Tag Archives: Property Management

03Jun 2013

Landlord advice: Inventory Company promotes a lack of professionalism in Agents.

⋅ Leave a Comment

By Steve Roulstone

Inventory

I have just read an article in one of the Industry magazines as part of my Monday ‘what is happening’ hour and frankly could not believe my eyes. It is in a section called Outsourcing in Mays issue of The Negotiator, so falls half way between an advert and an article, but is based upon the words of two gentlemen from the industry, one being an Agent and one being a facility provider for the industry and it is clear that one has an invested interest in selling his services, but I just find it hard to believe that an Agent would place in writing what has been repeated in the article!

 Matter of opinion.

 Let me say from the off here, that what I am stating is my opinion or ‘take’ on the subject, so some of what I comment on I do so agreeing that it is a matter of opinion, but I would never admit in writing that as a Company we could not offer our Landlords such an important part of the service needed in Managing property on their behalf. Because the representative of the Agents involved is openly stating that they are unable to provide professional quality inventories for the Landlords they serve!

 Inventories are us!

 Firstly, the skill set needed to be able to supply top class inventories can be learnt by one man as well as the next, so I cannot agree that Letting Agents cannot carry out the task on their Landlords behalf. All they need to do is learn how! But secondly and again in my opinion more importantly, how can any agent pass on such a vastly important part of the job to somebody else?

 Legal responsibility.

  Far more importantly for me is the legal responsibility we have with our Landlords under the contract all Agents should supply their Landlords. Good inventories are such an important part of the service now that to charge for a job and only do half of it in my opinion cannot be called ‘Full Management’ services.

 Argument against.

The reasons given for encouraging outsourcing inventories, is that Agents are too close to the position and risk Tenants stating the inventory is one sided. Well if what we claim for is correct, then where is the problem? Done correctly, Tenants have as much input as we do in the document and as we are contractually bound to work for the Landlord then that is what we do. They go on to say that there is then an inherent risk that the Agents inventory could fail in any claim because it was raised by the Landlords Agent. Well in our experience, that is just wrong!

 Facts speak louder than words.

The facts are that after three years with our current system, where disputes are dealt with by independent arbitrators, as a Company after ensuring we have Landlord agreement we have won every case that has gone through arbitration. So our experience would suggest exactly the opposite than what is claimed in this article. So the facts support that Agents should know what to do and how. I would also suggest, that a third party inventory, has far more chance of having their claim challenged by a Tenant who can easily prove that they were not involved during the Tenancy and are therefore not aware of matters which could have a far greater bearing on the outcome of any claim.

 Summary.

 Sub contracting major parts of the role of Property Management is not and never should be the way forward and our industry is not alone in being able to challenge the principal. The inventory is such an integral part of being able to offer the services of Property Management to Landlords that I would challenge any Companies ability to call themselves’ Letting Agents if they openly state they are unable to fulfil the role themselves. What else? Rent Collection? Property Visits? The agreement?  Better to be able to say yes, we do that!

16May 2013

Rental News: BBC Watchdog Criticises Letting Agents

⋅ Leave a Comment

By Craig Smith

BBC Watchdog 150513 CS

Yesterday the BBC aired a program which looked into the ways that some clients can find themselves being ripped off by rogue letting agents. Some of what was said does ring true as, believe it or not, the regulations surround lettings agents are very loose.

The Big Issue

If you didn’t see the program yesterday, there is a clip of it on the BBC WEBSITE HERE. It featured TV favourite Nigel Havers who had a bad experience himself (quite ironic considering some of the characters he has played on the screen!). Sometimes it does need someone like him to add a little weight to an argument, in this case the argument that there should be stricter regulations surrounding letting agents. Nigel, if you are reading this, we agree with you!

The problem at the moment is that anyone can setup a letting agency with no prior training or qualifications. I was speaking with someone yesterday who has heard of one business selling letting starter kits over the internet for a small fee. So quite literally anybody could be setting up in your area! Apparently the renewal rate after the initial purchase is very low but it is the initial sales keep the money coming in and that particular business afloat. I’m yet to see one of these packs myself (perhaps you have one and could let us know if it was useful?) but without any proper training or support, what is the likelihood of that prospective agent surviving & doing the right thing?

Qualifications

I know we have waffled on about this before but Castle Estates are proud to be ARLA members. It isn’t just a fancy logo that can go in our window and it certainly cant be purchased by just anyone! Anyone who wants to become a member needs to pass examinations (been there, done that) to prove they have the knowledge and what it takes. Or let me put this in another way, your property could be worth a lot of £££’s, would you really want to trust someone to manage it who has no idea what they are doing?

There are 5 people in our office who have currently gone through the necessary training and 1 more studying at the moment. Although these aren’t compulsory in the eyes of the law, we prefer to show our clients we are prepared to do this so that they have faith in us as their agent.

Further Complaint

The other issue that the program highlighted was that of utility companies being very difficult to deal with. The main company named was Spark Energy and I’m not going to comment any further on this at the moment. If you are really interested, just read their reviews in Money Supermarket to make up your own mind.

We used to work with such companies after them making so many promises of great customer service and easy to use facilities but they all seem to fall down. We have had so many complaints from tenants that we now no longer use any specific company and let the tenants decide who they should use. We do still encounter problems, usually relating to specific suppliers, but thankfully nothing quite as bad as some of these reviews report!

25Apr 2013

Property Rental Advice: Inadequate Inventories Causing Problems

⋅ Leave a Comment

By Craig Smith

Some Landlords think that an inventory is a waste of time particularly when a property is unfurnished. But an inventory can be just as important as a tenancy agreement when it comes to disputes between tenants and Landlords.

Not Just the What & Where…

As an agent, inventories are something that we complete as standard on our fully managed properties and offer as an extra service to those that we don’t. Of course, we would still be more than happy to provide an inventory as a ‘one-off service’ on a property where we haven’t found the tenant and would ask any Landlord to contact us about this.

When some Landlords produce their own inventories (which is fine, by the way!) they don’t always get it quite right. Some that we have seen come into our office will simply list the contents and the colours of the paintwork which is OK should something disappear during the tenancy. Some pieces of furniture might have been swapped from room to room which does cause some headaches when checking it over but at least it is all there. One of the most important parts of an inventory is the condition of all the items listed as without it, how can it be proved that something has/has not been damaged during the tenancy?

Paying for the Service

One example we have seen recently is where a Landlord has purchased an inventory from an independent company. There are many inventory clerks that will do a good job and all in a slightly different style. Although, this wasn’t exactly the best example we had ever seen either! The condition of each item was either very sketchy or non-existent which doesn’t help matters come the end of the tenancy. This particular tenant had left the property in good condition although the carpets did need additional cleaning.

Without trying to blow our own trumpet here, we are very thorough at our move-in and move-out appointments as this helps to keep any disputes to a minimum. It also keeps both tenants and Landlords on side knowing that as much information is documented as possible. Whether it is a pristine, newly refurbished property or somewhere that looks a little more tired, it is important to keep a log at the start and end of a tenancy.

Going back to this case, if the tenant had disputed the costs then there wouldn’t have been much evidence to prove otherwise. Yes, the dispute services offered by the deposit schemes (or the courts if that is the route taken) can be very fair but it doesn’t take away the fact that the Landlord has paid for something that simply isn’t good enough.

Protection for all Parties

Reading this might sound like Landlords are trying to make sure they get money from tenants’ deposits but the inventory should be there to protect both parties. As mentioned above, the condition can protect the tenant from unnecessary charges such as damaged paintwork or broken items. It is important that any items are listed along with their condition, good or bad, at the start so that it can be compared when the tenancy comes to an end.

Part of our inventory service is ensuring that we keep up to date with the latest information. There are a number of training courses that we have attended in the past and coupled with past experiences enables us to produce the best inventory we possibly can.

We would be happy to hear from any Landlords or tenants that have had experiences of tenancies where no inventory has been provided. Maybe you have ended up out of pocket due to poor documentation?

11Feb 2013

Councils to take Action Against Letting Agents’ Fees

⋅ Leave a Comment

By Craig Smith

In Scotland it is illegal for a letting agent to charge a prospective tenant any fees during the move-in process. Whether it is for credit checks or an administrative fee, it isn’t allowed.

Reasonable Charges

Since the law changed inScotlandwe have always been wondering when it would have a knock-on effect here inEngland. Well, it looks as though the time is now as some local governments are starting to tackle rogue Landlords and agents that charge higher fees.

Before we go any further into this, I would just like to point out that from what we hear from some of our tenants, we are not the cheapest agent in our town for tenants’ fees but nor are we the most expensive. The fee charged to a tenant looking to move into one of our properties covers the costs of the referencing/credit checks, the time to prepare the legal documents and also the check in appointment. If we charged much less, we wouldn’t be able to do half of that list and the tenancy would more than likely go pear-shaped further down the line because we weren’t able to do our job properly! And don’t forget, we’re not running a charity here.

We have heard from tenants who come into our office stories of other agents in the area who seem to charge for anything and everything. Personally, I have never looked any further into this so cant comment one way or another. The one thing I will say is that both tenants and Landlords need to be careful as some ‘rogue’ agents will charge a lot of hidden fees.

Law Surrounding Fees

It is generally well known that if you are going to charge for any service that you offer, you need to make your customer aware before providing the service. You wouldn’t want to eat in a restaurant where the prices weren’t included on the menu, would you?

We have a good legal team here at Castle Estates who always advise us on the latest changes in law so that we know what we are doing is the right thing. Whether you are a Landlord or tenant of ours, you will probably remember seeing a list of our charges in the paperwork you signed before agreeing to do business with us. (If not, double check as they will be in there!)

Tackling the Bad Guys

The government is getting worried as there are a lot more people in the private rental sector than ever before, more than 3½ million in fact. It is no wonder then that there are more and more stories of rogue Landlords trying to rip off their tenants and these are the people the government is looking to tackle.

There is still call to have a register of all Landlords and/or agents who are able to let property. Whether or not this will eventually come about is yet to be decided in parliament and it would be interesting to know if this would be on a national or a local scale.

I believe that it should somehow be linked nationally to prevent any Landlords ‘getting away’ without facing up to their responsibilities. Where we are based, we are only 25 minutes from theShropshireborder so what would stop a Landlord who has properties in both counties being labelled a rogue in one and not the other?

This does look to be moving forward now as this is due to be raised in parliament later this month. So sit tight and lets see where this goes!

31Jan 2013

Lettings Advice: The Importance of Good Property Management

⋅ Leave a Comment

By Craig Smith

There was a time when a deal could be finalised with a handshake and that was that. A ‘gentleman’s agreement’ was good enough for most people without the need for any paperwork and trust played a big part in this. These days it always seems best to have some form of written agreement, not just in the lettings world but for almost everything in life. Whether it is buying a new sofa or signing for a mortgage, there always seems to be some form of contract to sign.

The reason for this is simple; it protects all parties involved and everybody should know exactly what they are signing for before they do it. There is even a campaign setup to ensure that any legal agreements are easy to understand and don’t baffle people with its complex wording (you may have seen their logo on something you may have already signed).

Tenancy Agreements

This leads back to lettings as it is always strongly recommended that a written tenancy agreement is in place. Both the Landlord and the tenant should know their responsibilities as things could get very messy should a dispute arise later down the line. A tenant could argue that they weren’t aware of something they had to do, something trivial in the big scheme of things such as clearing out the gutters at a property. But if there is nothing written down, it could be one person’s word against the other!

It isn’t just the actual tenancy agreement that is important, don’t forget our recent post regarding the Prescribed Information for deposits. There is a whole host of other documentation that needs to be sorted out which all adds up to the smooth running of a tenancy.

Regular Contact

Landlords need to remember that a good contact base with a tenant can pay dividends when the tenant vacates. They don’t need to be best buddies but regular contact is always a good idea. Most good agents, ourselves included, will visit the property on a regular basis to check that all is well and to note any issues. We do this around every 3 months or so as this is the industry standard. We don’t want to make the tenant feel pestered but at the same time, our job is to ensure that the property is being looked after and to report back to the Landlord.

Of course, Landlords who manage a property themselves might not have a regular system like this. (We find that having a good software system helps to keep us on track with so many properties to manage!) By keeping in touch regularly and visiting the property is almost always helps to prevent the risk of any disputes at the end of a tenancy.

Well Trained

Landlords who manage their own property don’t need any governing bodies to rent out a property but they do need to be aware of their responsibilities. I would never want a Landlord to ‘walk in blind’ to lettings as there is a lot more to it than just handing over the keys and waiting for the rent to come in. It could end up going wrong and we would always recommend them seeking advice from a professional agent before taking the plunge. (There is talk of having a national register of Landlords but we’ll no doubt find out more on that later.)

At the moment there is no legislation that says an agent needs to have any specific awards or qualifications in order to look after property. Although thinking about it, it would be silly to setup a business and not have any idea what to do! One of the key things that always reassures a Landlord when they look for an agent is the kite marks from specialist organisations, such as ARLA.

It All Adds Up

Some Landlords prefer to manage a property themselves because of the cost of involving an agent. Whilst most agents do try to keep costs as reasonable as possible, Landlords can have tight budgets with mortgages etc.

Regardless of who manages a property, the Landlord should always be aware of their obligations as the consequences for not looking after their property and tenants properly can be dire.

30Nov 2012

Tenancy Deposit News: DPS Announces New Insured Deposit Scheme

⋅ Leave a Comment

By Craig Smith

The Deposit Protection Service has recently announced its new plans to setup a new insured deposit scheme alongside its already well established custodial scheme in 2013.

Custodial Vs Insured

The difference between the custodial scheme and the insured is what happens to the actual deposit money. Custodial is exactly what it says on the tin, the deposit money has to be given to the DPS for them to hold securely whereas with the insured scheme, it is simply registered rather than being paid over.

Why Use Custodial?

Prior to 2010 we used to register tenancy deposits with The Dispute Service (TDS) and had to pay a yearly fee in order to confirm our registration. The renewal prices were hiked up so high that many Landlords and Agents were forced to move elsewhere, hence our move to the DPS. (There are too many abbreviations in tenancy deposit protection, or TDP for short!)

By using the DPS, we found that Tenants know that their money is safe and there is no risk of it being used for anything without their say so. Nor can it just happen to be used ‘by accident’ by a forgetful Landlord! One other agent local to us closed down recently which left a number of Landlords and Tenants reportedly losing out on money as the deposits were held in an insured scheme. No such chance if the money is held elsewhere!

Downfalls with Insured Schemes

Now I don’t know exactly how the insured scheme will work with the DPS but it looks as though a Landlord or Agent will not need to pay a registration fee but will need to pay a fee per deposit registered. This seems fair enough but still begs the question, why bother when there is a free alternative?

There seems to me there is no point in holding a deposit in your own account. The amount of money to be earned from interest is barely pennies with interest rates lower than low and the custodial option even offers a free dispute service to boot! Not to mention the extra hassle of having to pay back the money yourself whereas a repayment with the DPS custodial scheme can be done & dusted with the click of a few buttons.

The Future for Deposits

Back in April 2012 the law changed with regards to the registration of tenancy deposits. Any deposit taken for an Assured Shorthold Tenancy needs to be protected and the future surely looks set for further tightening of the protection process.

I can honestly say that I think deciding to use the DPS is perhaps the best decision any Landlord can make. It is free, easy and everybody knows exactly where their money is!

12Oct 2012

Current Property news: Increased Student fees biting deep for Student Landlords.

⋅ Leave a Comment

By Steve Roulstone

I guess everybody wondered what the effect of the new style Student fees would have and reports have abounded supporting both sides of the fence. What cannot be denied are hard facts and in Stafford there is no doubt that Students have looked differently for their accommodation needs and because of the reduction in numbers, several Landlords have found themselves with no takers for their Student accommodation.

Change of use.

Of course at this time of year it is clear if nobody has come forward yet, then they are hardly likely too for the academic year that has just started and I have had three difficult conversations with Landlords about what options they have in their properties at present. Of course change to family let has been the recommendation on each occasion, but strangely this problem has not occurred in what we have found this year.

No vacancies!

We manage a large purpose built block in Stafford with 68 rooms spread between 14 flats. Our numbers are slightly down on last year, but have held up far better when compared to what seems to be happening in the traditional Houses of Multiple Occupation. Why? Well the cost is less and a Warden is present as well as private room and en-suite facilities. Add its location next door to the main Stafford College and perhaps we have the answers. But because our occupation is still high this is why I suggest they have looked at the market differently.

Market forces.

No doubt there has been a reduction in numbers, because most Student Landlords would manage the property themselves, so if we have seen three empty houses, the Town probably has two dozen! This would represent a marked drop in the overall Student accommodation requirement. But I am also convinced that quality is starting to play a hand as well and it is Market Forces that is driving demand as students search harder for value for money.

Still need for change.

Of course, none of this assists the Landlords of houses that are still empty now, especially if they are looking to move back to Students next year! Some requirements for the general market just do not sit with a more traditional ‘Family’ let. (Not to mention furniture which is hardly ever the best and rarely matching?) Locks on bedroom doors, fire blankets, Card Meters! All of these are better removed and of course rarely can that be done without affecting appearances. But worst of all, that dreaded style of decoration, woodchip wallpaper!

Back to market forces.

I was present in a property yesterday which was very well presented, but had to be honest with Landlords who were already going to see quite a drop in monthly income, from three students to a Family in a 1st floor flat, my advice had to be based on the property they were competing with! Small properties with three types of carpet that can all be seen from most of the rooms will not be well received when judged against the common fashion of using the same carpet throughout. It is comparing against other property that has to be the benchmark.

Conclusion.

The bottom line is in most cases lots of improvements need to be made and cost is always going to be an issue, but to then change back again is going to be a double whammy as for example, hardly anybody has storage room for furniture and would therefore have to buy new. Ironically it could be that very change that might attract Students in a market being driven by services and quality as I believe it now is. Either way, tired or poor accommodation will continue to struggle and the next two years could be a very hard challenge as more Students drop off after three years and the intake continues to fall!

27Sep 2012

Property Landlord advice: High Tenant fees coming home to roost?

⋅ Leave a Comment

By Steve Roulstone

There is an article in this week’s Property Drum on page 8 that has caught my eye as one of the chain of Letting Agents who have had to address issues in Scotland have commented upon the Shelter campaign surrounding the removal of Tenant fees. I would have to say I agree with  some of what they say, but I disagree with the main thrust of their argument.

Explaining the group.

First, to place some context behind what I wish to say about the subject, I need to explain where the difference lays between Martin & Co offices and Castle Estates offices, because we both have a Franchising background, but now Castle Estates is an independent group who share the same name, but operate entirely independently of each other and have no central controlling Head Office. Martin & Co remain a Franchising organisation where centre influence and dictate the policy of the group.

Comments are my own.

 Therefore I am commenting as an Independent Castle Estates in Staffordshire and not as the Head of an organisation in the same light as Sue Hopson, head of standards at Martin & Co is doing. As far as Castle Estates offices are concerned, if they operate in a manner I disagree with, then they are also the target of my comments.

Agreement.

Firstly I must say that the whole idea of dropping Tenant fees altogether as is the case in Scotland does not just move costs from the Tenant to the Landlord, for just as sure as Landlords will have to pay for the costs generated, these costs will be offset by increases in rent. Then, as has always been the case, market forces will drive rent levels to their correct rate. But they will start from and therefore remain at a higher level.

Major factor missed.

What the comments miss are the manner in which many Agents and I am not referring to anybody specifically when I say this, reduce Landlord fees and raise Tenant fees so they can market themselves as a cheap Agent in to Landlords in the first place! This is a short sighted policy and will surely attract the attention of such groups as Shelter and the CAB who have been looking at Tenants fees for well over ten years.

Bad practise.

In a market where the number of offices offering Letting services has probably doubled in the last three years as Estate Agents flooded to the Lettings Industry for financial reasons, the opportunity to advertise services to Landlords at low prices at the expense of the Tenants has seemed to much of an opportunity to miss for some. But the short sightedness of such an approach should Tenant fees be scrapped in England will need to be explained to Landlords and of course all of us will have to do this, not just those who overcharge.

Long term practise.

It is also a fact that high Tenant fees are nothing new and I have no problem in pointing the finger at Estate Agents who historically have been the main protagonists of this practise. Do I have Tenant fees? Yes, but they have hardly changed in over twelve years and I am happy to justify them, as I have done before now, to any Tenant coming through our system.

Inevitable?

Unless our Industry receives the backing of the Government in driving through legislation to ensure professional standards are upheld by all Letting Agencies, or they can no longer operate, then I believe the day will come when Tenant charges are dropped altogether justified or not, because those with this objective will always be able to point at practises that take advantage of Tenants where fees are concerned. But equally, as I have pointed out that from my own perspective I speak for my own office only, anybody else speaking on the subject should not ignore the current practise of high charges and should be able to ensure that offices under their control can justify what they charge Tenants as well!

12Sep 2012

Property Landlords advise: Finding drugs in rented property.

⋅ Leave a Comment

By Steve Roulstone

Like all good Letting Agents, we carry out property visits to ensure that our Tenants are looking after the home and living in line with their Tenancy agreement. We are used to looking for evidence of unofficial Tenants, would easily spot any Tenant growing cannabis, but have found a property we manage used for the storage of drugs and that has proven to discover what the house is being used for in these circumstances is a big challenge.

First indication.

The first we knew of a problem at the house was a phone call from the local CID advising us they had suspicions concerning activity of a house in a quiet country location. This was both a heads up but also a request to allow them to go about their business following a raid at the property. They later confirmed that drugs and a large amount of money had been found and seized from the house.

Information.

This was followed up with a visit to our offices where they gathered information about the Tenant, rent payments and our knowledge of what was happening at the property. We were able to supply information which we believe was of use and hand over keys to avoid any further damage and ensure the house was securely locked.

Property inspection.

A week later, with the knowledge that little damage had been caused and confirmation from the police that the house had not been abused and was in good order, we were able to visit the property and officially check out the Tenant at their request and see for ourselves just how the drugs had been stored.

Fridge Freezers.  

Now forgive me, but I have no knowledge of how and where drugs can be stored, but as soon as we opened the fridge and freezer doors, it became evident just what the appliances had been used for. The issue for us was that we had been to carry out a property visit some two months prior and because the house was being looked after and all was clean, as you would expect, we had no indication of the problem. Because the appliances belonged to the Tenant, we would also have no intention of looking in the fridges to check how they were being used. But as soon as we opened them now, even though they had long been emptied, the smell was overpowering!

Systems.

This situation, which is subject of a review of our practises as I write this, is a warning for us all. We have no right to open fridges, washing machines, cupboards and draws or look in boxes, cases or even envelopes that are the property of the Tenant and nobody would expect us to. Cooker yes, because that is always the property of the Landlord, but we need to be aware of the possibility, for if nothing else, this incident has, to say the least, sharpened our focus.

Aftermath.

 Thankfully, the Tenant who is obviously the subject of ongoing Police enquiries (about which this is not the place to comment) was most co-operative and the property will be marketed again without delay. What we must do is build safeguards in to our system, without over-reacting to what has happened, that will ensure we keep our eyes open at all times to possible signs and the Police have been most helpful in discussing the matter with us. What it has proven though, is that ensuring a house is used for its correct permitted usage, remains as difficult as ever!

31Aug 2012

Current property News: Montague report offers the Key for growth? Part 2

⋅ 1 Comment

By Steve Roulstone

In looking at the second part of the Review of the Barriers to Institutional Investment in private Rented Homes, I have read and will comment on the sections headlined; The Barriers and Conclusion and The Recommendations.

 The Barriers.

 Most of these sections concentrate on the land and planning permission needs, but do refer to some rather confusing detail. Such as that Management costs are as high as 30% for Residential property. Now I know that National Companies specialise in offering services for Companies with large property portfolios, but when you consider the normal cost for Management on a local level would average at 10%, I find it difficult to see how this rises to 30% when managing from afar.

 Total Costs.

 I may of course be wrong, but it rather looks as though it is the cost of maintaining the property that has been added to the running costs, however, as the report confirms that it is normally Capitol growth that is considered to be the income from residential and not the rental income, whereas with Commercial investment it is the opposite way round. Surely then, if Commercial values drop over time, the cost of maintenance should be offset against Capitol growth and it is both that should be considered, as they are real income, when comparing residential to Commercial? Is this where encouraging Tax breaks can be made?

 Local market.

 Otherwise, once again, local Management will answer the cost issue, rather than distance Management having to find a local Agent to carry out the role of providing a Tenant, let the Local agent be the sole property Manager. Costs halved? – probably!

Lack of Experience.

The report then states that there is a lack of experience in knowing how any scheme would operate. But this does not exist in the market place; rather this confirms that in compiling the report, the Property Management Industry has not been approached. A fact confirmed by the later statement in Recommendation Five: that the market would benefit from; the professionalism of the management service. Had the Industry been spoken with (also confirmed in the Terms of Reference) then Sir Adrian Montague would have been aware that one already exists.

Right Model.

I also believe that the right model already exists as well. There are numerous professional Letting agents, who also operate as Property Managers as well, looking after leasehold sites (Block Management) throughout the UK. Providing that any incentives in profitability and land availability are made available Nationwide and providing there exists Agents with the ability to run both, then costs can be controlled, the whole Industry will benefit and progress can be made throughout the UK.

Professional Management.

But I believe that this is another opportunity for the Government to change their attitudes towards the rental sector, which is growing at the same speed home ownership for individuals is declining giving a thriving rental sector the opportunity to be part of the growth if not the very reason for it, that this country desperately needs. Tied with ensuring the Industry moves forward in a professional self managed, or Government managed (although I believe this is where the lack of motivation currently exists) manner, ensuring the scheme meets all the requirements listed in this report and that the properties concerned will continue to give the profitable long term return institutional investors require.