Last month, we asked our landlords for their thoughts regarding the rental market in Swansea and what they expected to see happen in the forthcoming year. The results of the survey were invaluable in helping us to better understand the hopes and concerns of landlords in Swansea, and in making sure we are developing our service in line with what our landlords need from us going forward.
Overview of results
Increased tax, unforeseen maintenance costs, and the potential for agency fees to increase due to the tenant fee ban topped landlords’ biggest concerns.
63% said finding long term tenants was the most important factor when letting a property – more important than achieving the highest rent and finding a tenant quickly. This was backed up with 74% preferring 12 month fixed term tenancies.
51% expect rents to rise in the next 12 months, while 49% thought rents would stay the same.
65% were not aware of new energy performance laws coming into effect next year which will ban F and G rated property from the market.
Views of the property market in Swansea were varied – from ‘gloomy’ to ‘growing’ and ‘positive’ -, but many cited ‘government interference’ as a major factor deterring landlords from the rental market.
Adding even more value to our service
Analysing the results of the survey, it was clear that landlords would like more visibility of costs and statements, and whilst appreciate of the communication levels we offer, they want to know more about what’s going on with their property.
In response to this, we will be launching My Property File: a new, interactive addition to our website that will allow landlords to see their account, download important documents and monthly statements, and view active maintenance works orders.
My Property File has benefits for tenants, too. They will be able to see their account, access copies of their tenancy agreement, and view the progress of reported maintenance issues.
With less than 12 months to go before the EPC regulations change, we are in the process of contacting landlords who will be affected to encourage them to start planning in advance what measures will need to be undertaken, and also what the cost will be so that they have time to get their finances in order.
With regards to maintenance, we will be encouraging our landlords to in confidence discuss their financial expectations of the year ahead, in confidence, to be sure we are all working from the same page and towards the same goals for their property investment.
Our interim property visit reports have also been upgraded to offer more information, and will feature more photos. This was rolled out this week, so landlords on our management service will receive the new reports shortly.
For our Let Only landlords, we’ve taken away the varied set up fee structure based on tenancy length, and now only charge a percentage based on what the achieved rent is or our minimum fee of £360 (incl VAT). This will give more flexibility to landlords and tenants, and should allow for longer, fixed term tenancies to be set up at no additional charge.
With all of these changes, your feedback is always appreciated. If you would like to let us know your thoughts, just drop us a line – either call the office on 01792 430100, or email firstname.lastname@example.org.