New recommendations from RICS to improve property market research

property-market-research

The Royal Institute of Chartered Surveyors has developed new “Property in Politics” recommendations as a guide for new government ministers.

With the political landscape in the process of changing, it is hoped that the plans will ensure that the property market develops in a way which benefits the economy without being politicised.  They centre around the suggested establishment of a ‘Housing Observatory’ whose role would be to compile independent research allowing better long term monitoring and analysis of the property market.

The Observatory would assess the impact of current market structures locally, nationally and internationally, identify areas for improvement, and suggest and support new avenues for research.  One area which has been highlighted for review is Council Tax, which should, according to RICS, undergo a full assessment.

It seems certain that the property market will see sustained change over the coming years, which RICS hopes will be made with less connection to politics and more connection to property experts.

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Agents’ Advice: What Landlords should look for from their Lettings agency

Read on for some invaluable advice for landlords from Tanya Yates, Associate Director and head of company lettings at James Pendleton….

“Despite a difficult few years for the property market, South West London has continued to buck trends and Clapham, Balham, Lambeth, Battersea and Wandsworth continue to hold their own as stable and ever improving areas.   When letting property in these areas it is vital to have a comprehensive understanding of a fast moving and competitive local market.

What makes a good Lettings Estate Agency?

Letting through an Estate Agency is understandably a popular choice with Landlords given the number of boxes that need ticking before a property can be let. Renting your property through an Estate Agency really does make your life easier but choosing from the many lettings agencies out there may seem a tough task.

We believe clarity is one of the most important qualities to look for in an Estate Agency.  As a trusted point of contact, an agency should always treat its clients with respect and honesty.  As such we’d like to give prospective landlords an insight into exactly what is makes for a first class Lettings Agency:

A useful Landlord checklist

  • First of all, take a look at your agency’s website and marketing materials.  Taking time to look through these will give you a clear idea of the character of the agency.
  • How does your agency effectively market your property to potential tenants? James Pendleton’s centralised database allows them to multi office market each property-while not all agents have this facility, it does mean that your property details will have a wider reach.  It also makes communication within our agency far more efficient.
  • Every agency will provide you with advice on the market-the questions you ask will tell you whether this advice is backed up by sound knowledge.
  • As a valued client you should expect prompt feedback from your agency every time your property is viewed.  What’s more, this feedback should be honest, unpretentious and thorough.
  • A good agency is there to consistently ensure that you as a landlord fulfil all of your legal requirements, such as EPCs, gas safety certificates and deposit protection.
  • Your agency should provide you with a full and legally valid contract-never download contracts from the internet.  Do not trust an agency which doesn’t provide a considered contract.
  • Every tenancy is different, and you should always check that the issues unique to yours have been resolved.  For example, if you plan to move abroad your agent should advise you of your possible Non Resident Landlord status and ensure you fill out the correct forms-this could save the agent from having to deduct 20% tax from your rental income!
  • When preparing for tenancy it’s vital to be fully informed.  Has your agency advised you on separate insurance schemes for yourself and your tenants?  Have they helped you to prepare a rental guarantee?  Has the tenancy agreement been backed up with solid references and relevant paperwork?  If not it may be worth looking elsewhere.
  • Finally does your agent have the enthusiasm and commitment to deliver what they promise?  If they don’t then choose an Award Winning Agency such as James Pendleton.

At James Pendleton Estate Agents we place great value on providing our clients with a first class service, and pride ourselves being an effective and trustworthy local Estate Agency.  Please feel free to contact myself and the James Pendleton lettings team to discuss your specific rental needs.”