Helen Turner’s Post

One of our awesome agencies, LEA PROPERTY SOLUTIONS LTD , decided they would share their agency stats page, that COHO generates in real time. With the industry average duration being around 12 months, they’re ahead of the game, but it’s the occupancy and days to fill voids where they really shine! But this doesn’t come as a surprise to me, with their experience, as one of the longest running HMO specialists agents in the country, and Ipswich's leading agency. As Lucy Lea told me earlier this week “we’ve been managing HMOs for 20 years this year and we only teamed up with COHO in year 18 which was life changing for us” (and no, I didn’t add the last part myself 😂). When we onboard people to COHO, they often can’t tell us quickly how many rooms they have under management without working it out… but how many at any given moment can say their average tenancy duration? Or occupancy? And how that is trending? Not only that, but you can tag your properties into groups and run the stats on those too. I applaud LEA for sharing these stats, as most people keep their cards to their chest, good or bad.

Transitioning from ASTs to FRIs I'm pleased to share that we’ve successfully transitioned several of our properties from Assured Shorthold Tenancies (ASTs) to FRIs or IRIs with a National Housing Provider. While there were some negotiations involved, the process has been smooth and the leases are now signed. We're receiving nearly the same rental income but with fewer maintenance issues and the typical conundrums associated with ASTs. Having let properties on ASTs for over a decade, we’ve built relationships with many tenants—some have even become friends. However, we've also faced challenges, such as tenants not paying rent for months and ongoing legal battles. There are good and bad landlords, just as there are good and bad tenants. But the increasing layers of legislation (past, present, and future) are making it harder to justify ASTs from a business perspective. We’ve always taken pride in what we do, especially in supporting tenants during challenging times like the Covid lockdowns. But I am seeing, more landlords are even choosing to leave properties vacant, explore Airbnbs, or seek alternative letting options and steering clear of ASTs. It’s unfortunate because good tenants may find it harder to secure properties. But when investors and landlords aren’t offered a level playing field, it’s a natural outcome. I hope those in power come to realise that businesses thrive when there’s a free-flowing market with solid but balanced legislation. Otherwise, we end up with the challenges we see today. Whilst it is good for Housing Associations and National providers as they require much needed stock, I can see good tenants/family tenants on ASTs towards the short end of the stick As a business I can see plenty of opportunity in the UK's rental market even now when a number of BTL landlords says this market is dead (Just for perspective, I’m attaching a video of one of our properties to show the condition in which we let a number of properties out minus the towels etc as this is now a short let property for the same above reasons!!) #PropertyManagement #RealEstate #LandlordLife #AST #FRI #Legislation #RentalMarket #PropertyInvestment #InvestmentConsultancy

How to maximise revenue from your HMO Being a landlord of an HMO property isn’t easy. The very fact that your rental property is home to multiple different tenants makes it more work from an administration point of view and it’s also subject to more rules and regulations than a standard single let. Maximising the potential revenue from your HMO will help you achieve the extra profit that HMOs can offer over standard lets. And that makes all the extra effort and complications worth it. Read or blog: https://lnkd.in/eriBnd7H

As of yesterday, the fines for Right to Rent beaches have increased by up to 6,150%. What would you even do if you're fined £20,000 after a tenant has misled you? And it would be on you to prove that you did everything correctly. At COHO we have had people tell us that they'll get more systemised when they hit 10 or 20 properties, or that it's too expensive to have proper systems. Can the HMO and Rent to Rent market really afford to wait? Check your right to rent today!! Everybody thinks they are fully compliant, but we can tell you from the experience of us bringing on hundreds of companies, it's definitely not uncommon for our customers to scramble to find one they'd lost, and then realise it was never done.. and the person originally responsible is long gone. #LettingAgent #landlords #propertymanagement #hmo #coho #hmoproperty #hmomanagement

Sydney’s Premier Chris Minns is being “refreshingly open” in acknowledging the Rosehill Gardens mini-city concept was not a done deal and might not proceed. As a result of this honest assessment, this could be a sign that other doable options to help solve Sydney’s housing crisis should now be on the table. Business Sydney, Business Western Sydney and the Housing Industry Association (HIA) NSW have for some time advocated a ‘three roads solution’ where higher density housing development along Parramatta Road, Victoria Road and the Great Western Highway could deliver 75,000 homes. With Rosehill Gardens still far from being a ‘done deal’, redevelopment of Parramatta Road comes into sharper focus. The revitalisation of Parramatta Road has broad support with Prime Minister Anthony Albanese among those supporting higher density housing along this major corridor. Business Sydney is calling for the establishment of a special authority and a strong leader to spearhead the Parramatta Road housing program. If Sydney ultimately gets the Rosehill Gardens mini-city with 25,000 homes and a Metro station that would be a bonus. But we could have Parramatta Road under the three roads proposal well underway long before any home units came on line at Rosehill. Action on Parramatta Road is needed now. Please read this important article by Alexandra Smith & Chris Roots in yesterdays The Sydney Morning Herald. https://lnkd.in/eVagBpMY #sydney #housingcrisis #housingaffordability #parramattaroad #welovesydney

Since 2015, Park Place Properties has changed the face of property management with a full-service platform designed with the property owner’s success in mind. They're a full-service property management and hospitality company that specializes in maximizing returns on short-term rental income. When they switched to Hostaway, in just a short time, they doubled their bookings and streamlined their operations for maximum efficiency. 📈 See firsthand how they grew the company 180% after just 6 months with Hostaway. And learn more about the features most important to them at the link in the comments. #VacationRentals #CustomerStory

Did this property grab your attention in January? 👀 Find out which property was our most viewed here: 👉 https://ow.ly/eU3850QvSZk #Pittis #EstateAgents #IsleOfWight #PropertyOfTheMonth

When it comes to house sharing, what’s the difference between an HMO and private rental? 🤔 ➡️An HMO (House in Multiple Occupation) is a larger property that houses three or more unrelated people in it. 🔑Unrelated being the keyword. All bedrooms are usually let separately within the contract rather than the house as a whole. This means that most house shares will qualify as HMOs, and landlords are expected to follow extra procedures when renting their property out like this. If you aren’t sure if your property is compliant with the many regulations surrounding HMO and would like to avoid the big fines associated with it, get in touch today!

When it comes to house sharing, what’s the difference between an HMO and private rental? 🤔 ➡️An HMO (House in Multiple Occupation) is a larger property that houses three or more unrelated people in it. 🔑Unrelated being the keyword. All bedrooms are usually let separately within the contract rather than the house as a whole. This means that most house shares will qualify as HMOs, and landlords are expected to follow extra procedures when renting their property out like this. If you aren’t sure if your property is compliant with the many regulations surrounding HMO and would like to avoid the big fines associated with it, get in touch today!

When it comes to house sharing, what’s the difference between an HMO and private rental? 🤔 ➡️An HMO (House in Multiple Occupation) is a larger property that houses three or more unrelated people in it. 🔑Unrelated being the keyword. All bedrooms are usually let separately within the contract rather than the house as a whole. This means that most house shares will qualify as HMOs, and landlords are expected to follow extra procedures when renting their property out like this. If you aren’t sure if your property is compliant with the many regulations surrounding HMO and would like to avoid the big fines associated with it, get in touch today!