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Delivering Excellence in the PRS
Carolyn Uphill
Deputy Chairman
National Landlords Association
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Delivering Excellence in the PRS
Why Does the PRS have such a Poor Reputation?
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Delivering Excellence in the PRS
The Minority get the Sector a Bad Press
The Media Pick Up on the Worst Cases Rogue Operators / Environmental Health /
Illegal HMO’s
Homelessness / Illegal Immigration Provide Vulnerable Clients for the Opportunist
Beds in Sheds / Overcrowding
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Delivering Excellence in the PRS
Whilst there is a Shortage of Supply there is a lack of upwards pressure on standards
If Government could ensure that the homes that are needed are built
Effect of the Web Witness results on Student Market
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Delivering Excellence in the PRS
Is It Out There? Much of the PRS is willingly providing
good homes for the majority of tenants
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Delivering Excellence in the PRS
82% Tenants Happy with their Landlord ( NLA Tenants Index Qtr 3)
So What are the 82% Doing to Get it Right
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Delivering Excellence in the PRS
Success through balanced partnerships Professionalism Mutual Respect and Recognition
• Landlords / Tenant • PRS / Government • PRS / Local Authorities
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Landlord & Tenant in Partnership
My House Your Home
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Landlord & Tenant in Partnership
Landlord • Acts Professionally
• High Standards of Accommodation and Back Up
Tenant • Treats the house as their home – takes care of it
• Pays all the Bills / Rent Promptly
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Landlord & Tenant in Partnership
My House Your Home
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Delivering Excellence in the PRS
So What Else are the 82%
Doing to Get it Right
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No Matter How Landlords Start Out! •Accidental Landlord
Inheritance Can’t sell and need to move Partner’s House Going to University
•Investment •Pension Provision
Good Landlords Adopt a Professional Approach – and Operate in a / Businesslike Manner
Delivering Excellence in the PRS
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Professional Approach
With a Professional Approach The Landlord Recognises that as with all businesses there are
•Rules & Regulations (50 Acts & 70 Regulations) •Penalties – Civil & Criminal for getting thing Wrong •Ignorance is no defence •The Buck stops with THEM
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Professional Approach
Recognises that as with all businesses IT PAYS DIVIDENDS TO
•Run their Lettings Business PROFESSIONALLY
•Keep Standards High
•Get Trained / Knowledgeable / Keep Up to Date
•Ideally Gets Back Up–By Joining their TRADE ASSOCIATION
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Professional Approach
Landlords who Plan to Grow Their Portfolios
•Actually PLAN!
•Decide on / Select and Understand their Market
•Choose their Location Accordingly
•Buy Right – Make sure the Returns Stack Up
•Talk to Everyone – Other Landlords/Agents/Local Authorities
•Spend Wisely – invest in ‘Robust Quality’
•Save where the Market is Competitive – on insurance etc
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Professional Approach
SELECTS CLIENTS WITH CARE
Remember that the landlord is giving their tenant Possession of the Property & potential Credit
Takes References Guarantors Checks Affordability
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Professional Approach
For the Landlord who has a Mortgage and Overheads to Pay
RENTAL INCOME IS NOT JUST PROFIT
So he Acts Early on Arrears It does no-one a favour to let late payments accumulate IS FIRM and BUSINESSLIKE WHEN REQUESTING PAYMENT
Never Threatens Or Harasses
Sticks to Facts / Establishes a Timetable
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Professional Approach
GETS THE PAPERWORK RIGHT
If the ‘Business Contract’ is faulty from the start the Relationship will FAIL
Tenancy Agreement Deposit Protection Inventory
If needs to Serve Notices gets help to get them ‘Right First Time’
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Professional Approach
PROFESSIONAL LANDLORDS TREAT THEIR SUPPLIERS RIGHT
Recognising Prompt Payment and Good Relations
pay dividends when you need to call a plumber out at 1am!
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Professional Approach
Above All
PROFESSIONAL LANDLORDS TREAT THEIR TENANTS RIGHT
IF YOU WANT QUALITY TENANTS PROVIDE A QUALITY PRODUCT
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Professional Approach
If the property is ‘tatty’ on hand-over what incentive is there for the tenant to keep it nice
Professional landlords clean and refurbish between tenancies
Redecorate during a tenancy to a Regular Schedule
If there is a maintenance problem they respond quickly
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Professional Approach
Professional Landlords Get to Know and Understand their Tenants
NLA research tells us that tenants value Landlords who are Friendly Flexible With a Sense of Urgency
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Professional Approach
PROFESSIONAL LANDLORDS ARE REALISTIC ABOUT WEAR & TEAR
they recognise that
Tenants won’t look after things the way they would Some wear and tear in inevitable This will be greater with Families / Sharers
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Professional Approach
PROFESSIONAL LANDLORDS ARE PRAGMATIC ABOUT REPAIRS
By Requesting a Repair the tenant is helping them Maintain their Property Keep their Business (Tenant Index 24% 2-4/42% 4+Yrs)
So They Use it as an ‘Improvement Opportunity ‘to INVEST In Their Property
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Professional Approach
The Buy to Let Business can be
Challenging
The Professional Landlord Learns From Mistakes
Has a Back Up Plan
Is a Member of a Trade Association with a FREE Telephone Advice Line
Invests in taking the right advice
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Delivering Excellence in the PRS
So if we can agree that engendering a Professional Approach is critical to Delivering Excellence in the PRS
HOW DO WE ACHIEVE THIS?
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Delivering Excellence in the PRS
Not By Over-Regulating
But By Partnership, Respect and Recognition
We Need Good Partnerships with Government
and Local Authorities which recognise the value of the PRS and supports the good landlord
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Delivering Excellence in the PRS
Problems will not be solved by - Excessive Regulation, Control, Licensing, Fees and Penalties
Which put a cost and admin burden on the responsible landlord and have little or no effect on the rogue operators who operate below the radar
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Delivering Excellence in the PRS
L.A.’s Supporting the good landlord
Valuing Commitment to Accreditation Birmingham - Substantial Discounts on
HMO Licensing
Not Renewing Selective Licensing When Manchester found it had not
achieved the expected results
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Delivering Excellence in the PRS
Being Open to Alternative Routes to Improve Standards after Representations from Responsible Landlords
Instead of Additional Licensing of HMOs Bournemouth working with NLA to promote
accreditation Instead of Selective Licensing
Southend-on-Sea – collaborative approach – Landlords, Police & Residents
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Delivering Excellence in the PRS
If We Accept that
True Rogues are in the Minority 82% of Tenants are happy with their
Landlord
Have to acknowledge some have valid concerns
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Delivering Excellence in the PRS
Why Aren’t Those Landlords Getting it Right
Ignorant of their responsibilities Lack the Knowledge to Get it Right First
Time Failure to understand the Business
Benefits of Being Professional
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Delivering Excellence in the PRS
To Resolve this we need to get all Landlords in the Loop
Membership of a National Trade Association which is committed to Inform Educate Provide Advice Raise Standards Accreditation
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Delivering Excellence in the PRS
NLA ACCREDITATION Landlord Development
Providing the Knowledge to run their Buy to Let Business Professionally
Landlords Can Apply Across their Portfolios Via Classroom Training Courses or On-line
Vital for Nationwide Accessibility to Landlords Whatever Their Circumstances
+ CDP – so kept up to date
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Delivering Excellence in the PRS
NLA ACCREDITATION Able to Announce Today
We are setting an AMBITIOUS TARGET Publically Declaring and Beginning to Work
Towards That All Members not only sign up to our Code
of Practice – as now But are All Accredited By 2020 –
Developed and Keeping up CPD
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Delivering Excellence in the PRS
Not just a Good Idea
Reality for many Landlords & their Tenants
• Good Landlord / Tenant Partnership • Landlord operating in a professional manner
Vision for the Future
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Delivering Excellence in the PRS
Our Objective is to Extend This Professionalism Throughout the Sector by Drawing All Responsible Landlords in to the Loop through NLA Accreditation
Whilst Encouraging our Partners in Government and LAs to concentrate their powers on eradicating the irresponsible
who get the sector a bad name
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National Landlords Association 22 - 26 Albert Embankment
London, SE1 7TJ Tel: 0207 840 8900
Email: [email protected]
Web: www.landlords.org.uk
Delivering Excellence in the PRS
Questions
Carolyn Uphill Deputy Chairman
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