What you need to know as a Paramount Landlord this month 

What you need to know as a Paramount Landlord this month 




<span style="font-size: 16px; font-weight: bold;">Covid 19: what's coming next?</span>

 

First, the good news. Despite Covid-19, rent prices are stable and the vast majority of tenants are renewing their contracts. This May was our busiest on record, while April and May renewal rates increased by 25% compared to last year. The number of tenants that have given notice between June to August is nearly identical to last year (actually it’s a few less!), while the overall number of Paramount tenants has grown.

 

Rest assured - the perception that there is a mass exodus going on is just not true. Where we are seeing a change is in people’s reasons for leaving, as returning overseas and the ability to work remotely out of London have become more common. We’re also pleased to report that even with the restrictions of the last few months our stock levels are comparable to last year. This means that despite recent challenges we're still keeping that gap between tenancies to a minimum! 

 

We’ve just developed a new style of video tour that has everything a renter could want to view a property virtually. Renters have quickly come to rely on these – time and again we’re seeing applicants sign contracts before ever stepping foot in their new home.

 

But Covid-19 has also created a new breed of renter that can be more demanding. According to Rightmove, the new deal-breakers are access to a garden, fast broadband, a spare room, more leeway on pets, parking, and access to a good local park. Well-being and a good work-from-home set-up are the new priorities for people and their families.

 

Get used to renters requesting break clauses to protect against an uncertain job market. And don’t expect your property’s proximity to a Tube station to impress people as much as it once had.

 

It’s not just tenants whose priorities are changing: more of our landlords are switching to our full Property Management services since lockdown began. Our team can respond quickly and deal with their tenants safely, make sure their properties are well-maintained, and keep steps ahead of compliance requirements.

 

We’re proud that our landlords trust us to take some of the weight off their shoulders during this crisis.



<span style="font-size: 16px; font-weight: bold;">"We watched the video ten times. It's actually better than going to see somewhere" </span>

Early in the lockdown our consultants began experimenting with video tours of vacant properties as a safe alternative to viewings. We were surprised at how enthusiastically people responded!

 

“We watched the video ten times,” said TV producer Ella. “It’s actually better than going round somewhere.”

 

Nick and Ella were looking to rent in West Hampstead. They’d already been let down twice before they came to us at Paramount. They watched several video tours before picking their favourite flat. Then over a video call, Spencer Lawrence gave them a personalised live tour…and they signed on.

 

Ella describes working with Paramount as “the best experience moving house in this country” and you can hear why in this interview.

 

Six months ago it was hard to imagine tenants like Nick and Ella signing a rental agreement without setting foot in their new home. Now this is an every day occurrence, thanks to the innovation and expertise here at Paramount.



Is lockdown a chance for some TLC?

When lockdown began, we couldn’t market a property until it was empty. We helped landlords use these frustrating delays to get those outstanding maintenance jobs off their list. We also helped landlords to refurbish areas in their properties that can make a big difference in rental income and the quality of the tenants they attract. 
 

This is a great time to give your property a bit of TLC. Now more than ever, tenants want longer-term stability and are looking for extra “quality of life” touches in their next home. Even small changes like a fresh coat of paint or tidying a garden can make or break a deal with your next tenant.

Our experts talk to many prospective tenants every day. We know what they’re looking for. We can suggest all kinds of improvements that are guaranteed to help you attract the best quality tenants. Just send an email to info@paramount-properties.co.uk and we’ll help you get what you want out of your property!