A weekly podcast co-hosted by Suzanne Smith and Richard Jackson, who discuss practical tips to help you start, grow and succeed as a landlord in England
In this episode of Good Landlording, Suzanne and Richard reflect on what they've learned as landlords in 2024, and what we'll be doing differently in 2025. Their "landlord reflections" on the year.
They discussed the challenges and changes they faced, particularly in light of the upcoming implementation of the Renters' Rights Bill, sharing valuable lessons learned, including the importance of tenant screening, the impact of service charges, and why it's valuable to have a strong network.
Looking ahead to 2025, they outline their resolutions and plans for adapting to the ever-changing rental landscape, emphasising the ongoing demand for rental properties and the need for proactive management by landlords.
Key takeaways
These are the key takeaways from Richard and Suzanne's reflections on 2024, looking towards 2025:
Adapting to changes is crucial for landlords as we go through the upheaval that the Renters' Rights Act will bring.
Rent guarantee insurance is going to be even more important for new tenancies, even those with glowing references.
Service charges can unexpectedly increase, requiring vigilance, and awareness of the risk of forfeiture. See Episode 24: Labour's plans for leasehold and commonhold reform.
Why spending money on inventories is worthwhile.
The importance of having a contingency fund for unexpected expenses, and constantly checking for maintenance.
Networking with other landlords can provide valuable support.
EPC ratings will become even more important in the coming years, with the expected requirement for rental properties to have a C rating by 2030. Suzanne managed to get an EPC C without putting in wall insulation, but her walls weren't single skinned, which helps. She put 300mm insulation in the loft and 150mm in the cellar ceiling. See Episode 31: What landlords need to know about EPC ratings.
Try not to waste emotional energy by reading speculation in the press and in landlord forums.
We should always keep our portfolio under review.
Suzanne predicts Q4 2025 as the earliest for the "commencement date" of the Renters' Rights Act.
The demand for rental properties remains strong.
Planning for the worst while hoping for the best is a sound strategy.
Richard and Suzanne have a lot of projects planned for the New Year, and will be taking a break from the podcast. They thank everyone who has supported the podcast in 2024.
Credits
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Music: "Paradise Found" by Kevin MacLeod of Incompetech. Licensed under Creative Commons: Attribution 4.0 License.
4 Dec 2024TRANSCRIPT
How to find tenants using online letting agents #36
In this episode of Good Landlording, Suzanne Smith and Richard Jackson discuss how landlords can find tenants themselves by using online letting agents, instead of traditional high street agents.
They share insights on creating effective property listings, the importance of quality photography, compliance with legal requirements, and the process of screening and selecting tenants. They emphasise the need for landlords to adapt to changing market conditions and to be thorough in their approach to tenant selection.
>> Ask a question: Click here for question form
Suzanne and Richard cover the following in sharing tips on the steps that landlords need to go through to successfully list properties on the portals and find good tenants:
How technology has transformed the way landlords find tenants
The increasing market share of online letting agents
The steps landlords need to go through to list properties on the portals
What material information is needed for the listing?
Gathering the various safety and regulatory certificates to serve on the tenants
Creating a compelling property description
The importance of high quality photos, a floor plan and a video
Screening applicants
The rules about holding deposits
Referencing
Tenancy deposits
Signing the tenancy agreement
Credits
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Music: "Paradise Found" by Kevin MacLeod of Incompetech. Licensed under Creative Commons: Attribution 4.0 License.
19 Nov 2024TRANSCRIPT
Landlord guide to tenancy deposits #35
Tenancy deposits are important. They give landlords comfort that they won’t be out of pocket if there is damage to the property at the end of the tenants or if there are arrears. However, tenancy deposits are subject to a lot of regulation to ensure that tenants' interests are protected.
In this episode of Good Landlording, Suzanne Smith and Richard Jackson cover the following:
The difference between custodial and insured deposits.
The rules about tenancy deposits.
What happens if landlords don't comply with the tenancy deposit rules?
How does a tenancy deposit differ from a holding deposit?
What deductions can landlords make?
Can landlords charge for their own time?
Can a landlord replace something with an upgrade?
What happens if the tenants won’t agree to the deductions?
>> Blog post: What deductions can landlords take from tenancy deposits?
>> Blog post: What landlords need to know about Deposit Protection Schemes
Key insights about deposits
Here are the key insights from the podcast episode.
The rules about tenancy deposits are intended to ensure that deposits are properly protected, ad that the landlord makes appropriate deductions.
Custodial deposits are held by third-party schemes, while insured deposits allow landlords to keep the money.
Landlords need to register the deposits and provide the prescribed information about the deposit protection to the tenant within 30 days.
If the deposit is not protected properly, tenants can claim compensation and a landlord won't be able to issue a valid Section 21 notice.
It's essential to document the condition of the property with a detailed inventory, preferably done by an independent third party as that constitutes better evidence.
Landlords can charge for their time spent on cleaning and repairs under certain conditions. (See the MyDeposits article explaining the circumstances where landlords can charge for their time).
Disputes over deposits can be escalated to the deposit schemes.
>> Related episode: How to manage tenants and keep them happy
Credits
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Music: "Paradise Found" by Kevin MacLeod of Incompetech. Licensed under Creative Commons: Attribution 4.0 License.
Inside a recent episode
What we learned in 2024 #37
Published 18 Dec 2024 · Transcript excerpt
[…] So it's about adapting to the ever -changing landscape. And for example, one of those things that I've learned this year I'm going to take into 2025 is to make sure that when I'm credit -checking tenants, I'm going to be more careful than ever before. I'm always going to make sure that I take rent guarantee insurance out for all new tenants. He's even the ones with glowing references. Because the worst thing that can happen is having to evict a tenant or dealing with a bad tenant. It's just can't be an absolute nightmare. That's something that I've learned from doing the podcast and talking to you actually, it's about rent guarantee insurance because I've never taken it out before. […]
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