Get to know #Spencer's People! This is Tom! #lettings #Sheffield #hero

1)      Who would you like to share a pint with, either dead or alive?
Louis Theroux and Karl Pilkington.

2)      What is the most embarrassing thing you have done?
Whilst I was at University, I somehow slept walked across campus and ended up in the library in just my boxer shorts and t-shirt. Because I had locked myself out of my room, I had to climb through some randomers window to get back into the building as well. Quite a sight I imagine for all concerned!

3)      What is your Guilty Pleasures?
Horrible Histories (a program on CBBC) and I am quietly fond of Made in Chelsea.

4)      Who is your sporting hero?
AP McCoy – these jump jockeys are incredibly tough and to ride 4300+ winners is something that will not be topped in my lifetime. An unbelievable achievement for someone who has broken every single bone in his body at some point in his career! Made being a jockey look easy. Unbelievable attitude and drive in becoming the best.

5)      Favourite Musical Artist + Film?
Tough one – I would probably opt for The Smiths, but with an honourable mention to The Stone Roses, The Streets and Oasis.  As for film, I would say Dead Man Shoes.

6)      What is your biggest fear?
Balloons. I cannot stand the things. I have to leave the room if someone starts to play with them in front of me. The fear of it randomly popping is too much for me to cope with. I also have a huge hatred for the smell of bleach and feeling dizzy (both alcohol and non-alcohol induced).

7)      What would you sing on a Karaoke night?
I would probably pretend I was Noel Gallagher and sing Don’t Look Back in Anger.

8)      Have you ever had a nickname?
At University, I was called “Asbo”. My second name is Aspinal and I am probably the last person who would ever get an actual “Asbo” so it was quite an ironic one and just stuck. However, being introduced to parents and other people I did not know as “Asbo” might not have given the greatest first impression!

9)      List two pet peeves.
Slow walking pedestrians who walk in front of me & people who put milk in before the hot water when making a brew. 

10)   Do you have any weird celebrity crushes?
Nothing out of the ordinary, but there is something about Alex Polizzi (the hotel inspector) and Lorraine Kelly.

www.spencersestateagents.co.uk 

Avoiding Common Mistakes as a #Property Landlord - #Spencer. #Sheffield

Property Management Avoiding Common Mistakes.

Owning a property and renting it out is a challenge in itself, with the amount of time and effort that needs to go into advertising, viewings and then there’s the management side once a tenant moves in, not to mention all of the additional legal and regulatory processes that need to be followed.  Landlords have a lot to think about.

A good Managing Agent should take care of all of the legal obligations on the landlord’s behalf.  However, landlords should also make sure that they maintain a good relationship with their tenants, as happy tenants will generally pay their rent on time and look after the property.

A few common mistakes that landlords make which can upset their tenants, leading to future unnecessary problems are,

Ignoring property maintenance issues, as a landlord, it is your responsibility to ensure that the fundamental utilities of the property are maintained to a good standard. For example faulty heating or water leaks etc. are up to a landlord to repair and it can be annoying for tenants if landlords take too long to fix these problems.  Not only can this cause friction in the  relationship with the tenant, it can also cause the property to deteriorate, by not repairing the leak can cause bigger problems in the long run, leading to greater costs and at worst can even make the property uninhabitable for a period of time, potentially resulting in a loss of rental income.   If the property management issue is an emergency i.e. it relates to heating, plumbing, gas or electric it is useful to have some type of Home Emergency Cover in place to help with the cost of repairs. 

Not allowing tenants a bit of flexibility, whilst landlords should ensure that the relationship with their tenant remains professional at all times, it is also good to remember that they are also people who are using your property as their home.  As such, offering a bit of flexibility when it comes to decorating etc. This can go a long way in making tenants happy.  It can also add value to your property by increasing the rents if it is modern/desirable for future tenants.

Having the wrong insurance, Standard home insurance is not designed for landlords or rental properties, landlords will need to take out specific landlord insurances that cover their needs.  Specialist buy-to-let insurances can cover buildings and contents policies, as well as public liability insurance is needed as well, which allows a landlord to be covered against all possibilities of claims.  Landlords can also take out rent guarantee insurance, which can cover unpaid rent if a tenant fails to make their rent payments and remains in the property, along with the cost of issuing notices and court costs etc.

Not familiar with property management & legal requirements, Many landlords choose not to use a managing agent, which can save money in the short term, but often leads to greater costs in the long run, in terms of time and resources as well as financial. By having a good managing agent dealing with the administration and legal obligations the landlord can take a back seat focusing on enjoying the monthly rent coming in.

To speak to Spencer about renting your property, please call us on 0114 268 3682 or have a look through our website: Spencer

Thank you! Spencers Agents #Sheffield - #spencer #wearespencer #estateagentblog

THANK YOU!

Estate agents get a bad reputation. We know that we are not a loved profession but at Spencer, we work hard as a team to change that perception and give people the experience that they deserve from day one to completion and beyond. Be that as a seller, buyer, landlord, tenant, contractor or solicitor, we want you to want to speak to us and to work with us again!

As an established, focused, family run business we pride ourselves on our personal service and that’s reflected by the number of thank you cards & presents that we receive and the reviews that are posted on Facebook and Google.

So many clients come back to us again & again or recommend us to their friends and family, and for that we THANK YOU for supporting us.

#wearespencer  

Tenant Fee Ban - #Blog by Lynn Braha of Spencer's Estate Agents #Sheffield S11

Agency fee ban!

Lynn Braha talks about the tenant reference fee ban that has been suggested. Lynn is a Senior Lettings Manager at Spencer, here on Ecclesall Road, Sheffield.

"How are things going to change you ask? I say for the worse. I’m not convinced this is going to help anyone. 

"The ban is meant to help people afford to rent in the private sector, or so they say but this is debatable. In my opinion part of the problem comes from local councils selling off the bulk of their housing stock and leaving them with less social housing stock for people on a low income. 

"The main suggestion to counter the fee ban is higher agency fees being charged to landlords for tenant finding and property management, in effect the landlords will pay the tenants agency fees instead, but this will no doubt encourage landlords to increase rents to cover this and so in the end it will be tenants who ultimately pay, as rents will go up overall and tenants could be having to pay what they cannot realistically afford.

"Landlords may also stop accepting people on housing benefit, as the rates will not cover the increased rents.  This will cause an increase in homelessness and so defeating the objective.

"Another suggestion is tenants will be expected to pay the whole tenancy rent in advance to reduce the risk to landlords again making it more difficult for people on a low income.

"How is this helping people in the long term, yes it will get them into a rented property initially but will they be able to afford to sustain it?

"In my opinion the fee ban is not the answer, a cap on these fees would have been a better solution.

"Maybe if the government had a register where agents can register bad tenants minimising the checks that agents need to do to reference potential tenants.

"Only time will tell if this idea is going to work, watch this space!"

If landlords want to talk to us about their investment property or properties we are happy to help. Call us on 0114 268 3682 or email rent@spencersestateagents.co.uk to arrange to meet up on Ecclesall Road. 

FIRE! Smoke Alarms are ESSENTIAL! Please read! #Spencer #Sheffield

Fire! Fire!!

Now, I know everyone bangs on about health & safety and there are more regulations than you can shake a stick at when it comes to rental properties and building work, but let me tell you… now I know why.

Growing up, smoke alarms were seen as a nuisance in our house so we didn’t have any. When we had an extension on our family home, regulations meant that we had to have hard wired smoke alarms fitted throughout the house. I’ll be honest, I wasn’t overly keen on the idea; what if they go off randomly in the middle of the night in a power cut and wake the kids up? Do we really need them in so many rooms? What a nuisance!

Until last weekend when they worked and showed me how important they really are…

Just before midnight we were woken by an almighty shrill throughout the house and after a moment of bewilderment we ran through the house and finally got to the kitchen to find a room full of smoke and a pan on fire. I had gone to bed and not turned the gas hob off. My amazing partner managed to get the pan out of the house so there was minimal damage and the wonderful South Yorkshire Fire & Rescue were there in a matter of minutes too. They checked everything was out, got rid of the smoke, chatted to the kids and looked after my partner having had inhaled rather a lot of smoke. I cannot praise them enough. Despite it being my entire fault they were friendly, helpful and so kind. Not once did they tell me off, thankfully.

So a few hours later once the kids were finally in bed and we’d calmed down, I realised how important the smoke alarms were. What could have happened, especially to the kids, doesn’t really bear thinking about… it might be a pain testing smoke alarms or even getting them fitted in the first place but please do remember why they’re there. They are SO important!! 

www.spencersestateagents.co.uk 

Does your agent charge hidden repair commission? WE DO NOT @spencersagents #sheffield

A More Ethical Approach to Property Management

When considering revenue streams and remuneration structures in property management, quality agents will ensure that any put in place support an ethical business culture. An area where this falters in the property management industry is the commission policies on general repairs and maintenance. Some large and well-known agents set company targets for achieving a level of commission income in this area. This creates the conditions for unethical approaches which every agency should seek to rule out.

Take a typical contract which endows the managing agent to undertake any repairs under the value of £300 at their discretion. The managing agent has three different but reliable and well-reviewed contractors on their books who can carry out the works:

·         Contractor A will charge £200.00

·         Contractor B will charge £250.00

·         Contractor C will charge £275.00

It is clear to see that where discretion is permitted the conditions of a commission target would bias the agent towards instructing Contractor C. After all, their contractual obligations are satisfied and another step is taken towards achieving their target income. However this clearly isn’t in the best interests of the client given that they are paying unnecessary costs of works which the agent can have carried out more costs effectively. It is also clear from the above example that although an agents fees may be clear in their contract, this will not shed any light on their internal targets & remuneration structures and the type of decision making they may influence.

Some agents may jump on the archaic view that this approach is perfectly ethical given that it meets all contractual obligations whilst contributing to the company’s bottom line. However ethics begins where the law (or contractual obligations) end. In this scenario it should begin when the agent is considering which instruction is in the best overall interests of the client and, all other things being equal, it is not in the best interests of the client that they incur unnecessary costs. An agent’s claim that it helped them meet their commission target would not break any ice with the paying property owner. It may be argued that such companies can put measures in place to offset the risk such as checks to ensure the most cost effective option was taken. This is not an efficient or effective means of achieving goals for any agency committed to an integrated ethical culture throughout its business.

We at Spencer are committed to encouraging just such a culture and understand that this means meeting maintenance costings with a healthy questioning attitude, free of any general maintenance fees or commissions. This approach works in the client’s best interest by providing practical and cost effective courses of action with an unbiased view of which to take. This is in contrast with the above approach aimed at achieving the highest level of commission in the quickest possible time regardless of whether it really is in the best interests of client.

At a time when agencies income streams are being squeezed it is likely that the types of commission and remuneration mentioned above will be drawn on as a way to bolster revenue. So, when seeking out a quality agent it is worth looking beyond the fees outlined in their contract and asking questions about the practices the company may have in place to achieve their targets. Their answers may shed light on whether their approaches are actually consistent with the interests of their clients and the true costs of their property management.

Speak to Spencer about our ethical stance on zero commission on any repairs on 0114 268 3682

rent@spencersestateagents.co.uk 

www.spencersestateagents.co.uk 

Christmas Greetings from Spencer! #openinghours #sheffield

Christmas Greetings from Spencer!

Although we will be closed for a few days over the Christmas period please continue to contact us as we will be open between Christmas & New Year for viewings and to agree a sale or two!

If you need us, our opening hours over Christmas are…

Saturday 23^rd – Open 8.45am – 1pm

Christmas Eve – CLOSED

Christmas Day – CLOSED

Boxing Day – CLOSED

Wednesday 27^th – Open 10am – 3pm

Thursday 28^th – Open 10am – 3pm

Friday 29^th – Open 10am – 3pm

Saturday 30^th - Open 8.45am – 1pm

New Years Eve – CLOSED

New Years Day – CLOSED

Tuesday 2^nd January – Open as usual

If you are one of our tenants we will be sending out an email confirming who to speak to in our absence.

Merry Christmas everyone!

Buy off market, market off market! Don't miss out! #Spencer #Sheffield #Estateagent

Are you missing out on properties by not talking to the local estate agents? 

We regularly speak to people who are gutted that they have missed out on a property and yet don't want to be put on our mailing list because they search Rightmove & Zoopla regularly or get alerts from them. 

What a mistake!

If you register with us not only do we send an email out to our applicants first when a house comes to market, we also send out a seasonal newsletter about the Sheffield housing market including houses which are coming soon and let people know about properties that are not being actively marketed online. Recently we dealt with a £1.5 million stunner of a house but we hadn't even taken the photos, let alone put it online, when it sold! This is because we know a handful of people looking for their perfect home at that price bracket so we called them, booked in viewings for them and then worked with the buyers, sellers & solicitors to get the sale through to exchange of contracts & completion.  

This isn't just the case for private buyers but for developers too. We regularly get calls from sellers of blocks of apartments, land, and tenanted properties that they want to sell without the hassle of tons of viewings... you could be missing out on a great investment opportunity if we don't already have your details. 

If you'd like to register, it takes two minutes to call and speak to one of the lovely members of the Spencer team to register your details and to be added to the mailing list so give us a call on 0114 2683682 in office hours or email your details to us at Sales@SpencersEstateAgents.co.uk and make sure you don't miss out on your dream home! 

Don't forget to check us out on social media, you'll be the first to know about new houses and lust over some amazing interiors too. 

www.spencersestateagents.co.uk 

Spencer of #Sheffield Service Charge Budgets for New Block Developments

Service Charge Budgets for New Block Developments

The average service charge in the UK reached almost £1,900 per annum in 2016 (Direct Line for Business, 2016), up over 30% from 2014, and is set to continue rising with the growth of developments. It is more important than ever for tenants and leaseholders to understand how agents put together and manage service charges particularly for new developments.  

We at Spencer understand that service charges must be reasonable and, as with any budget, must serve a plan which ensures effective block management without any nasty surprises. Sadly, some managing agents have been known to purposely keep the initial service charge low in order to attract leaseholders and tenants to new blocks only to hike prices or request further funds at a later date. This is not the Spencer way.

New block developers normally require a service charge budget long before the development is completed. A key challenge in setting up the initial budget for new developments is the uncertainty around the costing, particularly the more fixed items such as insurances and utilities. This creates further challenges if there happens to be a shortfall. One is appearing as an agent intentionally underestimating the true costs of service charge in order to secure leaseholders and tenants. Another, which everyone wants to avoid, is requesting further funds to cover costs!       

Both challenges can be overcome with research and by erring on the side of caution when putting together the initial budget. This means gathering estimates based on as much current information as possible about the development, making comparisons with similar bocks, analysing the market, and even overestimating to a reasonable degree. This way costs are estimated as accurately as possible and a more flexible plan put in place.  

Once the block is completed and the more fixed cost items take shape we may find that some are greater than estimated. Perhaps the block was a redevelopment of an old building which requires annual asbestos inspections or the door entry and smoke ventilation systems require greater management than anticipated. Managing any shortfalls without delivering a nasty surprise can be found in the more flexible areas of the budget.

The more flexible areas are those which can be changed at relative ease and short notice; key examples are frequency of cleaning or lift service visits. Once the block is fully occupied we may find that the frequency of cleaning can be reduced while still maintaining a clean block. Such changes free up the funds needed for to cover the shortfalls in the more fixed areas of the budget. Any surplus monies can then be placed into a sinking fund or even reimbursed to leaseholders at the end of the year. Far better than the alternative! 

The key is to develop a reasonable service charge budget with the initial information available which can also deliver the plan it is developed for; to allow the agent to effectively manage all aspects of the block without any nasty surprises for the residents. 

Ashley Elliott is Spencer's Accountant and Expert in Property Maintenance costings - he is Spencer's Right-hand man! 

WHO IS ASH?