Is it easy running your own franchise business from home?

Lots of people dream about running their own business – for reasons which range from escaping the commute, spending more time with family or to simply fulfill an ambition and earn more money.

Working from home - No Letting Go

Working from home – No Letting Go offer great franchising opportunities

And one of the best ways to begin is to become a franchisee which will help you become quickly established with a business that is tried and tested.

Having a franchise means you will get the help and support you need for your business to do well and this is where becoming a franchisee for No Letting Go becomes a win-win situation.

You don’t need expensive overheads such as an office, you don’t need prior experience of the property market – you just need a computer, access to the internet and a ‘can do’ attitude.

Nick Lyons is the managing director of No Letting Go and he says: “Running a business from home is tough but the upside outweighs the downside – there’s no commuting, there is lots of flexibility, it’s cheap to do and you do get to spend more time with your family.

“However, there’s no getting away from the fact that you will have to work extra hard in networking, getting out and mixing with client prospects and then you have the possible loneliness because you don’t mix with other people as you may have done previously.”

As a home-based No Letting Go franchise you may still have clients visiting so you can’t afford to be sat around in your pyjamas all day long and you still have to report to a regional office.

Nick adds: “Franchising is a great opportunity for the right people. The reward potential is enormous but it still requires energy, discipline and dedication to be successful.”

There are franchising opportunities for a wide range of industries and No Letting Go have become the leaders in what is termed inventory management. That is when an inventory is made at a property for the landlord which is independent as well as being fair and accurate.

Like many opportunities, franchising is about what you put into it. It is not a short cut to success and you will need to be professional in your outlook and establish a routine that works for you which means no slacking to watch TV or entertaining people to coffee on a regular basis.

It also means that you need an office space which, ideally, has a door so you can keep distractions and family on the other side of it. Everyone needs to understand that when the door is closed, then you are at ‘work’ and should not be disturbed.

It’s only natural that some people won’t understand the difference and think that being at home means you are available for chores or favours. You will have to be firm – relent once and it will become a common feature and will lead to working for longer trying to get the work done.

Some people will also struggle to get their ‘business head on’ which is to say they don’t commute and don’t have that time between home and work to focus from one place to the next. It helps to dress as if you are going out to work.

The next big issue is spending long periods by yourself. Let’s be honest: after years of working in hectic office environments, this is going to take some getting used to.

You will need to structure your day and allocate time to achieving a set list of tasks. You will also need regular breaks from the computer and to get some fresh air and exercise. Do not start playing computer games or over-indulging in social media such as Facebook or Twitter – turn them off and you will reap the rewards.

It may also be a great idea to start networking and joining business clubs (especially if you become a franchisee of No Letting Go because the potential contacts you make could bring money in).

Finally, working from home is a great way to earn a living but if you don’t take time to make friends and create new networks then who will you boast to about your successes?

For more information about becoming a franchisee with the fast-expanding business No Letting Go, then visit: http://www.nolettinggo.co.uk/join-our-inventory-management-team.html or call 0800 8815 366.

No Letting Go are the UK’s leading provider of inventory management services, providing check in and check out services, property inventory and condition reports and specialist on site services to landlords, lettings agents and property professionals.

New Landlord Emergency Cover Launched

Leading providers of let property cover, Total Landlord Insurance, have just added Total Landlord Emergency Cover to their portfolio of insurance products
designed specifically for landlords.
Total Landlord Emergency Cover is a cost-effective insurance product that provides immediate assistance in the event of a domestic emergency at a rental
property.
The policy provides cover 24 hours a day 365 days a year for call out charges, labour and repairs for emergencies such as the breakdown of the heating system, plumbing and drainage problems.
Broking Manager, Steve Barnes, said: “Domestic emergencies at landlord’s rental properties can be inconvenient and sometimes difficult to resolve. It is not just boilers that go wrong, plumbing, drains and lost keys can cause inconvenience for landlords. At just £70 per property we feel that this policy represents excellent value for money and provides reassurance for both landlords and tenants that emergency assistance is only a phone call away. Introductory discounts are also available for limited period”.
Total Landlord Insurance will also be extending their range of landlord focussed products to include Rent Guarantee insurance and Tenant Referencing soon.

Steve continued: “Our customers are at the heart of our business and we will be adding more products and services to our website to provide landlords with a one stop solution for their insurance needs”.

For more information on Total Landlord Emergency Cover go to www.totallandlordinsurance.co.uk or call on 0800 63 43 880.

Large deposits make inventories more important than ever

This article up from Property Drum by Operations Manager for ARLA, Ian Potter, further highlights how critical inventories with schedule of condition report have become.

With such large sums of money at stake, ARLA has called on tenants and landlords to consider the benefits of establishing a comprehensive property inventory check upon the commencement of a new let.

Ian Potter, Operations Manager of ARLA, said, “Deposit disputes can be one of the biggest problems for both parties involved in any rental property, and many potential issues can be avoided if a professional inventory is prepared.

“A licensed letting agent will offer you the best advice on checking to see if an existing inventory is available or whether any extra charges are invoked in drawing up a new document. A true inventory is not simply a list of items in a property – it also includes a description of the condition and cleanliness at the start and finish of the tenancy, enabling one to be compared against the other with clarity and accuracy.

“Photographs are a good support for comments made in a written inventory but should not be considered a replacement for the written word. Photographs which are unsigned and undated generally are not worth the effort, so make sure they are accepted at the outset and again at the check-out stage.”

Ian Potter said, “A well put-together inventory can give both landlords and tenants peace of mind throughout the occupation period. The inventory is not designed to catch tenants out, but rather to ensure both parties are in agreement over the quality of the property being rented.

“If conducted correctly, and agreed by both tenant and landlord, an inventory should form a key point of reference for any deposit-return queries or issues over reported damage. In recognition of the importance of inventories ARLA has its own sub division, the Association of Professional Inventory Providers, whose members have passed an accreditation exam as well as having a Code of Practice to follow.”

For Professional Inventory Management Services throughout the UK talk to No Letting Go, APIP members, who can provide all inventory management services including Inventory, Check In, Propert Visits and Check Outs with full dilapidations reports. Contact us on 0800 8815 366 or contact one of our local offices at www.nolettinggo.co.uk/contact

Unpaid rent and filthy tenants – Latest Student Landlord Survey 2011

With student market nearly upon us, New Student Publications carried out an interesting straw survey on Student Landlord Problems

Different categories were addressed covering areas from unpaid rent to cleanliness issues.

Unpaid rent, filthy tenants and panicking about filling your properties for next year?

The results were astounding, with over 14% of landlords saying that their current biggest problem is just finding tenants to take their properties and fill in any gaps should someone drop out during a contract, with more than 2% feeling like they are struggling just to get viewings. One agent simply said “we have unlet properties remaining for July 2011, the situation is worse than in previous years” In a similar 2009 survey finding tenants was also the biggest problem raised by landlords.

Dirty Tenants

Landlords cited dirty tenants as their second biggest problem, with 16% left to pick up massive cleaning bills, or called out at 4am to change a lightbulb. The general consensus was “students don’t take care of the property or make any effort to keep the house clean.” 3.5% of agents thought that students demanded a much higher standard of accommodation than ever before, although it seems that tenants are unwilling to take out contracts for a full twelve months, with one landlord struggling to get even shorter terms “the majority of people contact me to rent for one or two months.”

Pressure From Pupose Built Halls

Many of the landlords surveyed said that they felt increased pressure from new purpose built student villages found in many city centres; more than 8% of those surveyed would eradicate those villages if we gave them one wish! 2% of landlords are afraid that their properties were not close enough to ‘hotspots’ and so would soon be abandoned in favour of more central locations.

Unpaid Rent

11% of businesses struggle with unpaid rent, while 2% note that this messes with their cash flow and although some are sympathetic to the issues caused by the Student Loans Company, most are fixed on the bigger picture; “a lot of time is spent chasing payment. Students seem to think that it is not always necessary for them to pay their rent.” This coupled with tenants excessively using all inclusive utilities means that businesses are less profitable. One landlord’s wish was simply that we could ‘undo the recession’ as 8 different landlords complained of increases to the cost of maintaining their properties to a decent standard.

Relax Regulations

Bogged down with HMO paperwork and expense? Over 18% of those surveyed would love to change or relax the regulations and the council powers to control them. One landlord stated; “there should be a national guide for HMO legislation.” Some landlords feel so strongly about HMO licensing that they named specific city councils or even actual councillors as their biggest fear for the future. 3 landlords said they had qualms about council schemes to shift populations from one area of a city to another, and how it would affect their business.

Worries Over Tuition Fee Increase

Landlords are worried about the tuition fee increase, with more than 14% saying that if they had one wish, they would fight the fees and leave the system as it stands, a worry which probably contributes to 13% of them saying that they feel the future of the market is uncertain, as some students may choose to stay at home to study. Competition from the university owned housing is a headache too, with 4% saying an increase in that sort of accommodation would be detrimental to their ability to let.

Problems With Advertising

Landlords raised the issue of advertising, when to do it and how the culture of marketing lets so early can damage the business, with nearly 5% of landlords thinking there should be a guideline that means property is marketed in January and not before. 4% thought university accommodation offices charged them too much for advertising, and 5% would like to see cheaper, and more effective advertising available to them.

Deposit Protection Unfair

Some landlords were concerned that the existing Deposit Protection Scheme did not offer them enough scope to reclaim money for damage to their properties. Eight separate landlords would like to see the entire system revised, with 1% of those surveyed listing it as their biggest problem. A case from the survey highlights the DPS’s flaws; “£1500 worth of damage but ex tenants refuse to give consent to DPS to pay the landlord.” And some feel that from a legal standpoint the law does not protect them, 3% of landlords would like to see more legislation to protect the financial interests of the landlord.

Worries Over The Potential Drop In Student Numbers

And what of the future of the student property market? More than half of those surveyed were very worried about the potential drop in student numbers next year, with one landlord summing up the problems this will create; “if student numbers drop because of the £9,000 a year course fees then we might see empty houses, lower rents or both.” A worry shared by 3% of those surveyed, who fear the contraction in the market will mean a forced reduction of rents, while other suggested offering shorter term contracts or starting to appeal to the housing benefit market was the only way to keep the business afloat.

No Problems At All

But this isn’t the full picture. Almost 9% of those surveyed have no major problems with the lettings market, their tenants or filling their properties. One landlord is more than happy with his tenants; “we enjoy our students. We pride ourselves in helping them learn how to care for and run the house. We regard them as ‘professionals-in-training’ and teach them what they should reasonably expect from a landlord and what they should reasonably do as a tenant.” One respondent would use a magic wand to change the public’s attitude towards students; “they tend to live in larger houses that are too big for modern families and therefore almost act as guardians for some of our most impressive architecture. They should be seen as a positive part of any community.”

 

Top 5 biggest fears for the future Number of responses Percentage
Fewer students in the future 101 54%
Student villages 15 8%
Legislation increasing workload 15 8%
Unpaid rent due to fees 10 5%
Universities moving into market 8 4%
Top 5 current biggest problems Number of responses Percentage
Bad tenants 51 13.6%
Uncertainty for the future 49 13.1%
Finding tenants 48 12%
Unpaid rent 41 11%
HMOs 17 4.5%

No Letting Go are working with a number of student letting agents and bodies around the UK to help protect both landlords and tenants from many of the issues arising from cleanliness and deposit protection. Better use of Inventory services, checking tenants in, property visits and managing the check out is critical to ensuring that potential problems are dealt with in advance and issues arising from check outs are dealt with quickly and efficiently. Contact No Letting Go on 0800 881 5366 or find your nearest office at www.nolettinggo.co.uk

Compiled by Emma Parker New Student – Student Housing Magazines – www.newstudent.co.uk

Latest Guide on Deposits, Disputes and Damages

 

Read the Latest Guide on Deposits, Disputes and Damages from all 3 Deposit Schemes
By Nick Lyons, Managing Director No Letting Go

All three deposit schemes have released an information document on managing your deposits, with advice on what is required (or not as the case may be) and clarifying some of the many questions that arise with regards protecting your or your clients properties.

http://www.nolettinggo.co.uk/A-guide-to-deposits-disputes-and-damages.pdf

If you need any advice or wish to get an inventory with detailed schedule of condition, check in, property visit or check out carried out please contact one of the No Letting Go offices throughout the UK at www.nolettinggo.co.uk/find-your-local-office

Who wins the deposit disputes – tenant v landlord

TDS state that the following percentage awards (in terms of deposits held) were made during 2010

Percentage of awards made to tenant – 56%

Percentage of awards made to landlord – 42%

Percentage of awards made to agents – 2%

The lack of landlord generated accurate paperwork seems to still be a problem.

TDS: Top 3 causes of deposit disputes

TDS state that in 2009/10 the top three causes of disputes were as follows:

Cleaning – found in 46% of complaints

Damage – found in 29% of complaints

Redecoration – found in 24% of complaints

Top 5 buy-to-let landlord mistakes

I read a great article written for Upad this week….if you missed it then here it is. It is always good to remember the basics.

The Buy-to-Let boom is unlikely to return any time soon. A serious lack of good deals from BTL mortgage lenders is compounded by a distinct absence of confidence right now. But it does look like those green shoots of optimism are starting to appear again and 2011 may well be the year when a little cheer returns for budding Buy to Let landlords.

Tenant demand has never been stronger and banks say they want to lend again. Combine that with rising rents in many areas and a housing market that continues to splutter, and you’d be right to think that now is a good time to reconsider a Buy to Let investment.

And invest is the key word. Buying to let is just another way of getting your capital to work as hard as it possibly can for you in order to generate returns. How you do that is up to you. Perhaps you want the boost of a monthly rental income from a property. Or you could fancy a longer term punt and hope to rake in the cash when you sell the property some way down the line. But whatever your intentions, make sure you don’t make any of the common errors that often put a Buy to Let landlord’s investment at risk.

Don’t spend too much for too little return.
Calculate what you can afford and take into account all the expenses of being a landlord. Don’t overstretch yourself. Be realistic about your finances and take professional advice on taking out an appropriate mortgage. Consider future interest rates. Over the next few years, interest rate rises are inevitable. Don’t be caught out: will your investment be as attractive if any mortgage payments you make rise dramatically?

Being a landlord also attracts all manner of expenses and they can sometimes come out of the blue. Ensure that you can afford them and also that they don’t dent the profitability of your investment. In a rented flat, the boiler could go kaput at considerable expense or a service charge bill could come out of the blue. Expect the unexpected.

Remember that your rental income might occasionally be reduced. Tenants might miss the rent and get into arrears or you could experience voids between tenants when the property isn’t generating any revenue. Ensure that you should mitigate against these and that you can afford to keep going through the leaner times.

Don’t forget to “futureproof” your investment.
Many landlords come a cropper because they spot a cracking property at a great price and just go for it. Don’t forget Elvis: only fools rush in. With a little local research, you might discover why the property is such a bargain. Is the location up to scratch? Is crime a problem? Is a new motorway just about to plough through the local nature reserve? Maybe a supermarket is planned for the end of the road? It doesn’t take much nous to do some research and understand what’s happening in the area. A bargain property is always a bargain for a reason. Just make sure that some third-party development isn’t going to blight your enterprise.

Buy for your tenants, not yourself.
Channel your inner Vulcan, disengage your emotions and buy a property that will generate a fine return. That’s the challenge Don’t fall into that all-too-common trap and buy a place you like but which is entirely unsuitable for the tenants you have in mind. And be careful to approach the decoration and fittings of your property in the same way. Go for generic colours and furnishings and think of your future tenants at all times.

Don’t forget the taxman. (He won’t forget you!)
In general terms (and you are best advised to consult a professional accountant on such matters), if you are making more than £2500 profit on your property each year you’ll need to file a self-assessment tax return. So make a merit of it. You can claim tax relief on certain expenses you incur as a landlord. A canny accountant will help you pay not a penny more (and not a penny less) than you have to and is well worth the expense for all the expertise they can offer.

Do you understand the role of a landlord?
Sometimes landlords jeopardise their investment by failing to appreciate and understand the legal frameworks that surround every landlord. Firstly, whilst it may be your house, it isn’t your home. You can’t just pop by on a whim and you are also responsible for maintaining the property in a fit state for the tenants. Bone up on the law, read a few books and keep up with the news. Joining one of the landlord associations out there is always a good idea.