Old News and Business Reviews

Old News and Business Reviews

How’s your first quarter stacking up?

As March ends, many of my contacts in the lettings industry are taking stock, comparing Q1 2018 performance with 2017. Number crunchers are finalising KPIs for their reviews. Directors—and everyone else—are pushing to account for every last penny, while teams closely monitor move-ins on the 29th and 30th to prevent any delays.

This year, the quarter ends over Easter, so teams must handle all tenancy issues before the holiday. Gas certificates, inventories, references, outstanding maintenance, guarantor deeds, and signed ASTs all need attention. Taking care of these tasks prevents stress for tenants, landlords, and staff—and keeps your first-quarter financial results strong.

If you aren’t already using LegalforLandlords, there’s still time to get an account set up and try our services. There’s no obligation, of course, but if you like what we do, we could help you get across the end of the quarter hurdle much more easily.

And then there’s April

Phew! Quarter 1 is sorted. April’s ticking along nicely, so you can relax* and take time to review the long-term to-do list.

You’ve already sorted GDPR compliance, I’m sure, and that pesky tenant fee ban is, most likely, at least a year away, but what about EPCs?

The good news in EPCs

The new Minimum Energy Efficiency Standards (MEES) require privately rented domestic and non-domestic properties to have an EPC rating of ‘E’ or higher. From 1st April 2018, this applies to new tenancies, and in two years, it will cover all tenancies, even without changes.

Here’s an opportunity to outshine your competitors and offer real value to landlords. Although F and G EPC ratings have dropped from 133,669 in 2008 to 57,082 in 2017, over 6% of EPCs still fail to meet rental standards.

Check your portfolio now to spot properties that need work, rather than waiting for tenant notice. Use this opportunity to contact landlords with either a “good news” update (their property is compliant) or a “call to action” (here’s the EPC, these improvements are needed, and we can help).

After 10 years working with landlords, I know they usually expect bad news—bills, tenant notices, or maintenance issues. Here’s your chance to send a quick email or letter with positive news to 95% of your clients!

An hour or two spent on your CRM, the EPC Register, or sifting through your files, could not only garner additional work for your contractors and DEAs but will also reduce the chance of lengthy void periods when the properties come back up for let. That’s good news for your landlords and a positive impact on your bottom line!

The EPC system isn’t perfect, but the reports clearly recommend how to improve each property’s energy efficiency, making the process straightforward. The EPC spells out exactly what to do, and older EPCs may already reflect improvements you’ve completed. Often, you only need to commission a new EPC instead of carrying out major works.

I recommend anyone seeking more information visit the UK Government website for full guidance, including steps if your potential EPC rating falls below ‘E’. Many of you have probably already done this, but as the title says—this is old news!

And don’t forget that if you have any legal queries about your tenants, our team are happy to provide free legal advice. Call us on 0800 840 7133.

Whatever you’re planning for April and for quarter 2, we’re here whenever you need help.

 

*If you can’t remember what relaxation is, you’re not alone. Comfort yourself that you’re doing okay if you spotted the asterisk through the tears of laughter.