Contract renewals is a delicate subject in any industry. It brings clear benefits to all parties and this is especially true in the Property Industry.
For landlords the renewal service is an essential one, enabling them to review the performance of their investment. Hurford Salvi Carr has a dedicated Renewals Department to provide this service and here we look at the renewals process, how it adds value and removes the administrative burdens of being a Landlord.
In the property sector the renewals process benefits the landlord by helping to reduce tenant churn and avoid costly void periods. Such periods can occur if a property is empty between tenancies. Assuming the landlord wishes to continue renting out the property, the tenant benefits because they get first refusal on renting the property again and avoids moving costs. It also gives both parties the opportunity to address any unresolved issues concerning the property.
The renewals service is perfect for an investor or landlord who does not want to deal with any of the practicalities associated with letting a property. Hurford Salvi Carr have a dedicated renewals team that ensures everything runs seamlessly from one year to the next.
The Renewals Department has a broad remit and the core services that landlords find indispensable include:
- the renegotiation of the rent to ensure it is in line with current market expectations;
- a full market assessment made up of a lettings analysis and an asset valuation;
- the negotiation of the new contract, including the renegotiation of all the terms and conditions;
- full administrative support including checking that all legal requirements are met; and
- the resolution of maintenance issues. (The extent to which Renewals gets involved with maintenance issues depends on the contract type.)
According to Julian Lewin, Manager of Hurford Salvi Carr’s Renewals Department, landlords are impressed by the thoroughness of the process and the information enables them to make the right decisions for their investment. However, it is not all about the Landlord as Julian Lewin reminds us: “We look after the landlord’s interests but we also have a duty of care to the tenants.”
What matters to Hurford Salvi Carr is that the highest level of customer service is provided to both the tenant and the landlord. As Colleen Goodwin, Renewals Negotiator says: “It is all about fairness. We are honest and clear about our recommendations to all our clients. That is why landlords respect our advice and tenants stay longer.”
For more information about contract renewals contact Julian Lewin, Renewals Manager on: 020 7791 7009 or email: firstname.lastname@example.org