Our Lettings department is intrinsic to our business at Mishon Mackay and over the last year we’ve seen them overcome challenge after challenge as the pandemic hit. Our teams have helped, advised, and guided our landlords, tenants and investors and so we sat down with them to learn more.
Before we get started, tell us a little bit about you and the Lettings department.
Jordan: “Hello, Jordan here! I run the property management and internal accounts team whilst Jay, heads up the day-to-day management of the Lettings team at the front-end of the business.”
Jay: “That’s right. With my team, we mainly focus on new business, dealing with valuations, new instructions and customer care, whilst Jordan’s team look after our managed stock to ensure our tenants are happy, we’re looking after our landlords and we’re meeting up-to-date legislation.”
We know that legislation is ever-changing in the Lettings sector and that it’s important to stay abreast with developments and new qualifications. How many of the team hold qualifications like these?
Jay: “We currently have four employees who have passed their Level Three ARLA awards and three currently studying towards their Level Two awards. Both myself and Jordan are also studying for our Level Fours. It’s very important to us as a company that our staff are completely up to date and knowledgeable in all lettings legislation to be able to give our landlords accurate advice and ensure nothing gets left behind. As a result, all of our landlords are compliant with all of the safety standards/current legislation, despite the fact they change so often.”
What new legislation is coming in 2021 for landlords?
Jordan: “Electrical Installation Condition Reports (EICR) were brought in back in April 2020 stating that all newly let properties must have a valid EICR, and any existing tenancies must have the necessary EICR in place by April 2021. All of our current landlords now have this and are compliant, but please get in touch if you’re not a landlord of ours, and you need advice regarding this.”
And what would you say the current market is like for landlords?
Jay: “Happily, very busy! Some of our properties have had multiple offers and our landlords have had a selection of different tenants to choose from, which is the best position to be in.”
Are you also helping landlords who are looking to sell their buy-to-let properties?
Jay: “Absolutely. We have a strong link with our sales teams across the city and Mid Sussex, who update us on any investment opportunities which crop up for our investors and landlords.”
What is your best experience with helping a landlord?
Jay: “We recently had a landlord whose tenants were due to vacate. The landlord’s personal circumstances had recently changed due to the Coronavirus and they depended on the rent to financially get them through. We achieved a higher rent for the new tenancy where the tenants were able to able to pay the full term in advance to offer re-assurance to our landlord that the rent was there, and they wouldn’t have to worry about any arrears during the duration of the new let.”
Why did you personally choose to specialise in lettings within the property industry?
Jay: “I have worked across both sales and lettings and prefer the lettings side as it is a faster moving industry, we have much more legislation to deal with, and no two days are ever the same.”
Jordan: “I actually fell into the industry by accident when I was 19. I started as a negotiator but quickly realised I preferred the post move in, more admin aspect of the job, so moved over to property management. I have worked hard over the last 11 years building rapport with our clients and constantly expanding my knowledge. I love how varied the industry is and I count myself very lucky to be able to do it in our beautiful city.”
What would you say to someone who’s looking to invest in a buy-to-let in 2021?
Jay: “I think it’s a good time to invest as the stock levels have slowed down and rents seem to be holding strong still.”
Finally, what one piece of advice would you give to current landlords right now?
Jay: “Be considerate. We must remember we are all still living through very difficult times right now. Yes, the property they own is an investment but it’s hard for so many.”
Jordan: “Now is a tough time to be a landlord, even without the pandemic; there has been so many legislation updates in the last two years. But we will come through this and it will get easier, we just all need to work together, remain patient and show empathy.”