We have had a number of cases recently where money is showing in our business bank account and we have no clue of where it came from!
No - as much as we would like to spend it on a staff night out we think it may be your rent.
If you pay your rent to us by bank transfer on the internet or from your back it HAS to contain your address as a reference. Should we receive your payment with no details then we cannot allocate it to your account and send it to your landlord.
Last month we had over £4,00.00 in rent payments that we did not allocate until it was too late, we had sent you late reminder letters and called you several times and added charges to your account.
All this can be avoided if you put a reference on your payment!
Donna Weetman, Maintenance and Development Manager, PAD4U Letting Agents Manchester writes:
We want to remind our Landlords of our Invoicing process which changed in April 2009, as some of you are still not aware of the change and savings that can be made.
What has changed?
Repairs and Maintenance will appear on statements with the contractor’s company name.
In addition invoices from the contactor for each repair/maintenance tasks will be forwarded to the landlord by PAD4U.
Why we made this change?
There are a number of reasons why we made this change:
Transparency. We have been awarded ARLA (Association of Residential Letting Agents) status; we are currently already members of the NAEA (National Association of Estate Agents). ARLA’s preferred accounting practice is that landlord’s receive invoices from repairs/maintenance if carried out by an external contractor.
Streamlined Administration. The above process will help streamline our administration ensuring that we keep our costs low and therefore ensure our charges remain low to our landlords.
VAT Savings. Where contractors themselves are not VAT registered we will be able to pass on this saving in VAT due to the new accounting procedures.(Please note this applies to maintenance work and not project managed refurbishments).
Tax Investigations. Those unlucky enough to be subject to tax investigation will find the process far easier if they have invoices for repairs and maintenance to show the tax man
This means PAD4U are even more competitive on maintenance work, whilst still maintaining the quality of our work.
David Boyd, Managing Director, PAD4U Letting Agents Manchester writes:
PAD4U have worked hard to make sure it’s easy for you to receive your statements and newsletters electronically. Here I outline the different ways you can do this.
Perhaps the easiest of all. PAD4U sends all statements and newsletters by email. All you need to do is ensure we have your correct and up-to-date email address.
If you don’t have an email address. Yahoo, Hotmail, Google Mail all provide free email services and are easy to setup. Once you have setup your free email account please let us know your new email address.
Please note that with some providers, email from PAD4U may be placed incorrectly into Spam/Junk folders. To change this simply click the Spam/Junk folder and select the mail from PAD4U and click “Not Spam” or similar from the menu. If you still have difficulties please contact Simon (0161 257 2441 opt 4).
There are lots of advantages of registering with PAD4U’s website included free access to all current and past statements.
To register please point your browser to www.pad4u.com. Select Landlords from the menu and click Sign In under PAD4U Landlords. From here just ‘Click here to register’. Once registered you can enter in your username and password and gain secure access to your statements online.
You can also access news from PAD4U and all property related newsfeeds to you can stay up to date with what’s happening in the market.
If you have any difficulties registering with the pad4u.com please contact Simon (0161 257 2441 opt 4).
David Boyd, Managing Director, PAD4U Letting Agents Manchester writes:
As discussed in previous newsletters PAD4U will shortly be switching to electronic Statements and Newsletters. In this article I will answer the common questions we receive regarding the switchover.
When will the switchover happen?
Why switch to electronic Statements and Newsletters?
· Like many companies and individuals PAD4U is looking at ways to reduce it’s carbon footprint. PAD4U currently sends hundreds of envelopes and statements each month. By reducing the paper we produce PAD4U can be a more responsible company.
· In a very competitive market PAD4U must think how best to use it’s resources. By reducing the cost of postage we can redirect funding into front line services such as advertising properties to ensure we find the best tenants quickly. PAD4U is also using it’s resources on keeping tenants, by providing Welcome Packs, attending to maintenance issues quickly and ensuring good communication with tenants. By doing this we work hard to avoid the voids for our landlords.
· The postal service is increasingly being disrupted by disputes which has resulted in delays for landlords receiving their statements/newsletters. For overseas landlords this can be even more problematic.
How will I receive my Statements/Newsletters.
The good news is it’s never been easier to receive your statements/newsletters. In fact most of you are already are receiving statements and newsletters electronically as well as by post. In the next article I outline the ways in which you can receive your statements and newsletters if you are not doing so already.
Luke Elston, Negotiator, PAD4U Letting Agents Manchester writes:
Figures from UK Land Registry are disappointing on the face of it with a 0.1% reduction in UK property prices between July and August. However, when you consider the traditional summer lull which occurs nearly every year, the situation is perhaps nowhere near as bad as some people would have you believe. The average price of a property in England and Wales is now £155,968 and thankfully the annual rate of fall in UK house prices is now just 9.4% against 16.3% in February.
While there is no hiding the fact that property prices have fallen, many people believe that there is underlying demand but a lack of supply. As a consequence, experts in the property sector do not expect further downward pressure unless we see a large deluge of property introduced to the market. Again, as always, regional performances in the UK property sector are very different with the South of England performing better than the North, at least for the time being.
Whether this particular report will be enough to persuade UK banks to increase liquidity in the short, medium and longer term is open to debate but there is no doubt that the Bank of England and the UK government are very keen to follow this route. Without liquidity the UK property market is effectively being starved of food and water!
On the positive side, the lettings market remains strong, which is good news for all our landlords! So if you have any properties which require tenants, or know anyone who wants to take advantage of the service we provide here at PAD4U, then please contact myself or Paul.
Alaine Bradbury, Estates Manager, PAD4U Letting Agents Manchester writes:
Many landlords feel it’s a good time to be investing and snapping up those auction deals, however the amount of deposit or equity you can muster is a key factor for many of our landlords as to whether they can get hold of more properties.
Of course, in a more competitive market many of our landlords would prefer to tie up less capital on their investment, and increase their total return. However big deposits are the name of the game in 2009.
Looking back In 2007 when I first started in lettings most minimum deposits were around 15% and a handful of lenders allowed lots of long term clients & borrowers to put just 10% down. Not any more!!!!
On average most buy-to – let borrowers need to put down at least 25% and most of the best deals out at the moment are reserved for those with at least 40% upfront. There is a slight difference in the residential market with 25% being enough for some of the best rates.
But don’t let this put you off!!!, there are lots of excellent properties out there to entice you into extending your portfolio.
If you are trying to build your portfolio, you may benefit from advice from our Independent Mortgage Advisor who will for no fee look across the market to find the most competitive deals for you. More than ever it’s imperative you investigate all finance options.
PAD4U recently entered a number of properties into the first Pattinsons Action in Manchester, a number of properties PAD4U entered were sold. If you are interested in attending the next auction please let us know by email.