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Genie Lettings in West Cowes, Isle of Wight

Details: Published: 25 January 2023; Hits: 557

Why do valuations vary between agents?

It’s understandably tempting to instruct the agent who gives the highest valuation, however a recent report from Zoopla showed that the original asking price for a third of properties on the market had to be reduced by £25,000 on average before selling. Every property will sell if its presented, marketed and most importantly priced correctly. Our property experts are equipped with the latest valuation tools, having more time to focus on property market levels, thereby meaning that the most accurate, evidence based valuations can be provided. Should you disagree with our valuation, or have been persuaded by another agent that it should be higher, then we can test the market for you, however in all cases we will do our utmost to sell at the highest price possible.

Does the service include offer negotiation?

All of our agents are trained to handle negotiations and are fully experienced in dealing with modern day buyers. We will handle this process in the interests of achieving the highest price. Once a sale is agreed, we prepare and send sale memorandums to all parties, chase surveys and begin progressing the sale.

What is the incentive for you to sell?

We rely mostly on recommendations from previous vendors. It’s essential for us to sell as many properties we can in order to grow the business. Additionally, we are motivated to beat traditional agents and help enforce revolutionary changes in the market to benefit the consumer. We will regularly ask for feedback, enabling us to continually improve our services. Furthermore, our fees are paid once a sale is completed. From a monetary aspect, the changing model of property portals such as Zoopla is based on how many properties we list in total, therefore it remains in our interests to efficiently maintain our available stock levels and work closely with you to ensure your property has the best chance of selling quickly and at the highest price possible.

What if my property is already being marketed by another agent?

You will need to check your notice period with them. If you are outside your fixed term contract period, then you should be able to move easily. You could also opt for a multiple agency agreement with your existing agent, however this will likely result in an increase in their fees. It is counter-productive to list your property with two agents as it could mean duplicate adverts appearing on the same property portals and also mean you are required to pay two fees instead of one.

Can I come onboard without meeting for the valuation?

Absolutely, if perhaps you already have an asking price in mind that you would like to aim for, you can instruct us at any time. We can immediately get to work on preparing your property for an agreed market launch date.

How quickly can you visit?

It depends on availability however it’s typically within three days of your booking.

How do I review my advert?

We will ensure that your advertisement is approved by you before it goes live on all property portals. We also ensure that the particulars are correct and that images and floorplan are properly displayed.

How long after the home visit will my property be marketed?

Your local property expert will prepare everything within 48 hours of the appointment and will request approval from you once ready. We usually beat this timeframe and more often than not, have clients ready to launch within 24 hours.

How long is an EPC valid for?

10 years.

Do I get one point of contact?

Yes, you will have one main dedicated point of contact who can handle any ongoing matters swiftly throughout the entire process.

Are there any hidden charges?

None at all.

Do you vet prospective buyers?

Absolutely, we obtain key information such as their full name, address, contact information and check their buying status and financial position.

Details: Published: 28 February 2022; Hits: 795

Sell your property with Genie Sales & Lettings in six simple steps...

1) BOOK YOUR FREE APPRAISAL

Pricing plays an important role with a number of factors to consider. An independent assessment of your property will be carried out by your locally based property expert. During the visit we explain how the market is performing, giving advice and guidance on how to maximise your sale price. You can book a free, no obligation valuation today by calling us on 01983 210295.

2) INSTRUCT US

Upon your instruction, we will guide you on how to sign up to your chosen service. We will then arrange a suitable time to visit the property in order to take professional photographs, create a floorplan, take room measurements and note down key information about your property. We will give guidance on how to prepare and present your property to its full potential which is also known as staging. All our experts are trained in photography and use the best camera equipment.

3) LAUNCHING YOUR PROPERTY ONLINE

Once your local agent has completed the staging visit, we will enhance photographs by making them sharper and brighter, and within 48 hours, we will request final approval. Once this is obtained, your property will be made live on the major property portals in just a few hours or on the agreed marketing start date. If agreed, we will also arrange for a “For Sale” board to be erected where appropriate.

4) VIEWINGS AND FEEDBACK

As you’d expect, prospective buyers are vetted before a suitable time is agreed and every enquiry is answered, thereby ensuring that every lead and opportunity is processed. Communication is a key focus of ours, valuing the importance of providing regular market report updates, discussing the performance of your listing, and ensuring that you receive prompt and accurate viewing feedback.

5) OFFERS AND NEGOTIATION

With each offer received, we will negotiate the highest price and assess the buyers’ financial position in terms of whether they are cash buyers’ or relying on a mortgage. We will vet prospective buyers’ by asking for proof of deposit, mortgage offer in principal and check that their existing property is sold subject to contract should this be required.

6) EXCHANGE AND COMPLETION WITH WEEKLY UPDATES

When an offer has been successfully negotiated, we will prepare and send a “memorandum of sale” to all parties (including solicitors) which will trigger the start of the conveyancing process. We will ensure that your sale completes as efficiently as it can by providing regular updates throughout the process, keeping in direct communication with various parties, such as the buyer’s solicitor, their mortgage broker, surveyors, the buyer themselves and of course you and your solicitor.

Details: Published: 28 April 2021; Hits: 982

7 Tips to follow when renting out your property...

1. Check that you are permitted to rent out your property

First and foremost, before you invest your time and money into renting your property, it is important that you check to see whether you are permitted to rent it out.

The first step is to contact your mortgage lender to confirm that you can rent your property out, as this is not always permitted under the terms of a loan agreement.

It also advisable that should you own a leasehold property, you obtain permission from your freeholder. As many leases contain a clause in which specifically refuses sub-letting.

2. Do plenty of research

Get to know the current rental market, how quickly are rental properties going in your area? In most cases, very quickly. At this stage you will want to see how much rent you can get for your property, you can gain a rough idea by looking at similar properties in the same area, but we do suggest speaking with an agent and asking them to carry out a valuation. Once you have this figure, it will also enable you to calculate the costs of being a Landlord, and determine whether it is financially viable.

You may also like to consider the type of Tenants you would like to target, whether that be a single professional, a couple or a young family, and whether or not your property is suitable.

3. Know your responsibilities as a Landlord

Being a Landlord means you owe your Tenants certain duties of care, some of which you may already be familiar with. As a Landlord you must ensure your property/properties are safe and free from any health hazards, this includes keeping the following in good repair: The structure and interior of the property (i.e. walls, windows etc.), basins, sinks, baths, toilets and their pipework, water and gas pipes, electrical wiring, water tanks, boilers, radiators, gas fires, fitted electric fires or fitted heaters.

In addition to this, it is your responsibility as a Landlord to ensure the property has had the following checks carried out: gas safety certificate, electrical installation condition report (EICR), energy performance certificate (EPC) and legionnaires risk assessment.

The property will need to be fitted with working smoke alarms on each floor and carbon monoxide alarms where required.

Once a Tenant is occupying the property, they may contact you to report an issue. In which case, it is then your responsibility to resolve. Issues such as a gas leak, broken boiler or water leak will need immediate attention. As a Landlord, you will be accountable for all repairs and maintenance, and carrying out refurbishment of the interior and exterior of the property when required. Some Landlords prefer to instruct an agent to manage the property, in this instance the Tenants would contact them to report any maintenance issues and the agents would then contact you.

4. Insurance

Contact your insurance company and inform that they you shall be renting your property out, they will need to be made aware of this. You will only require buildings insurance, as the Tenants will take out their own contents insurance.

Some Landlords also consider Landlord insurance, this will cover any financial losses which may occur when renting out your property. Although Landlord insurance is not a legal requirement, it can be beneficial as the policy will protect the building, your tenants and in some policies they will pay out should your Tenant miss their rent payments.

5. Preparing your Property

Before you proceed with making your property available to rent, you will need to carry out any required works, this may be painting, gardening, new carpets etc. It is recommended that the property is painted in neutral colours and that the flooring is also neutral, but sensible (no white or cream carpets!), try and keep far away from bright and bold colours as this may be unappealing to some Tenants.

You will also need to decide which furnishings you will supply with the property, most properties are unfurnished but they do include appliances such as ovens and hobs (these days most are integrated), fridge/freezer, washing machine etc. However, it is important to bear in mind that you will be responsible for the maintenance of these appliances throughout the tenancy. Should the washing machine break (through no fault of the Tenant) you will be responsible for repairing or replacing it. Therefore we recommend only simply supplying an oven/hob.

As previously mentioned, you will need to have the following checks carried out before a Tenant moves into the property: gas safety certificate, electrical installation condition report (EICR), energy performance certificate (EPC) and legionnaires risk assessment. In addition to this, you must ensure that the property has working smoke and carbon monoxide alarms.

You will want to make copies of the property's keys for your Tenant and managing agent (should you decide to instruct one). It is also a good idea to hold all instruction manuals for the boiler, appliances etc in a folder and leave it at the property for your Tenant.

Once all works have been carried out, you will want to arrange for the property to be professionally cleaned by a professional cleaner. This is especially important due to COVID.

6. Finding a Tenant

Now your property is ready, it is time to find a suitable Tenant. Some experienced Landlords do prefer to proceed with finding a Tenant on their own, however, some do instruct a letting agent to take the ease away. After all, letting agents can provide an array of Tenants whom are already registered on their database.

If you decide upon instructing a letting agent, once agreeing a rental amount, they will take photographs of the property and will advertise on national portals such as; Zoopla and Rightmove, and on all social media platforms. Once your property's advert is up and running, be prepared to receive a number of interest the same day, prospective Tenants will wish to view the property straight away and believe me it will not be long until there is a large amount of viewings booked in!

The letting agent will show all prospective Tenants around the property and if interested an application form will be supplied to them. Letting agents tend to receive the application forms back rather quickly, once they do they will contact yourself right away to discuss the prospective Tenants. If you are happy to proceed, the letting agent will carry out all relevant credit and right to rent checks, and referencing (Landlords reference and Employers reference). Once the prospective Tenants have been referenced and checked, their application will again be discussed with yourself. If you are still happy to proceed, a move in date will be decided upon between yourself and the Tenants.

Once a move in date and the length of tenancy has been agreed, all relevant paperwork will be drawn up. This paperwork includes the tenancy agreement, prescribed information for the deposit and the pet policy (if relevant). In addition to this, the Tenants will need to be supplied with copies of the gas safety certificate, electrical installation condition report, energy performance certificate, right to rent checklist and the legionnaires risk assessment.

The deposit will need to be registered under a government-approved tenancy deposit scheme, such as The Deposit Protection Service or MyDeposits, within 30 days of receiving it. If you prefer not to register the deposit yourself, the letting agent can register it on your behalf.

Finding a Tenant can most times be very straight forward, especially if you instruct a letting agent. Should you require such services, please do not hesitate to contact us (Genie Lettings) on 01983 210295 or email us at This email address is being protected from spambots. You need JavaScript enabled to view it..

7. Changes in Legislations

Being a Landlord means you need to be aware of the various and detailed pieces of legislation involved in renting. It is crucial that you comply with them all and stay one step ahead of any changes in the law.

New stringent legislations are introduced each year, therefore it is important that you keep yourself updated. You can find all current and new legislations on the gov.uk website or sites such as the National Residential Landlords Association (NRLA).