Jag Thind Property Consultants’ Post

Overjoyed to announce we have made the grade again for 2024! 💥 Best Estate Agent Guide 2024 💥 Each year, the UK's 15,000 estate and letting agencies are assessed for property marketing, customer service and results. Agents are automatically entered into the marking process, meaning that every agent is judged on the same set of metrics and criteria on the following points: 💥 Market share 💥 Property transactions that fall-through before exchange 💥 Time taken to sell or let subject to contract 💥 Time taken to progress to exchange or let 💥 Asking price vs. achieved price 💥 Price reductions 💥 Customer experience 💥 Quality of agent’s website and online marketing So if you are thinking of selling or letting a property in the Reading area, let us show you how its done! 👉🏻 https://loom.ly/wCHzyek

🏡 Navigating Property Sales in the UK: The Power of Reservation Agreements The journey of buying or selling property in the UK can be intricate and uncertain. To enhance transparency and security in transactions, reservation agreements are gaining prominence. Let's delve into the significance of reservation agreements in UK property sales and how they prove beneficial for both buyers and sellers. Understanding Reservation Agreements: A reservation agreement is a legally binding contract between a property buyer and seller, usually entered after the acceptance of an offer. It commits both parties to the sale, mitigating the risk of last-minute changes. Though not obligatory, a well-drafted reservation agreement provides security and structure to the transaction process. Key Components of Reservation Agreements: Mutual Commitment: Both parties commit to the sale. The buyer reserves the property exclusively for a specified period to conduct due diligence, secure financing, and finalise purchase details. Financial Implications: Buyers pay a non-refundable reservation fee to secure exclusive purchasing rights, discouraging frivolous offers and ensuring commitment. Timeframes and Conditions: Specific timeframes for due diligence, financing, and legal aspects are outlined. Failure to meet these conditions may result in the retention of the reservation fee. Benefits for Sellers: Serious Buyers: Filters out serious buyers, as the financial commitment demonstrates genuine interest. Reduced Uncertainty: Sellers gain assurance, knowing the buyer has a vested interest during the specified period. Benefits for Buyers: Exclusive Access: Buyers gain exclusive access for inspections, surveys, and due diligence during the reservation period. Price Lock: Protects buyers from potential price increases in a dynamic property market during the reservation period. Reservation agreements are gaining popularity in the UK property market, providing clarity and security in the complex real estate transaction process. Despite challenges, a well-structured reservation agreement fosters commitment, reduces uncertainty, and facilitates smoother transactions. As the property market evolves, reservation agreements are likely to play an increasingly vital role in providing a structured framework for UK property transactions. 🏠 🤝 We are keen to know your thoughts, let us know what you think in the comments below.... #PropertySales #UKProperty #RealEstate #ReservationAgreements

2023 was a reminder of how much change is required to solve the broken UK property system. Leasehold property sales are averaging 16 plus weeks to exchange in London. 16 weeks!!! So much can change in 4 months, interest rates, price and commonly personal circumstances. These costly time delays meant 50% of residential sales agreed in the first 6 months of last year, didn’t make it to exchange of contracts and fell through!! Millions of pounds wasted by homeowners, purchasers and agents. There has to be another way! A better and more efficient way, as proven in many other countries across the globe. The financial committment has to be made sooner to lock in both parties. The government having tried and failed with the Home Information Pack (HIP) almost two decades ago, seem to have no alternative solution and are clearly prioritising their focus on the lettings sector. Reservation agreements and offer contracts seem to be the only way forward. Keen to hear the thoughts of my network. Please add your comments below 👇 . . . . . Butler & Stag Estate Agents 🦌 #residentialproperty #property #propertysales #abortivesales #interestrates #pricereduction #conveyancing #EWS1

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On Friday, October 20th, The Guild of Property Professionals achieved an extraordinary three-peat victory, clinching the prestigious ESTAS award for Best Agency Network for the third consecutive year. This remarkable achievement was based on the collective ratings garnered by participating Guild agents from homeowners across the United Kingdom, utilising the esteemed ESTAS review platform. The Guild's network amassed a staggering 13,000 ESTAS reviews, boasting an impressive average customer service rating of 96.6%, a testament to the network's steadfast commitment to excellence. Iain McKenzie, CEO of The Guild of Property Professionals, expressed his elation, stating, "We are delighted to once again receive this accolade, a tribute to our Members' indispensable contributions to the property industry. We take great satisfaction in knowing that our Members consistently deliver outstanding service to their clients.” In addition to the Best Agency Network 2023 award, The Guild also walked away with the Supplier Award for Best in Sector 2023, Agency Network as rated by agents, another remarkable achievement. Commenting on the win, McKenzie says, “We are really proud of this award. Our passion lies in supporting independent property professionals, continuously providing them with the tools, services, and support necessary for thriving and delivering exceptional customer service, regardless of market conditions. Our primary objective is to empower our network to excel, expand their market presence, enhance revenue, reduce costs, and maintain compliance - these core principles guide our organisational decisions." Read more >> https://bit.ly/3Fz9mgy #theguild #estas #20thestasawards #estateagents #lettings #awards

Our enquiries team provides help and guidance to consumers by proactively listening and talking through their issues In 2022 we saw that tenants made up the vast majority of enquiries, showing tenants require a high level of advice, guidance and signposting. Amongst tenants the top reason for seeking TPO's help surrounded repairs and maintenance. Those tenants who had no agent tended to require help, signposting and guidance the most, this underlines the important educational role letting agents provide. With landlords we saw requests for advice and guidance increase, particularly concerning roles and responsibilities of different parties. Issues surrounding rent were also high, this reflects the continued difficult economic conditions. In 2022 the 2 top causes of complaints surrounded management and complaints handling. Complaints handling remained one of the top causes of lettings disputes, showing the need for improved standards in this area. TPO provides free complaint handling toolkits designed to help our members improve the way in which complaints are dealt with. These can be found on our website. Unlike at the enquiries stage, the proportion of disputes was more even between landlords and tenants. This reinforces that tenants require more advice, guidance and signposting than other types of consumers. We saw 69% of disputes upheld/resolved in consumers' favour. 1,486 of these were made at formal decision stage and 345 were made at an early resolution stage Read more in our Annual Review here: https://ow.ly/bNNw50PqWG2

Enhance Your Property Management Company's Reputation and Tenant Satisfaction with KG Invicta Services (KGiS) Expertise! We are committed to delivering optimal results for your business.  Click here to know more about us www.kginvicta.com #PropertyManagement #TenantSatisfaction #CustomerSupport #WebsiteOptimization #KGiS #Expertise #RealEstateServices #TenantExperience #EnhancedCustomerRelations #websitelisting

THE HOW-TO FOR PHILADELPHIA LANDLORDS! The City of Philadelphia has several requirements for individuals and corporations leasing residential property. Complete and up-to date information can be found at phila.gov/li, and usiness.phila.gov. *Owner must live within 25 miles of Philadelphia or have a managing agent that meets that requirement. Does not have to be a Real Estate Agent but someone who will accept notices and be responsive to correspondence from the City. CERTIFICATE OF RENTAL SUITABILITY Landlords must give new tenants the following: * A Certificate of Rental Suitability from the Department of Licenses and Inspections that confirms the landlord has obtained all of the necessary licenses and there are no outstanding property maintenance or fire code violations at the property. There is no cost for the Rental Suitability cert, it can be procured on Eclipse and the owner must have a valid annual Housing Inspection License in place. The date of the Rental Suitability cert must be prior to or on the start date of the lease to be in compliance for collecting rent. * A signed written statement by the landlord certifying that the unit is in suitable condition to rent; and a copy of the "Partners for Good Housing" handbook issued by L&I. This law only applies to new tenants, not to lease renewals. A Certificate is required each time a property is rented. Landlords who fail to get a Certificate, may be subject to fines and penalties. * All landlords must also have a valid Housing Inspection License to collect rent. RENTAL LICENSE This license is required of any entity that rents any type of housing unit. (formerly known as a Housing Inspection License) Cost: $63 per unit, $150 for vacant property or lot. The license can be obtained on Eclipse, a small convenience charge applies. Required prior to obtaining a Rental License Approval: * Commercial Activity License * Business Income and Receipts Tax Account Number * Federal Tax Identification Number or Social Security Number (for an individual) * Zoning Approval (for two or more units) * Lead Paint Disclosure and Certification: Landlord Lead Paint Responsibilities - Previously the Philadelphia Lead Paint Disclosure and Certification law required owners of properties built before 1978 and rented to children 6 years or younger to provide the tenant with certification that the property is either lead safe or lead-free. Beginning October 1, 2020, and being phased in by zip code, landlords are required to test and certify rental properties as lead-safe or lead-free, regardless of a child’s age, in order to: o Execute a new or renewed lease or o Receive or renew a rental license For more information: https://lnkd.in/gJxiMchZ Bed bug control responsibilities: • Landlords must give tenants an informational notice from the City of Philadelphia about bed bugs and landlord/tenant responsibilities. • Bed Bug Addendum is recommended.

Revolutionising Estate Agency with Reservation Agreements Reservation agreements are transforming the estate agency landscape, offering a more secure framework for transactions. These agreements reduce the likelihood of sales falling through by committing both buyers and sellers to the transaction, providing a layer of certainty that is often missing in traditional processes. For estate agents, this means a smoother sales progression, fewer fall-throughs, and a more reliable revenue stream. Educating clients about the benefits of reservation agreements can also enhance your agency's value proposition, demonstrating a commitment to efficiency and security. Implementing reservation agreements requires careful communication and negotiation skills, ensuring all parties understand the terms and benefits. By embracing this innovative approach, estate agents can lead the way in a more reliable, efficient property market.

𝗥𝗲𝘀𝗲𝗿𝘃𝗮𝘁𝗶𝗼𝗻 𝗔𝗴𝗿𝗲𝗲𝗺𝗲𝗻𝘁𝘀 𝗶𝗻 𝗘𝘀𝘁𝗮𝘁𝗲 𝗔𝗴𝗲𝗻𝗰𝘆 I hear many estate Agents embracing reservation agreements. I was chatting with Luke St.Clair, a very successful Estate Agent in Leicester his positive experience with reservation agreements in his estate agency. These agreements have been beneficial for several reasons: 1. Securing Commissions: For the staff, the reservation agreement gives them peace of mind that their commission is secured. 2. Buyer Commitment: It tests the seriousness of the buyer. If they are willing to commit with a reservation agreement, it signifies that they are genuinely interested in the property and not just browsing. 3. Efficiency: Properties under reservation agreements often go through the buying process much faster than those without. Luke drew a parallel to new home purchases where it's standard to put down a non-refundable deposit. 4. Endorsement by Government: Reservation agreements come recommended in official government guides on buying and selling properties. 5. Not Universal: However, Luke notes that not every property sale utilises a reservation agreement. Some clients or their solicitors might not be familiar with it or might be hesitant to adopt this new method, even if it's for their benefit. Luke said, reservation agreements are an essential tool in modern estate agency transactions. They not only safeguard the interests of the seller and the estate agent but also ensure that the buyer is genuinely committed to the purchase. However, there's a caveat to not overly promote it to the point it sounds like an advert