Tag: Buy-to-let

More support needed for buy-to-let landlords

Lesley Davis Leave a comment
Small landlords are struggling as much as their tenants due to the pandemic

Baroness Altmann echoed the feelings of many people in the private rented sector when she told Letting Agent Today last week that the Government needs to do more to support buy-to-let landlords. The Conservative peer and consumer campaigner highlighted the plight of small landlords, who may only own one or two properties and “ have been compassionate in the face of requests from renters during the pandemic” but who are now struggling with their own finances.

Despite supporting the eviction ban “in principle” Baroness Altmann also pointed out that an unintended consequence of the five month long moratorium has been that, aswell as protecting vulnerable tenants, it has also prevented evictions of anti-social tenants and has left some landlords struggling to pay their own bills.

As we have highlighted in this blog before, many buy-to-let investors enter the sector in order to furnish themselves with a pension.  Now, as a result of the pandemic, they are finding themselves with little or no rental income but must still find the money to pay for licensing fees, insurance, repairs and possibly even utility bills.

In response to the problems now being faced by buy-to-let landlords, Baroness Altmann is suggesting a range of measures including:

  • Government to clearly re-state that tenants must, wherever possible, continue to pay their rent as normal, and stop implying that all landlords are wealthy or are large firms who can afford to receive no income
  • Government to offer landlords and tenants additional support, including mediation, to agree rent repayment plans where arrears have built up as a result of the pandemic
  • Court processes to be urgently reformed so that possession cases are heard fast in order to help clear the backlog of cases
  • Clear plans to be put in place to respond to possible future local lockdowns, perhaps by pausing repossession cases in those areas, within a specific timeframe. 

We support Baroness Altmann’s proposals. It is only fair to continue to support vulnerable tenants wherever possible while at the same time making life easier for beleagured landlords. In the last few months we have all become accustomed to doing all kinds of things remotely, so we particularly like her practical suggestion that court reforms could easily include continued online hearings and making better use of web-based arbitration.

At Ringley, we’re doing our best to support the landlords we work with who find themselves with tenants in arrears. Using our new lettings platform PlanetRent may also help by simplifying rent collection. Payments are made automatically via direct debit on the same date each month, enabling tenants to budget for their rent. Another really useful feature is that payments are taken from joint tenants individually – improving the collection rate for landlords – and then jointly from other tenants if one should default.

There’s no subscription and we have a great pricing model. PlanetRent is pay-as-you-go, so why not check it out today and help your tenants pay their rent quickly, easily – and on time.

www.planetrent.co.uk

Why not READ our Property Blog: www.ringleypropertyblog.co.uk

How PlanetRent is future-proofing buy-to-let

Lesley Davis Leave a comment
planetrent logo

It has been a tough few years for buy-to-let investors First they were hit with reduced mortgage relief and then extra stamp duty, while at the same time taking the blame for pushing up house prices and keeping first-time buyers off the property ladder. The financial penalties have been accompanied by increased regulation, so it is no surprise that the number of buy-to-let landlords hit a seven-year low in 2019 according to Hamptons International.

However, government interference isn’t the only challenge facing buy-to-let investors. Responding to the UK’s demand-supply imbalance of rental housing, institutional investors have poured billions into creating purpose-built rental housing to secure steady long-term income streams. While build-to-rent makes up only a tiny fraction of the overall UK rental market at present, with the latest British Property Federation and Savills data revealing there are 150,000 BTR homes complete or in the pipeline, this number will only grow.

Yet rather than fearing the competition from this new breed of corporate landlord, buy-to-let investors – and their agents – should look to learn from the emerging build-to-rent sector, particularly when it comes to treating tenants as customers. Just as important is to look to the tools many of these investors are using and embrace the technology that makes their lives and those of their tenants easier.

People often joke property has been a late adopter of tech. But online portals such as Zoopla and Rightmove are up there as household names with Amazon, Google and Microsoft. Yet while these platforms have made finding a property easier, the lettings process is still too often time-consuming and overly reliant on physical paperwork.

That’s why BTR landlords such as Grainger plc and Moda Living had already adopted a digital-first approach to leasing before the coronavirus outbreak. Many BTR operators also have customer-facing apps for their residents that allow residents to do everything from pay rent and bills to report repairs and organise community events.

No doubt, post-crisis others in the BTR sector will follow in taking a digitally-led approach to leasing and operations, as concerns linger around social distancing and consumers become more accepting of virtual ways of working.

That’s why at Ringley we’ve brought forward the launch of PlanetRent, our cloud-based platform that connects landlords, agents, tenants, site staff, accountants and contractors. Crucially, PlanetRent fully supports remote working by giving each party their own easy-to-use portal in which they can access everything they need from their own home.

For landlords, this means protection against hefty fines for not serving legally required documents, such as the How to Rent guide, EPC and gas safety certificate, to your tenants.

PlanetRent also helps minimise the risk of lengthy and costly void periods by nudging tenants to renew and sorting a renewal in just three clicks if they choose to stay. Properties are automatically marketed should they want to vacate.

For agents, PlanetRent frees up staff by automating mundane processes and allows deal-flow to be monitored in real-time. The platform also replaces the need for a whole host of different subscriptions, including accountancy packages, saving money.

Tenants benefit too as they can request and monitor repairs and access their relevant documents and files through their own portal and be confident their landlord and agent are fully compliant.

With COVID-19 making digital nomads of us all, landlords would be foolish to stay stuck in the analogue era. Tech has made other aspects of our lives from shopping to ordering takeout or a taxi simpler and more transparent. Letting a property whether as a landlord, agent or tenant should be no different.

www.planetrent.co.uk

Why not READ our Property Blog too at: www.ringleypropertyblog.co.uk

How PlanetRent supports buy-to-let landlords

Lesley Davis Leave a comment
Buy-to-let landlords can now automate their lettings in a just few clicks with PlanetRent

Are you a buy-to-let landlord? If so, you can now manage your rented homes remotely with PlanetRent. Our new cloud-based, automated lettings platform makes the whole lettings process simple and hassle-free.

With social distancing likely to be with us for some time, PlanetRent reduces contact with agents, tenants and contractors to a minimum by automating all the key processes around letting, re-letting, repairs and even marketing. PlanetRent gives small landlords access to Rightmove and Zoopla as well as helping you to easily create your own website to showcase properties.

 In just one click, PlanetRent provides all new tenants with legally-required documents such as a copy of the Government’s How to Rent checklist and Deposit Protection Scheme details, as well as energy performance and gas safety certificates. This gives you the peace of mind that every legal box is ticked and helps you avoid compliance-related fines that could cost as much as £20,000.

 PlanetRent allows all key documents and files to be accessed virtually and enables fully compliant contracts to be generated in seconds. These can then be e-signed remotely.

A tie-up between PlanetRent and Reposit gives landlords the ability to offer properties as deposit-free while giving them eight weeks rent cover. This means landlords can easily cater to cash-strapped renters who want to avoid the financial burden of paying up to five weeks rent upfront while staying protected.

 We’ve also got tenancy renewals covered. In just three clicks, PlanetRent prompts tenants to see if they want to renew. It then automatically markets properties and triggers move-out checks if the tenant chooses to vacate.

Using PlanetRent adds value for your tenants too. So why not make their lettings journey simple and hassle-free. Our new platform gives renters an easy-to-use portal they can access to see everything about their property including floorplans and utility references, as well as their inventory and contract. As documents get renewed, copies are automatically emailed to them and they can request and monitor repairs through the platform too.

 So why not try PlanetRent today? It’s pay as you go, with no need for sign-up fees or subscriptions, making it really easy to check it out. PlanetRent really is lettings automated, so you can still provide your tenants with a first-class rental experience, even in lockdown. 

www.planetrent.co.uk

Why not READ our Property Blog too at www.ringleypropertyblog.co.uk