This month's worthy recipient of the Top Dog award is given to Adam Kingswood. Adam is a remarkable young man, who on a daily basis goes above and beyond what is expected of him in his role. For the majority of people who work in the demanding and hectic world of residential lettings their working day finishes at 5.30 and starts at 8.45 but for the few it is an ongoing and integral part of their lives.
It is not just the fact that Adam chooses to work longer hours to ensure that the job gets done that has secured him the accolade this month, as many of our loyal staff would no doubt do the same if it was warranted. It is what he is doing inside and outside of the office hours that makes him stand out. Adam’s relaxed approach to networking with people who have property, backed up by his understanding and knowledge about all aspects of the business has resulted in him successfully bring in new landlords which has seen the number of units occupied in the Nottingham office grow from 130 to 437 in just 4 years.
Adam is undoubtedly a natural networker who has a real passion for property, but it is his loyalty to PWR that makes him special. He truly believes in what PWR represents and never misses an opportunity to promote us, whether that be during his normal working hours or when he’s attending networking events in the evenings and early hours or just down at his local at the weekends. Adam never needs to be asked to do the extra things needed to bring in the business, he just does it because he wants to and because he knows that the business will benefit greatly from it and because PWR is part of him.
Adam is a tremendous advocate for PWR and we are extremely proud to have had the opportunity thus far of developing someone with such a thirst for excellence since joining us in 2005. We were impressed from the outset by Adam’s determination to learn all he could about residential lettings and property management and we had no doubt that should he choose a career with us that he would grow to become a fundamental member of the PWR team.
Adam’s career ambitions were not always property related, as for a short while he had aspirations of joining the fire brigade. However, It did not take Adam long to fall in love with property and over the years he has developed a genuine passion for the business. Although it was obvious from the beginning that he was determined to progress in the business, we have always been impressed by his contentment to progress when we felt he was ready to do so and not run before he could walk, a noteworthy trait for an ambitious young man.
Adam is a deserved recipient of the award as everyday he strives to be the best he can be. For an individual who has been so successful in getting his team to perform above expectations month on month he still maintains an air of humility. He recognises his weaknesses and daily strives for self-improvement. In the nine years that we have had the privilege of working with him he has maintained the drive and enthusiasm to not only succeed as an individual but to make PWR one of the market leaders in Nottingham.
As the National Landlords Association (NLA) declares that record-low mortgage borrowing rates, have caused an upturn in the number of landlords looking to add to their existing buy-to-let portfolios, a Nottingham based property consultancy is advising investors to seek professional advice.
PWR Lettings, with offices in Nottingham and Mansfield has backed recent reports, which claim that with rental returns continuing to outstrip the dismal returns from banks and building societies that many landlords are seeking to invest in further acquisitions, especially in HMO’s.
The findings from an NLA survey show that 31 per cent of landlords will look for additional buy-to-let lending or to re-mortgage in the next three months with a view to making further property acquisitions.
Simon Perkins, Partner at PWR, said: “It is a startling fact that a sixth of the population – around 10 million people – now live in accommodation rented from private landlords, and this is fantastic sign for the residential landlord. This upturn is of course a very positive sign, but with this upturn will come an increase in the number of landlords failing to comply with their legal obligations, and an increase in the number of inexperienced landlords who end up with inadequate protection.”
Many mortgage lenders now perceive buy-to-let to be less risky than standard mortgage products and are currently offering hundreds of different buy-to-let mortgage products at historically record low borrowing rates for both fixed and variable deals. Yet, the NLA survey found that many investors are concerned that they will not be able to gain access to finance, due to tighter restrictions.
Carolyn Uphill, Chairman, NLA said: “A significant number of landlords are having trouble accessing finance and expanding, which is a major concern because the private sector is vital in meeting the ever increasing demand on housing at the moment.”
Simon continued: “Many of the landlords we encounter are frustrated with regards to securing finance, and this is where PWR can help. We can offer unrivalled advice to the landlord regarding when and where to buy, the finance options available and full property management if required.”
For more information, please visit www.pwrlettings.co.uk
PWR Lettings is pleased to announce the winner of its champagne prize draw, which took place at The 2014 East Midlands Expo, on Thursday 6 November.
After asking visitors to place business cards into a free prize draw, the PWR team are pleased to announce that the winner is Adam Girling at AM Girling & Co Accountants.
The show celebrating its 15th anniversary was a huge success for the team who hoped to meet with new clients and raise the firms profile.
Adam Kingswood, Nottingham Branch Manager at PWR, said: “The property and business show was very popular this year, and was a fantastic opportunity to network with landlords and property professionals."
PWR Lettings is set to appear at The 2014 East Midlands Expo at the East Midlands Conference Centre in Nottingham on Thursday 6 November.
Alongside a major movement in the economy, the East Midlands has seen a big boost in business development opportunities in the region. The very popular property and business investment show has been blended with The East Midlands Network Trade Fair, further extending the events interest into B2B sales.
The show is celebrating its 15th anniversary and PWR Lettings, with offices in Nottingham and Mansfield will be on stand B2 at the event, which starts at 9.30am, finishing at 4pm. The property consultants hope to raise brand awareness and connect with potential landlords at the event.
Adam Kingswood, Business Development Manager at PWR, said: “The property and business show is very popular in the East Midlands as it is fantastic opportunity for organisations to meet new clients and interact with other businesses. PWR is hoping to raise its own brand awareness at the event and network with landlords.
The East Midlands Network is based s based on a 5500+ member Group on LinkedIn. Members of the virtual Group who encourage trade within the Region saw the opportunity to face2face.
PWR Lettings will have a champagne raffle draw for people who leave their business card or contact details at the stand and will also have marketing leaflets, brochures, pens and trolley coins on display.
Both entry and parking for the event is completely free of charge for pre-registered visitors for details and registration: www.businessshowsgroup.co.uk & www.propertyandbusinessinvestmentshow.co.uk/
In light of recent figures from The Property Ombudsman (TPO) claiming that complaints against letting agents have risen by 37 per cent this year, a Nottingham based property consultancy welcomes moves for a redress scheme.
PWR Lettings, with offices in Nottingham and Mansfield, is backing a new scheme to ensure that tenants and landlords have a straightforward option to hold letting agents to account after it has been found that there was a sharp increase in consumer complaints.
The report found that 1,187 complaints were resolved in total about both sales and lettings issues between 1 January and 30 June 2014, with 721 complaints (61 per cent) made against letting agents. TPO say that 74 per cent of the complaints made by landlords and tenants against letting agents were upheld.
Simon Perkins, a Partner at PWR, said: “PWR welcome the scheme because our high standards mean that we don’t have anything to worry about. The redress scheme is a fantastic idea and will stop rogue letting agents taking advantage of landlords and tenants.”
Until now there has been no legal requirement for any letting agent to register with a redress scheme, which has left thousands of tenants and landlords unable to access TPO’s free, fair and independent dispute resolution service. The new legislation will put an end to this.
TPO’s redress scheme requires agents to join one of three schemes and letting agents face a fine of up to £5,000 from their local council and could be forced to close the business for repeated abuses of the scheme.
Simon added: “The redress schemes will help ensure standards are maintained and give landlords and tenants assurance as well as some where to go to complain if they feel they are being treated poorly. PWR also suggest that landlords protect themselves by using a professional agent, taking out landlord insurance and by doing proper credit checks on tenants before they move in to a property.”
Letting agents who are using one of TPO’s schemes can be found online through the organisation’s web site. Official figures estimate that the UK has around 18,000 letting agents and at least 5,000 of these do not belong to a redress or client money protection scheme.
Following recent reports that HMO investments are out-performing general buy-to-let properties when it comes to gross yields, a Nottinghamshire based property consultancy is advising landlords to invest responsibly.
PWR Lettings, with offices in Nottingham and Mansfield, has seen a large yield increase in large multi unit blocks, including properties with multiple tenancy agreements and student houses.
The report from the Buy-To-Let Index by Mortgages for Business, stated that whilst gross yields on single tenancy agreement properties fell slightly in the third quarter at 5.9 per cent in comparison the previous quarter’s 6.3 per cent, multiple tenancy agreements are generating yields of up to 8.3 per cent which is an increase of 1.3 per cent from the first quarter.
Simon Perkins, a partner at PWR, said: “PWR has seen similar trends in Nottinghamshire. If a landlord decides invest in a HMO, they must make sure it is done responsibly. Often requiring a license from their local authority, HMO's can be a great investment if handled correctly. Landlords will also need a specialist mortgage product for more complex types of property."
Simon added: “As long as landlords go through the stages responsibly and properly by using a professional agent, they can earn greater yields."
Following recent reports that show that show the threat of rising mortgage interest rates, a Nottinghamshire based property consultancy says the future is bright for buy to let landlords.
PWR Lettings, with offices in Nottingham and Mansfield, says that despite the threat of mortgage interest rates increasing, tenant demand is larger than ever and landlords shouldn’t be afraid to increase their property portfolios.
The report comes from a survey by BM Solutions and the research revealed that 42% of buy to let landlords saw strong tenant demand in the past year. More than a quarter of the landlords in the survey are planning to invest in more rental property.
Simon Perkins, a partner at PWR Lettings, said: “Despite the fact that mortgage interest rates are increasing the future is optimistic for landlords as many are planning on expanding their portfolios due to increasing tenant demand. The more properties a landlord has in their portfolio the larger the gross income will be, PWR is confident that any new properties will be leased as demand is that high.”
A deep analysis of the buy to let market across the country found that landlords with portfolios of four or less rental homes paid an average £10,335 a year on buy to let mortgage repayments in the year. The average buy to let portfolio is 6.5 rental homes worth £1,031,000. This average portfolio generates £48,000 a year in gross rents with an average of £20,950 going on mortgage repayments.
The report shows that on average, landlords are paying approximately 40-50% of their rental income on but to let mortgages.
Mr Perkins, added: “The report shows us that the increase in interest rates shouldn’t deter landlords or potential landlords from investing in new properties as demand is that high for buy to let properties. Landlords should be confident that there properties will be leased.”
Every once in a while we get an employee who shows true dedication to their career and the recipient of September’s Top Dog award does just that. Although she has only been with the company for over a year, she has proved to be a fundamental asset to the Mansfield team. On a daily basis Laura aims to excel in what she does. She is a determined and loyal individual who is willing to accept any challenge put her way. Enthusiastic to the core, her passion for property is evident as she strives to impress in every element of her role.
Laura has passed her NFOPP level 2 examinations and now as an individual member of ARLA she can proudly have the initials MARLA after her name. It is not just the fact that Laura has passed the examination that impressed us all, it is the fact that she passed within such a short timescale and that she wanted to be one of the first in the country to pass. We are pleased to say that she has achieved her goal two fold as she takes top billing in the ARLA magazine.
In addition to her extra commitment, Laura has accepted the challenge of taking on the responsibility for the extensions covering both Mansfield and Nottingham offices. The general consensus has been that Laura has done a superb job and everyone is impressed with her dedication and commitment. Laura has not only listened carefully and applied what she has learnt effectively she has been mature enough to seek guidance to ensure that everything is correctly executed and that the standards are maintained. It is clear that Laura is ambitious but what is special about her is that she is aspiring to be someone who is well thought of and not simply motivated by the monetary rewards that her success brings. Despite the extra workload Laura has not compromised on her contribution to the office as a whole, as she consistently lets properties on a monthly basis above our expectations.
Laura struck us as a little fire cracker when she interviewed with us in 2013 and although we knew that she was a diamond in the rough we never expected her to excel or make the huge self- improvements that she has in both her professional and personal life. We are very proud of Laura she is one of PWR’s success stories and we are thrilled that we have thus so far been able to support her on her journey.
Demand for rental properties in Nottingham has soared in the past twelve months, something echoed in a national report claiming that as many as seven tenants are trying to lease each new property
The rise in demand has seen rental prices increase as properties to let rose by 18 per cent in July on an annual basis and seven per cent since June across the country. A tenant in the East Midlands pays on average £704 a month to rent a property. Even though demand for properties has increased so dramatically in the past year, supply has fallen by 19 per cent.
Despite the increasing demand for rental properties, PWR Lettings is still renting properties on average within seven days, Simon Perkins, partner at PWR said: “We are finding similar trends to the national trend here in Nottingham. At PWR Lettings demand is strong for rental properties and we are renting properties here on average within seven days. We let over 20 properties every week across Nottinghamshire and North East Derbyshire.”
Strength in the rental market usually signifies that there is less desire to purchase properties. It appears however that demand to buy is still strong but there is a lack of rental supply that is pushing up the prices of rental properties.
Many landlords are applying for more buy-to-let mortgages as demand for rental properties is increasing radically with applications rising 20 per cent year on year.
The recent relaxation of pension rules has encouraged people in Nottingham and across the UK, to invest heavily into property to earn money through retirement. Due to this and the continuing applications for buy-to-let properties, which have increased three per cent since June, the supply of rental properties will increase reducing the shortage.
PWR manage in excess of 1300 properties for their clients and are specialists in acquisition, letting and management, for more information or to get the most out of your investment contact PWR Lettings.
Four courageous professionals from PWR Property Consultancy plan to take to the sky in a bid to raise money for local visually impaired people.
Daredevil staff from PWR Lettings, who have offices in Nottingham and Mansfield, will take part in a fundraising skydive to raise money for My Sight Nottinghamshire.
Taking place on October 18th at Langar Airfield, Adam Kingswood, Laura Coakley, Natalie Ford and Simon O’Neill from PWR Lettings will be raising money for the charity’s Nottingham centre. The centre provides emotional support as well as a range of accessible sport and leisure activities for blind and partially sighted children and adults across the county.
Lillian Lintwhite, 83, uses the services that My Sight Nottinghamshire provide and was just one of many local visually impaired people to nominate them as PWR charity of the year said: “My Sight Nottingham is a truly wonderful charity that deserves the funding boost after all the support they’ve given me over the years.”
After being selected back in March, for its fantastic support and services for blind and visually impaired children and adults across Nottinghamshire, PWR officially announced, My Sight Nottinghamshire as its charity of the year.
Mrs Lintwhite added: “Losing your precious eye sight is a terribly frightening experience and My Sight Nottinghamshire is a real life line, I simply couldn’t live without it and the advice, support and services it provides; that’s why I decided to nominated it as PWR Charity of the Year.”
After naming My Sight Nottinghamshire as PWR charity of the year, the property management company have arranged two big events in the last few months, donating £1278 to the charity.
Mrs Lintwhite said that she was absolutely delighted to hear that the PWR team is keeping up the good work and continuing to raise funds for such a worthy local cause. She said: “I and the thousands of other visually impaired people across the county who benefit from the charity’s services wish the brave skydivers every success in the daredevil venture. A big thank you to everyone involved!”
For information and to donate please visit https://www.justgiving.com/PWRLettings/