Agents and Landlords Urged to Make Regular Visits

According to the latest TDS stats, property damage is becoming a growing problem for landlords and agents, now accounting for 52% of all deposit disputes and up 29% over the last four years.

According to Imfuna, developer and provider of digital inventory app Imfuna Let, damage to property can lead to landlords being out of pocket. Only in June 2016, a landlord was faced with a £10,000 bill covering loss of rent, refurbishment and legal costs after tenants trashed his property. The landlord’s three-bed maisonette in Plymouth, Devon was littered with rubbish and faeces, had extensive mould to kitchen cupboards, damp, and all the carpets were ruined due to extensive pet damage (source: Daily Mirror, June 29 2016).

Howard Lester, Director of Balgores Property Group comments: “We conduct regular inspections on the properties we manage for landlords and have found it has reduced the number of tenant disputes by 42%.  We are able to identify any property damage early on and can have discussions with the tenants to resolve issues. Pet damage is a growing problem and we have been able to quickly identify tenants that are breaking the terms of their lease by through regular inspections.

“It is also important to ensure that tenants are present at check-out.  This will help resolve any potential dispute, as the tenants can be shown pictures of the property’s condition at the start and end of the tenancy.”

Jax Kneppers, founder and CEO of Imfuna explains: “It is so important for landlords and agents to make regular property inspections so that they can identify problem tenants early. Even if tenants have been thoroughly vetted before taking the property on, it is still vitally important to record the condition of the property before the tenancy begins.

“During a periodic inspection, any issues or problems with the property can be discussed openly and transparently. Tenants can be shown photos of the property before the tenancy started, then compare them with the property's current condition. Very often it is floors that receive the most damage; followed by doors, skirting and window frames; and kitchen worktops and cupboard doors.

“We have developed a periodic property management visit template and made it available to all users. This enables landlords, letting agents and tenants to have an ongoing, transparent conversation throughout the period of a tenancy where any damage to the property can be assessed and repaired or replacement can be negotiated between the parties.”

Imfuna Let streamlines the reporting process and reduces the overall process from property inspection to report generation by up to 75%. Imfuna Let can be used on current Apple or Android devices. Technology you can depend on.

What are the pros and cons of open house viewings?

Open house viewings – for many years a popular selling technique in America – are slowly but surely making their way across the Atlantic. Sellers, eager to exhaust every possible plan of action, are increasingly turning to (or at least considering) this way of selling.

What, though, are the main upsides and downsides to open house viewings?

Below, using our experience as a leading estate agent with branches across Essex, East London and Kent, we take a closer look.

The benefits

Open-house viewings are a very useful time-saving device, for both you and your prospective buyers.

After all, only having to prepare for a day's worth of house viewings will be a lot quicker than having to prepare your house again and again for a number of different individual viewings. Rather than lots of different viewings – all at various different times and of differing lengths – an open house viewing allows you to set aside one day (probably at the weekend) to get all interested, pre-vetted buyers to your house.

Each prospective buyer will be given a pre-arranged time slot/appointment, so you won't have the issue of lots of different buyers viewing your property at the same time.

That’s the other main benefit of open house viewings; they tend to be much more convenient. The majority of buyers are likely to have hectic schedules where, for whatever reason, free time is at a premium.

It might be work, kids, leisure or other commitments, but the amount of time available to most buyers is likely to be minimal. This, of course, makes the prospect of just the one viewing (at a set time) that much more appealing.

From a seller’s point of view, arranging house viewings – at a time that suits all parties – can be a bit of a nightmare, so the idea of one day's worth of house viewings will also have plenty of appeal. You will have only to prepare your property once for one full day of viewings, rather than multiple viewings across different days.

What’s more, open house viewings can increase competition among would-be buyers – which is excellent news for you as a seller. Certain buyers, eager to secure their dream home, will not want to be outbid by rival buyers – as such, they may look to act quickly, to push through a fast house sale. This puts you in a strong negotiating position, if buyers are chomping at the bit to make offers.

The downsides

There is a fair amount of preparation needed for an open house viewing. Although you’ll only have to get your home ready and spruced up the once, organising and planning for an open house viewing is likely to be more strenuous and stressful than ones carried out on an individual, one-to-one basis.

You are also likely to have to work harder at an open house viewing – with more questions and queries being fired your way. Hosting a whole day of viewings is also likely to be exhausting.

Here are Balgores Property Group, however, we handle all the viewings for our clients to try and make the property selling process as hassle-free as possible. If you like, you can even go out for the day and leave executing the whole open house day to us.

We operate branches in a number of areas, from Gravesend and Hornchurch to Romford and Basildon. Please get in touch with us for more information and advice on selling or letting a property.

If you’re wondering how much your property could be worth in the current market, our free instant online valuation could give you a good idea.

Brentwood Sees Largest Rent Rise for Three Bed Semis

A new report reveals that Brentwood has seen the largest rent rise for three–bed semis - up 17% in September 2016, compared with the same time last year, according to Balgores Property Group.

Brentwood has recorded the largest leap in rent prices for three-bed semis, followed by  Romford, up by 7%, Basildon up by 4% and Chelmsford up by 2%.  Upminster is the only town to record a drop in rent prices, down 6% year on year, as demand for property in the town softens. Hornchurch rental prices remain unchanged over the last 12 months.

It now costs an average of £1,305.77 per month to rent a three-bed semi in Brentwood, while in Romford, the same property will set you back £1,250.41 per month. 

Basildon remains the most affordable town in Essex for rental accommodation, with average monthly rent for a three-bed semi, sitting at £959.49. The most expensive rental property is to be found in Upminster, where the average monthly rent is £1,321.15, followed by Brentwood, where the average rent price is £1,305.77 per month. 

Fig 1: Three Bed Semi Rent Prices – 2016 compared with 2015

Town	Average  Rent Prices Sep 2015	Average Rent Prices Sep 2016	Percentage Difference
Brentwood	£1,109.38	£1,305.77	17%
Chelmsford	£1,085.77	£1,110.07	2%
Romford	£1,163.43	£1,250.41	7%
Hornchurch	£1,281.40	£1,286.79	-
Basildon	£921.60	£959.49	4%
Upminster	£1,406.25	£1,321.15	-6%

Howard Lester, Director of Balgores Property Group comments: "Brentwood is experiencing a boom in demand for rental property, partly down to the Crossrail effect and the regeneration of the High Street and William Hunter Way.  The new Crossrail service will take about 40 minutes to reach Liverpool Street, with faster journeys into central London.

“Many professional couples and families are moving from London to Brentwood, attracted by the lifestyle, more affordable rental prices and great transport links to the city. As a Crossrail location, Brentwood will reap the rewards of a higher profile together with increased demand for property from tenants and home buyers.

“Demand for rental property is also high in Romford. Local landlords will be pleased to hear that the average rent in the town is currently around £1,200 pcm and yields are generally higher in East London than the rest of the capital.

“Romford town centre is already one of London and the South East’s largest retail and shopping hubs, more than holding its own against the likes of Bluewater and Lakeside. It also has thriving nightlife, good transport links (rail, road and bus) and a large catchment area, extending from Central London to Essex.

“The Urban Strategy for Romford aims to build on the town’s existing attributes, while making it better-connected, more commercial and more residential. Improved transport links and new housing developments will help to aid this vision.”

The lowdown on...Romford

Romford, home to a Balgores Property Group sales and lettings branch, is next up for our lowdown treatment. So, without further ado…

The area

A large commuter town in East London, Romford has a population of just over 95,000. It was once a market town in Essex, but has been part of Greater London since 1965.

In recent years the town has expanded significantly, with a population increase to match this.

One of the town’s most iconic and popular landmarks is Romford Market, a large, open-air street market with more than 270 stalls selling everything from food, electricals and household goods to jewellery, flowers and upholstery.

As one of London’s oldest street markets (dating back to 1247), it attracts visitors from all over the capital, the country and the world. If you’re looking for fresh meat and fish, fruit & veg, a great cup of tea and low-priced goods, Romford Market is pretty hard to beat. It’s open every Wednesday, Friday and Saturday (and every day in the run-up to Christmas).

In fact, Romford is something of a shopper’s paradise. Liberty Shopping Centre is home to all the usual high-street favourites and coffee chains, as well as a wide range of independent offerings.

Romford Shopping Hall, meanwhile, has a wide range of shops, gift stores and eateries to keep visitors happy.

From a sporting point of view, Romford F.C. join near neighbours A.F.C Hornchurch in the Ryman League Division One North. The area also has a high concentration of West Ham fans, with the town home to its very own West Ham United Store.

Those keen on green space will enjoy Cottons Park, King George’s Playing Fields and Raphael Park, which provides plenty of opportunities for exercise and leisure activities.

Culture vultures, on the other hand, will love the Brookside Theatre, a small, intimate venue in the heart of Romford that puts on a varied range of musicals, live music, plays, stand-up comedies and tribute acts.

A wide range of cuisines are on offer in Romford. Stand-out restaurants include Ciao Bella (a lovely old-fashioned Italian with great-value dishes and excellent service) and Mangal Meze (which, as the name suggests, is a Turkish restaurant with huge portion sizes for reasonable prices).

One of the best watering holes in town is trendy gastropub Shepherd & Dog, which does excellent 'posh pub grub' in family-friendly surroundings.

There are too many restaurants, cafés and pubs to list here, so it’s best to discover as you go. In Romford, you’re never far away from a hidden gem.


The sales market

A key commuter hub thanks to its close proximity to London and its excellent transport links – Romford station has Overground, National Rail and TfL services, while a number of District Line Tube stations are also fairly close by – Romford’s current average asking price is around the £310,000 mark.

While property sellers will be pleased with this, so will buyers as it’s still one of London's more affordable locations, with demand high from young professionals, families and commuters.

Sellers will also be pleased to know that prices in Romford have risen by 12% in the last year (Rightmove) and have increased by a massive 37% since 2013, when the average price was only £226,865. With demand continuing to outstrip supply, such impressive price rises are expected to continue for the foreseeable future.

With London’s population set to swell in the coming decade, expect more and more people to head eastwards – which will be to the benefit of places like Romford. The town has many of the attributes desirable to buyers – family friendly, easy access to London, green space, good local schools – so it is unlikely that demand will be retracting anytime soon.

The rental market

Demand is also high when it comes to private rented properties in Romford. Local landlords will be pleased to hear that the average rent in the town is currently around £1,200 pcm – and, as we've mentioned before, yields are generally higher in East London than the rest of the capital.

This is mostly because properties tend to be a bit cheaper in our neck of the woods, which means yields aren’t so squeezed. What's more, a good return on your investment – should you ever sell in the future – is pretty much guaranteed, given the high demand for homes in this area.

With the number of people privately renting set to rise significantly over the next decade, landlords should also feel confident in their ability to fill their rental properties with ease.

The future

Romford town centre is already one of London and the South East’s largest retail and shopping hubs, more than holding its own against the likes of Bluewater and Lakeside. It also has thriving nightlife, good transport links (rail, road and bus) and a large catchment area, extending from Central London to Essex.

The Urban Strategy for Romford aims to build on the town’s existing attributes, while making it better-connected, more commercial and more residential. Improved transport links and new housing developments will help to aid this vision.

To find out more about selling in Romford, contact our sales team on: 01708 755507; or for lettings call: 01708 755508.

You can also request a free instant online valuation to see how much your property could be worth in the current market.