We understand Landlords! Not all lettings agencies can say that honestly, but at Braithwait we have worked for several of our landlord clients for many years, be they renting out one or two, or a dozen, locally owned properties.
The same key principles for marketing rental properties for Landlords mirror those for sales, with rentals moving much more quickly. The target market being tenants rather than buyers, London’s rental market has returned strongly after COVID with attractive rental properties in much demand.
‘Buy to Let’, as the private rental market and the mortgages available are often termed, has been in its present form since the 1990s, brought about by the Housing Act 1988 and introduced to implement new tenancy laws that would give landlords more control over their properties. Prior to its introduction the relationship between landlords and tenants in the private rental sector was very different to today.
‘Buy to Let’ and the private rental sector, with individuals often buying a rental property to help secure their retirement, has changed significantly over the last six to seven years but the fact still remains that it’s a very important part of living and working in London.
At Braithwait we recognise the tighter controls and higher taxes imposed on private landlords,
– particularly those holding rentals in their personal names – so we introduced, and have been operating for over a year now, our very attractive and transparent ‘Options for Landlords’. Our Options Matrix, shown overleaf, sets out the services for each option.
Option 1 is a traditional and straightforward Tenancy Finder service for Landlords wishing to collect rents from their tenants and manage the properties themselves. Commission, at a very keen 8% plus VAT, is due to Braithwait at the agreed percentage for the whole term of the tenancy, payable at the commencement of each full or part 12 month period.
Options 2 and 3 come into their own and allow our Landlords to spread their commission over the duration of the tenancy. So, no more lump sums deducted at the outset and having to fund mortgage payments during the first month or two.
The benefit of receiving full rent less our monthly commission means that Landlords receive income as soon as the tenant moves in, improving cash flow – always a consideration.
Why not take a close look at our Options Matrix which is set out to be clear and transparent. Contact Alan@braithwait.co.uk, Property Manager at Braithwait for more details and to see how this could benefit you.
SPREAD COMMISSION PAYMENTS WITH ‘OPTIONS’
CHOOSE FROM THREE LEVELS OF SERVICE TO BE SATISFY YOUR NEEDS, AS A LANDLORD, ARE MET:
OPTION 1: TENANCY FINDER OPTION 2: TENANCY FINDER PLUS RENT COLLECTION OPTION 3: TENANCY FINDER PLUS FULL MANAGEMENT INCLUDING RENT COLLECTION PAID MONTHLY
OPTION 1
8% plus VAT 9.6% inc VAT See Note 1
| Services | Included |
|---|---|
Property appraisal |
Yes |
Property photographs and video |
Yes |
Marketing the property on website and portals |
Yes |
Arranging and carrying out accompanied viewings |
Yes |
Pre-tenancy statutory checks See note 3 below |
Yes |
Tenant referencing |
Yes |
Collecting first rental and deposit to pay into approved tenancy deposit scheme |
Yes |
Annual review of the market and the tenancy |
Yes |
Monthly rental collection into a client account and remitting to landlord with statement |
No |
Operation of Non-Resident Landlord scheme where applicable |
No |
OPTION 2
10% plus VAT 12% inc VAT per month See Note 2
| Services | Included |
|---|---|
Property appraisal |
Yes |
Property photographs and video |
Yes |
Marketing the property on website and portals |
Yes |
Arranging and carrying out accompanied viewings |
Yes |
Pre-tenancy statutory checks See note 3 below |
Yes |
Tenant referencing |
Yes |
Collecting first rental and deposit to pay into approved tenancy deposit scheme |
Yes |
Annual review of the market and the tenancy |
Yes |
Monthly rental collection into a client account and remitting to landlord with statement |
Yes |
Operation of Non-Resident Landlord scheme where applicable |
Yes |
OPTION 3
13% plus VAT 15.6% inc VAT per month See Note 2
| Services | Included |
|---|---|
Property appraisal |
Yes |
Property photographs and video |
Yes |
Marketing the property on website and portals |
Yes |
Arranging and carrying out accompanied viewings |
Yes |
Pre-tenancy statutory checks See note 3 below |
Yes |
Tenant referencing |
Yes |
Collecting first rental and deposit to pay into approved tenancy deposit scheme |
Yes |
Annual review of the market and the tenancy |
Yes |
Monthly rental collection into a client account and remitting to landlord with statement |
Yes |
Operation of Non-Resident Landlord scheme where applicable |
Yes |
| Services | OPTION 1 | OPTION 2 | OPTION 3 |
|---|---|---|---|
|
8% plus VAT 9.6% inc VAT See Note 1 |
10% plus VAT 12% inc VAT per month See Note 2 |
13% plus VAT 15.6% inc VAT per month See Note 2 |
|
| Services | |||
Property appraisal |
Included in Option 1 | Included in Option 2 | Included in Option 3 |
Property photographs and video |
Included in Option 1 | Included in Option 2 | Included in Option 3 |
Marketing the property on website and portals |
Included in Option 1 | Included in Option 2 | Included in Option 3 |
Arranging and carrying out accompanied viewings |
Included in Option 1 | Included in Option 2 | Included in Option 3 |
Pre-tenancy statutory checks See note 3 below |
Included in Option 1 | Included in Option 2 | Included in Option 3 |
Tenant referencing |
Included in Option 1 | Included in Option 2 | Included in Option 3 |
Collecting first rental and deposit to pay into approved tenancy deposit scheme |
Included in Option 1 | Included in Option 2 | Included in Option 3 |
Annual review of the market and the tenancy |
Included in Option 1 | Included in Option 2 | Included in Option 3 |
Monthly rental collection into a client account and remitting to landlord with statement |
Not Included | Included in Option 2 | Included in Option 3 |
Operation of Non-Resident Landlord scheme where applicable |
Not Included | Included in Option 2 | Included in Option 3 |
FULL MANAGEMENT OF THE PROPERTY INCLUDING:- |
|||
Dealing with statutory and other charges - See note 3 below |
Not Included | Not Included | Included in Option 3 |
Advising all relevant utility providers |
Not Included | Not Included | Included in Option 3 |
Dedicated Portfolio Manager as point of contact for landlord and tenants |
Not Included | Not Included | Included in Option 3 |
Arranging routine repairs and instructing contractors - See note 3 below |
Not Included | Not Included | Included in Option 3 |
Property checks – inside property visit twice a year to identify any visible repairs |
Not Included | Not Included | Included in Option 3 |
Key holding facility throughout the management period |
Not Included | Not Included | Included in Option 3 |
Deposit dilapidation negotiations |
Not Included | Not Included | Included in Option 3 |
Braithwait give protection by way of membership of a Government redress scheme with client monies protected by a Client Money Protection Scheme.
Note 1: Of agreed rent for the whole term of the tenancy, payable at commencement of each 12 month period, with 1% reduction for each 12 month period up to three years. Note 2: Payable throughout tenancy Note 3: Third Party costs, fees and charges as charged by third party and payable by Landlord
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