason for receiving an RRO (especially in London where there is a high demand for rental property by tenants) is having an unlicensed HMO. Landlords who rent their property to three tenants or more in areas such as Tooting, Balham, Brixton are particularly at risk of this – especially if they don’t carry out regular checks.

That’s because in these areas the local authority Housing rules state that a property with three or more individuals renting must adhere to certain HMO guidelines. These include minimum standards with regard to:

• The size of the bedrooms in the property
• Fire safety measures
• Kitchen and toilet/bathing facilities
• Furniture and fittings
• Landlord duties

The reason it is important for the landlord to make regular checks on the property – or appoint an agent to do so – is because one of the tenants may move in a partner without letting on. As a result, the property becomes an unlicensed HMO under the local authority regulations. We can help with property services and legal advice for landlords.

Tooting, Sutton, Carshalton and Wimbledon Property Management Services London

The particular ruling of the RRO describes the offence/s as:

“having control of, or managing, an unlicensed property, under s.95 Housing Act 2004” (ie having an HMO with more than three but less than five people)

And, in the event another tenant has also moved in his or her partner/friend: 

“having control of, or managing, an unlicensed house in multiple occupation (HMO), under s.72 Housing Act 2004”

In both cases it’s not important that the landlord didn’t know about the ‘unintentional’ HMO in his or her case. The Tribunal will look at the facts ie that it happened.

Landlord Rental and Rent Refunds – Court Order and Tribunal

A Tribunal can insist that the landlord return up to a year’s worth of rent to a tenant, if found guilty of the offence. This could be housing benefit or universal credit if the tenant isn’t working and receiving government benefits.

The landlord doesn’t even need to have been convicted for an RRO to be awarded, just that the Tribunal believe an offence has occurred beyond reasonable doubt.

The landlord may also be ordered to pay the legal costs of the applicant (in addition to having pay his or her own costs of instructing a solicitor).

How the application for an RRO is made

Your tenant can apply to the First-tier Tribunal (Property Chamber). Although the application can also be made by the local housing authority. The application must be made within 12 months of the tenant residing in your property.

In the case of the local authority they must send the landlord a notice of intended proceedings, stating the reasons they are applying for the RRO and how much they seek to recover. They then offer the landlord an opportunity to explain the situation. Having considered the landlord’s reply, they can apply for the RRO if they feel it’s warranted. This all comes under the statutory guidance on Rent repayment orders (Housing and Planning Act 2016).

What happens during an appeal

Both sides ie applicant and landlord submit their evidence at the First-tier Tribunal. The applicant is then usually an opportunity to respond to the landlord’s comments. A hearing between a judge and two Tribunal members then takes place, and a decision made. Landlords can appeal against the RRO to the Upper Tribunal, provided there is a legal basis for doing so.

Why Appoint Next Step Estates to Let your property

Do you need a reliable letting agency / managing agent for your rental property in Tooting, Sutton, Carshalton and Wimbledon? Then here at Next Step Estates we carry out regular checks on all our tenanted properties with documented inspection reports.

We personally live in the area and have, in fact, been working as an estate agent in SW17 for the past 15 years. That means we know the area inside out. We also take pride in providing all our landlords with a highly personal service. For more information on our SW17 estate agency service call 020 8767 6181 or email us today.

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First Time Buyer Stamp Duty Boost – Estate Agency News for Tooting, Mitcham and Sutton

First time buyers in Tooting, Sutton and similar areas of London have been handed a stamp duty boost by the current Conservative government.

Just as former Chancellor Rishi Sunak choose to provide a stamp duty holiday for buyers – and in doing so inflamed an already ‘hot’ property market – now Kwasai Kwarteng has increased the threshold at which stamp duty tax is payable.

South West London First Time Buyers – Act Now

The £125,000 no-tax cut-off point has been raised to £250,000, while first time buyers can buy property up to £425,000 without having to paying any stamp duty tax (previously the first-time buyer threshold was £300). In addition, first-time buyers can buy a property valued at up to £625,000 and still claim relief (a jump of £125,000).

Sellers encouraged to list sooner rather than later.

Stamp Duty Cuts – Sell Your Home with Next Step Estates

All of the new measures came in immediately and, according to the government, will benefit around 200,000 new property buyers in England and Northern Ireland, including first time buyers in Sutton, Tooting and other London boroughs. Scotland and Wales have their own Stamp Duty systems – Land and Buildings Transaction Tax and the Land Transaction Tax respectively – and where the cuts aren’t applicable.

The cuts to stamp duty have been welcomed by some first-time buyers, while others fear they may just make the cost of property even more expensive.

If you are thinking of selling, contact Next Step Estates

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Tooting Bec Letting Agents SW London for Morden, Balham and Wimbledon

The cost of living crisis, escalating utility bills and the possibility of a recession any time soon – it doesn’t bode well for the economy. But how is it affecting the property market?

Unlike other commercial sectors which had a miserable time during the two years of on-off lockdowns as a result of the pandemic, the UK housing market flourished. House prices have risen by as much as £30,000 over the past year, according to the latest figures by the Halifax. And if you think that’s impressive, consider the fact that property has risen in value by as much as 60 per cent over the past decade. That’s astounding.

Tenants Wanted – SW London Landlords Contact us for Property Services

Are you looking to sell a property or a tenant looking to rent in the Tooting Bec, Blaham, Morden and Wimbledon areas? If so, call the team today on 020 8767 6181. Or, drop us an email via our Contact Form. We offer Landlord property management services different to any other letting agency in South West London – the company founder was a tenant with a poor landlord. Next Step Estates are specialists at matching great tenants with great properties, as the connection between the Landlord and the person renting, we always go above and beyond as problem solvers with prompt communication 7 days a week.

Property to Let – Balham and Morden Buy to Let House Prices On The Rise

Property prices are still rising – but at a slower rate – and house prices are still rising on a monthly basis, albeit at a much slower rate than has been typical since 2020. In fact, house prices went up by 0.4 per cent in August compared to a typical monthly rise of 0.5 per cent this year. Annual growth also fell – to 11.5 per cent in August from 11.8 per cent in July.

Still, the cost of the average UK property is £294,260, says the Halifax. And there are no signs of a price fall any time soon, thanks to there being such an undersupply of property compared to demand. Those 300,000 homes Boris Johnston and the Tory party promised they’d build every year back in summer 2019? It’s a target they’ve never reached yet.

Back to September 2022 and some of the reasons the property market was so busy over the past couple of years, no longer exist, of course. It was Rishi Sunak’s stamp duty holiday which propelled the property boom – and which is now a distant memory. At the time of its introduction in July 2020 lockdown had already encouraged many city dwellers to look for coastal or countryside homes, while working from home meant many homeowners were keen to upgrade to a home with an additional bedroom which they could then turn in to an office. Conditions were ripe for a flourishing property market – especially when you consider the historically low mortgage interest rates.

Tooting and SW London mortgage rates expected to rise again

However, mortgage rates are rising – and keep rising. Householder are being forced to tighten their spending. The Bank of England’s monetary policy committee’s base rate is currently 1.75 per cent (the highest in 13 years) but economists expect it jump to 2.25 per cent next time they meet (at some point this month). The further increase will again impact on mortgage payments as homeowners on tracker mortgages and variable interest rate home loans see their monthly payments rocket.

Inflation, which was sitting at 10.1 per cent in June could reach as much as 18 per cent by the start of 2023, according to some economists. An energy cap has been announced for October’s utility bills, but it still sits at £2.500 – doubling most householder’s bills compared to the previous year. And with utility costs also hitting businesses hard, the fear of unemployment sits around the corner.

Tenancy Rental prices increase over past 12 months – Lowest Growth in London

And what of the rental market? Latest Office for National Statistics (ONS) figures from their Private Housing Rental Index show that the average UK rent increased by three per cent between June 2021 and June this year. The figure for England was 2.9 per cent. In London the growth was lowest at 1.7 per cent whereas landlords in East Midlands imposed the highest growth at 4.3 per cent.

Housebuilders and New Builds see a fall in reservations

They may have made impressive profits of £1 billion this year, but Britain’s biggest house builder Barratts is also seeing a downturn in reservations for New Build homes. Quite a substantial downtown in fact, from 0.82 per available to unit to 0.6. That’s even lower than before the pandemic when the figure was 0.7 per unit.

The developers were also having to cope with the first-time buyer scheme Help to Buy being withdrawn by the government – and not so far replaced. There are also more expensive build costs due to higher inflation and continuing supply problems.

Land Register undergo a digital transformation

There’s one bright spot on the horizon for home buyers and sellers though (not to mention surveyors and conveyancers). And that’s the introduction of the government’s three-year digital transformation project for the Land Registry office. The aim being to make buying and selling properties quicker and easier by putting the process online.

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Letting Agent Property  Management SW17 London

HELPING A STRESSED LANDLORD

Imagine this scenario: You own a big property in an area that commands very decent rent. You are under time pressures to renovate the property so that you can let it and start earning an income on it. Halfway through the refurbishment your contractor bails. You have to find a new contractor (at a time when tradesmen are fully booked) and finish the job without losing months of potential income on your property. You see your investment costing you more and more while it earns you nothing.

This is every landlord’s nightmare, particularly landlords who have mortgages on their investment properties (as most do). And this is exactly what happened in this story.

TOOTING PROPERTY MANAGEMENT – ALDIS STREET, LONDON, SW17

Next Step had previously worked with the landlord of this property. He called us in distress when his 3-bedroom property in Tooting, which was undergoing major refurbishment, was left unfinished by his contractor. He was in a real bind and needed some help navigating this stressful situation.

Next Steps’ remit does not usually go as far as managing major building works, but having been in the property industry for many years in South West London, we were able to reach out to our numerous contacts and help resolve the situation quickly and efficiently. We put on our project management hard hat, meeting with the head contractor and listing a thorough schedule of works, costings and pre agreed meeting times.

We oversaw the completion of the project which took a further 12 weeks and was finished to a very high standard.

On completion of the works, we immediately set about letting the property for the landlord. Given the quality work on it we were able to let it quickly and for a very good price. The landlord was so pleased with our service he appointed us full property managers on an ongoing basis.

Check out Aldis Street, SW17 below.

BOOK A PROPERTY ADVICE MEETING

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TINTERN STREET, LONDON, SW4 7QQ

9% OVER ASKING PRICE ON DAY ONE!

The landlord of this property was an established investor with multiple properties in her portfolio. She was used to working with large chain agencies and was pleasantly surprised to learn through us that sometimes big does not always mean best.

Next Step had worked with this landlord on another project and having been pleased with our service on that, she instructed us again on a tenant find basis. There are different levels of service that we can offer a landlord looking to let their property. These range from let only, to managing ongoing rent collection, to full property management and everything in between. We are always happy to accommodate a landlord and their individual requirements.

This property was a 4-bedroom mid terrace property with easy access to Brixton and Clapham. This made it a dream location for young professionals and we built a marketing strategy based on this.

Next Step did not manage this property but nevertheless politely liaised with the current occupiers to ensure it was adequately presented for the professional photoshoot, virtual tour and eventual viewings. It can sometimes be a challenge for an agent to liaise with current tenants, particularly if there is not an established relationship with them through prior letting or management. At Next Step we pride ourselves on our personal touch and approachability. We are always happy to liaise with an existing tenant so that a landlord doesn’t have to act as a “go between”.

The listing went live on 3 March and we were immediately inundated with requests from applicants. To ensure the current tenants and landlord were not overwhelmed with viewings, we carefully vetted each applicant prior to booking a viewing for them. At the end of this process the list was still long, so we conducted an open house with back to back viewings over the course of one day – a lot more efficient and convenient for an existing tenant.

Next Step Estates comes into its own with open homes. We have a lot of experience with them and often generate excellent results from them. We adopt a flexible approach that ensures all applicants leave feeling like they have had a good experience. Such touches can often help sway an applicant into making an offer.

At the end of Tintern Street’s open home we received five offers! Four of these offers were over asking price with the highest offer being £450 per calendar month more. This is an outstanding result that we believe was achieved through our targeted and discerning marketing strategy that created buzz and painted the property in a very desirable light.

On top of this incredible rental offer we also managed to agree terms with the tenants that included a two year tenancy. Once an offer is received the work really begins. At Next Step we provide a full tenancy finding service that includes reference checking a successful applicant, collecting and managing the tenancy deposit and first month’s rental, arranging relevant property checks, completing check in and updating utilities.

The landlord was delighted with our results. She was able to see how a personalised and direct service from an independent agency can often produce the best outcome when renting a property.

Check out Tintern Street, SW4 7QQ below.

BOOK A PROPERTY ADVICE MEETING

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INGLEMERE ROAD, LONDON, CR4 2BT

ACHIEVED ASKING PRICE IN JUST 10 DAYS!

At Next Step Estates we are delighted to present to you our overview of this charming property on Inglemere Road. It is a great example of how we represent clients abroad. In fact, we have a very strong database of overseas investors.

Being a landlord can be stressful at times. This is more pronounced when your rental property is across an ocean. On this occasion the landlord was looking for a new agency in the Tooting/Mitcham area to let her property. She had been disappointed with her previous letting experience for the property and wanted a change. She instructed a number of agencies to ensure that this time her expectations were met. Next Step were delighted to be the agency she ended up instructing and we are pleased to say we didn’t let her down.

Prior to instruction we viewed the property, then worked on a proposal that was tailormade to the landlord’s requirements. In the proposal we set out our strategy for how we would achieve the best price possible for her property. The landlord’s initial response was encouraging:

“Hello again Asad. Thank you for your patience. I have now read through your proposal again and I must say it looks very professional and very impressive.”

Next Step were handed the keys to the property on 21 January and after respectfully liaising with the current tenants and taking professional photographs, video for a virtual tour and floorplans, the property was launched to market on 25 January.

We worked to our strategy of having a “soft” launch where we contacted our database of registered applicants who fit the demographic profile of those who would find this an ideal home (professional sharers or a family). We immediately started booking in viewings.

Next Step promises to go the extra mile when it comes to viewings. We will create an experience that suits you and your property. Flexibility is key. It is not unusual for us to conduct open home viewings and ensure that your property is being shown in the best light. We promise to ensure people take their time and do not rush people out. If someone shows up late to an open home, we stay open. At Next Step we do what we can to get you the best applicant possible.

We also marketed the property on the usual online channels and our website. On our website were nine high resolution images with the virtual tour and floorplan. All marketing services were (as always) included as standard in our services.

Only ten days later we presented the landlord with not one, but three, excellent offers.

Next Step also provided an exceptional service to the tenancy applicants. It is important that they too are treated with courtesy and respect. Afterall, they are about to make a big investment with your property so starting on the “right foot” is the best way to ensure a good relationship going forward.

Our service to these tenants was applauded and we received the following praise when they moved in:

“Awesome! From the start until we got the property, [the] Next Step agent Asad has been helpful and makes you welcome… he makes sure that it’s going [in] the right direction. Approachable and consistent in doing his job as a great agent. Thank you Next Step.”

 Check out Inglemere Road, CR4 2BT below.

BOOK A PROPERTY ADVICE MEETING

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