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The Business of Property

Author: The Business of Property

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The Business of Property follows the journey of two entrepreneurs working in the property world.
Stuart is a property investor with a focus on HMOs, mostly for the student market. He prefers a hands-off approach with most of his investment properties being remote.
Simon has a small portfolio of vanilla buy-to-let properties that he mostly self-manages. To make his property management easier he created Property and Tenant Manager (https://www.patma.co.uk/).
Simon and Stuart, along with guests, discuss the ups and downs they're experiencing in their property businesses. Along the way they share property news, business tips and anything else that happens to crop up their weekly chats.
Popular episodes include:
Property investment terms (https://www.thebusinessofproperty.com/12) - great if you're just getting started in property and need some help understanding the common jargon.
Property strategy terms (https://www.thebusinessofproperty.com/13) - another jargon busting episode that's great if you're early in your property journey or considering changing your property strategy.
Changes for landlords in 2020 (https://www.thebusinessofproperty.com/9) - every year brings new regulations to the property sector and 2020 is no different, listen to this episode to hear some of the major changes and check the show notes for details on others.
Other great (property) podcasts (https://www.thebusinessofproperty.com/6) - what have Stuart and Simon been listening to recently and recommend in the podcast world, not just property related.
Less property but relevant to everyone is a discussion on time management (https://www.thebusinessofproperty.com/10).
Last but not least are a couple of episodes that talk about angel investing (https://www.thebusinessofproperty.com/14) and property finance (https://www.thebusinessofproperty.com/15) more widely.
52 Episodes
Reverse
Stuart and Simon provide updates on their recent property experiences and chat about viewings, mortgages and the stamp duty holiday (again). The discussion this week included: * Mortgage required before viewing. * Cheeky new-build viewing requirements. * More surveys. * Damp. * Speed (or not) of selling. * Will the stamp duty holiday now help to keep sales alive? * "In progress" sales are nearly 50% higher than last year. * Extending the stamp duty holiday. * "Only 25% of sales agreed in Q1 complete by the end of March." If you've enjoyed this podcast, please tell someone else about it.
Emma joins Simon and Stuart once again to chat about the world (and property market) from her view running an estate agency. Please accept our apologies for some slight sound issues. The chat this week includes: * Summary of the last few months property market. * The stamp duty holiday deadline. * Demand is slowing down, a little. * The property market can function as normal during this lockdown. * Things are moving slooooowly in the sales process. * Down-valuations! * Prices are up! * Lockdown or Christmas. * Market predictions. Emma's property business is Estate Agents Hub (https://www.estateagentshub.com/). Please leave us a rating and review if you're enjoying the show. Special Guest: Emma Halliwell Marks.
Simon and Stuart chat through a couple of graphs showing how the property market has behaved so far this year. The discussion this week included: * Stats collected thanks to the PaTMa property browser extension (https://www.patma.co.uk/page/property-tools-browser-extensions/). * You might be able to see the graphs included below, if not use these links: graph 1 (https://blog.patma.co.uk/images/graphs/active-listings-jan2020-base.png) and graph 2 (https://blog.patma.co.uk/images/graphs/market-change-per-week.png). * Christmas is coming! * Was the post-lockdown (v1) market hype, overhyped. * Sellers and agents building stamp duty savings into their price. * Our previous market stats podcast (https://www.thebusinessofproperty.com/35). * Our conversation with Tom (https://www.thebusinessofproperty.com/47). * Occasional down-valuations causing mortgage (and re-mortgage) issues for some. * What's coming next for (changes in) property prices. The graphs being discussed: Active property listings, Jan 2020 base https://blog.patma.co.uk/images/graphs/active-listings-jan2020-base.png Properties changing price per week https://blog.patma.co.uk/images/graphs/market-change-per-week.png If you can't see the graph images above, you can click these links to view each graph: * Active property listings, Jan 2020 base (https://blog.patma.co.uk/images/graphs/active-listings-jan2020-base.png) * Properties changing price per week (https://blog.patma.co.uk/images/graphs/market-change-per-week.png) If you've enjoyed this podcast, please tell someone else about it.
Stuart and Simon discuss a Covid-19 influenced viewing experience, stamp duty and the speed (or not) of completing a sale. The chat this week includes: * Awkward property viewings. * Vendor vs agent viewing styles. * The additional stamp duty rate on your primary residence. * The stamp duty holiday rates (https://blog.patma.co.uk/2020/09/stamp-duty-holidays-england-scotland-wales/) (spreadsheet). * Another offer has been accepted (via a new agent). * Trying to complete by Christmas. * Average of 77 days for a "proceedable offer". * Average of 123 days for conveyancing. * Purchases missing the stamp duty holiday (https://thenegotiator.co.uk/conveyancing-delays-365000-sales-to-miss-deadline-claims-report/). * Mortgage delays, perhaps leading to sale failures. * A meaningless average. If you've enjoyed this podcast, please tell someone else about it.
This week the chat is focussed around auctions, advertised property prices and agent fees; with a few updates thrown in along the way. The discussion this week included: * Last weeks chat (https://www.thebusinessofproperty.com/47) with Tom Soane. * Stuart's offer(s). * EWS1 (https://www.rics.org/globalassets/rics-website/ews1-external-wall-fire-review-final-2.pdf) delights. * Reducing for cash. * Testing seriousness with little hurdles. * Method of modern auction. * Guide prices - on auctions and not. * Emma's past chat about portal usage (https://www.thebusinessofproperty.com/27). * Property listings that advertise a price range/band. * Auctions moving online, in multiple styles, in the age of Covid-19. * Fees involved in auctions. If you've enjoyed this podcast, please tell someone else about it.
Simon and Stuart are joined by Tom Soane to chat about some of Tom's experiences in property, from how he got started to his current projects. The discussion this week included: * Tom's transition from gamekeeper to poacher (or maybe the other way around). * The difference between planning investments for others and making them yourself. * Continuing despite fear. * Using investor money vs your own money. * Understanding risk. * Looking at the mathematics when analysing property deals (https://www.patma.co.uk/property-prospector/). * Investing in Newcastle. * Putting together a remote team. * Make use of property data - from Land Registry (https://www.gov.uk/government/organisations/land-registry) and PaTMa (https://www.patma.co.uk/). * Choosing your time to sell. * The use of "guide price" in property listings. You can find Tom on Facebook (https://www.facebook.com/tomsoane) or reach him through his sales and letting agency Pink Street (https://www.pinkstreet.co.uk/). Please leave us a rating and review if you're enjoying the show. Special Guest: Tom Soane.
This week is a chat around asking tenants to leave, evictions and some alternative approaches to solving problems. Stuart and Simon also discuss the "tsunami" of homelessness the reopened courts are about to cause! The chat this week includes: * Alternative to serving an official eviction notice. * Open and honest communication. * Not without risk. * Evictions with rent arrears. * Overdue rent and direct payment from Universal Credit. * Adjusting homes to fit your means. * "You know what the rent is". * Will there be a tsunami of evictions? * Court capacity - already scheduling for October 2021. If you've enjoyed this podcast, please tell someone else about it.
Simon and Stuart chat about a recent article in the Financial Times claiming property transactions are increasing thanks to the stamp duty holiday. Show notes include a link to the source data. This week's conversation covered: * House sales climb for second month. * Based on HMRC figures (https://www.gov.uk/government/statistics/monthly-property-transactions-completed-in-the-uk-with-value-40000-or-above) using stamp duty records (direct PDF link (https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/919311/MPT_Com_Sep_20__cir_.pdf)). * Too early to be from the stamp duty holiday. * High LTV mortgage products are currently rare. * Transactions are recovering well, but they're currently still down from last year. * Was the stamp duty holiday too early? * Will the stamp duty holiday be extended? * A lot of the recovery in transactions will just be catching up from what was missed. * Sold, STC! * On the market for less than 10 days. * Home information packs to speed up conveyancing. * Don't believe the blockchain hype! If you've enjoyed this podcast, please tell someone else about it.
Stuart and Simon actually manage to chat about property training, without getting sidetracked. Listen to last weeks episode for the first part of the property training chat, then get the deeper dive in this episode. The discussion this week includes: * Continuing from last week (https://www.thebusinessofproperty.com/43) about property training. * Some years ago Stuart attended a Property Protege (https://propertyprotege.com/) course. * Do due diligence before choosing training. * On the job/property training. * The Property Entrepenuer (https://amzn.to/360cUrz) book. * It's important to understand: what is it you want to get from training? * Value from content: 7/10. * Time vs money = DIY research vs training. * No training is going to make you a millionaire in 90 days. * Even "reputable" training included an up-sell at the end. * Be clear about why you've chosen that training course. * That may mean some background learning before you start any training. * Mentorship can be another good option for property education. * Check their qualifications and experience. * Searching on Property Tribes (https://www.propertytribes.com/) is a good start for due diligence. * Try online property forums while physical property events are limited. * Lots of free resources are available from Property Hub (https://propertyhub.net/education/). * Don't use debt to pay for training - put in time and find free resources instead. If you've enjoyed this podcast, please tell someone else about it.
Simon and Stuart attempt to talk about "property training" and "property courses" but accidentally end up chatting about doing your own viewings for prospective tenants and the apparent high demand for London short term lets. This week's conversation covered: * Being a (lapsed) certified landlord. * The NLA, RLA and now the NRLA (https://www.nrla.org.uk/). * Continuing professional development (CPD). * As a landlord, there are some responsibilities that you cannot outsource. * Stuart's studio flat in Kingston (https://www.rightmove.co.uk/property-for-sale/property-94671296.html) is still for sale. * Self-letting via Visum (https://www.visum.co.uk/). * A viewers surprise that a property looks just like the listing! * Short term letting while trying to sell. * Doing your own tenant referencing. * High demand for a furnished, short term let. If you've enjoyed this podcast, please tell someone else about it.
Stuart talks about his problem tenant situation and the current tenant eviction rules which seem to be the subject of weekly government announcements at the moment. The discussion this week includes: * Problem tenants, of the not-paying kind. * Changing eviction notice periods and rules (https://nearlylegal.co.uk/2020/08/here-come-the-new-rules-not-quite-the-same-as-the-old-rules-notice-periods/). * Communication is key. * The new normal is (generally) six months notice. * There are some notice period exceptions though! * Tenants need to take ownership and communicate to make new plans. * Scotland's tenant hardship loans (https://www.landlordnews.co.uk/interest-free-hardship-loan-scotland/) for rent arrears. * Should landlords be left holding the can. * The business of property does have inherent risks that must be accepted. For the keen eared - the change in sound near the end was due to a recording issue and Stuart needing to repeat what he'd said, not because we had to cut out a long rant! As predicted, there have indeed been more eviction rule changes (https://nearlylegal.co.uk/2020/09/forthcoming-no-dss-judgment-and-no-evictions-over-christmas/) since we recorded. If you've enjoyed this podcast, please tell someone else about it.
Stuart and Simon chat about their (very) long-term goals and how their portfolios might change as they get older, perhaps even providing a form of "exit strategy". This week's conversation covered: * Simon's property in Brighton (https://www.rightmove.co.uk/property-for-sale/property-96773510.html) in finally for sale. There's also a virtual tour (https://my.matterport.com/show/?m=Dic37EFkqE6). * Stuart talks about the change to looking for cash buyers. * Investors from Hong Kong seems to be a noticeable thing, including numbers registering for Property and Tenant Manager (https://www.patma.co.uk/). * An overrunning and challenging project. * Slower market than expected. * Our take on exit strategies from The Property Podcast (https://propertyhub.net/podcast/exit-strategies/). * Longer term, pension scale, goals and strategy. * Growing a property business for institutional investors. * Adjusting a portfolio for simplification. * Turning towards paying off mortgages. * How stable is the property market (and world). * Property is a long-term game. If you've enjoyed this podcast, please tell someone else about it.
Which should you buy - leasehold or freehold? Simon and Stuart discuss their experiences and evolving thinking on this important property decision. This week's conversation covered: * Tales of woe in leasehold blocks. * Lease extensions. * Share of freehold. * Reverse freehold. * Unexpected leaseholder costs and challenges. * A converted flat with the building freehold. * Using a management agent for block management/maintenance. * Choosing your (property) challenges. If you've enjoyed this podcast, please tell someone else about it.
Updates and chat from Stuart and Simon; talking about title changes, selling and dealing with cladding on flats. The discussion this week includes: * Creating two properties from one - title splitting. * The wonders of bank communications. * Delays at the Land Registry. * Simon has decided to put a property on the market (listing not live in time!). * Stuart also has two properties for sale: studio flat in Kingston (https://www.rightmove.co.uk/property-for-sale/property-94671296.html) and a 2/3 bed flat in Croydon (https://www.rightmove.co.uk/property-for-sale/property-95402057.html) and is seeing some interest. * Regional price variations. * EWS1 form (https://www.rics.org/globalassets/rics-website/ews1-external-wall-fire-review-final-2.pdf) - External Wall Fire Review. * "Don't lose sleep about it" - from a bank. If you've enjoyed this podcast, please tell someone else about it.
Simon opens with his "extensive" updates before Stuart and Simon chat a little about title splitting and lots about rent-to-rent. The chat this week includes: * Title splitting mortgage mechanics. * Finding opportunities with a "rent-to-rent campaign". * How rent-to-rent can work for both the owner and R2R-er. * Quick R2SA and R2HMO explainer. * Details to consider when starting a R2R project. * How Article 4 HMO restrictions (https://blog.patma.co.uk/2020/07/property-investors-need-to-know-about-landlord-property-licensing/) can change the dynamics. * Sharing costs in a R2R project. * Stuart still has two flats on the market: studio flat in Kingston (https://www.rightmove.co.uk/property-for-sale/property-94671296.html) and a 2/3 bed flat in Croydon (https://www.rightmove.co.uk/property-for-sale/property-95402057.html). Make sure you're subscribed in your favourite podcast software to get our next episode early.
This week is a deep dive into Stuart's current HMO refurbishment project. The discussion this week includes: * Refurbishing an underperforming student HMO into a trendy young professional HMO. * Creating an environment that tenants like living in and want to take care of. * A detailed walk through of the property with room by room changes. * Going for an "industrial" feel. * Removing, moving and adding walls. * Oddities of split/mid level rooms. * Feature decorations. * Kitchen selection, complete with anti-viral copper handles. * Attracting the highest room rates. * Considering a "live wall". * Early furniture thoughts. HMO floor plan, before changes https://blog.patma.co.uk/images/bop/stuart-hmo-floorplan.jpg (https://blog.patma.co.uk/images/bop/stuart-hmo-floorplan.jpg) Please make sure you're subscribed in your favourite podcast software to get out next episode first.
The property chat this week starts with stamp duty holidays and wanders through Land Registry title changes and on to selling a couple of flats. The discussion this week included: * The stamp duty "holiday" (https://blog.patma.co.uk/2020/07/updated-sdlt-calculation-spreadsheet-for-stamp-duty-holiday/) has changed Simon's plans. * How do you correct a Land Registry title plan. * Stuart has completed his (long running) title split. * The first time you do it, there's going to be a big learning curve. * Mandatory HMO property licensing (https://blog.patma.co.uk/2020/07/property-investors-need-to-know-about-landlord-property-licensing/). * Stuart has a great studio flat in Kingston (https://www.rightmove.co.uk/property-for-sale/property-94671296.html) for sale. Initial interest has been good. * Stuart is also testing the market for a 2/3 bed flat in Croydon (https://www.rightmove.co.uk/property-for-sale/property-95402057.html). * Estate agents (https://www.estateagentshub.com/) seem to be very busy. * Viewing an empty flat is quite easy, even in Covid times. * More utility supplier woes. Please leave us a rating and review if you're enjoying the show.
Stuart and Simon talk stats. Comparing the property market in 2020, with all it's ups and downs, to the much more steady 2019. Included in this weeks discussion (and see below for the graphs): * Three interesting graphs based on data collected by PaTMa's price history browser extension (https://www.patma.co.uk/page/property-tools-browser-extensions/). * 30% fewer properties currently on the market. * Three key phases of 2020 are clearly visible: * "Boris bounce" * Covid19 era * Lockdown easing * 90% fewer properties being brought onto the market. * Can school holidays be seen in the data. * The total number of properties compared to 2019 has still been falling. * Nearly 50% more properties leaving the market in January 2020. * Nearly 40% higher (than 2019) leaving rate as lockdown eases. * Are all properties "on the market" really available. Graphs being discussed: Marketed properties year-on-year change 2020 https://blog.patma.co.uk/images/graphs/marketed-properties_2020-07-19.png Properties joining the market, year-on-year change 2020 https://blog.patma.co.uk/images/graphs/joining-the-market_2020-07-19.png Properties leaving the market, year-on-year change 2020 https://blog.patma.co.uk/images/graphs/leaving-the-market_2020-07-19.png If you can't see the graph images above, you can click these links to view each graph: * Marketed properties year-on-year change 2020 (https://blog.patma.co.uk/images/graphs/marketed-properties_2020-07-19.png) * Properties joining the market, year-on-year change 2020 (https://blog.patma.co.uk/images/graphs/joining-the-market_2020-07-19.png) * Properties leaving the market, year-on-year change 2020 (https://blog.patma.co.uk/images/graphs/leaving-the-market_2020-07-19.png) Please leave us a rating and review if you're enjoying the show.
Simon and Stuart talk over Stuart's updates and recent experiences with estate agents, banks and more. The discussion this week included: * Agent experiences and choices getting ready to sell. * Capital Gains Tax and possible off-sets. * Purple Bricks vs local agents. * Successful valuation. * Bounce Back Loan gets raised (again) by a bank - Stuart manages not to swear! Please leave us a rating and review if you're enjoying the show.
Stuart and Simon chat about their thinking as they approach a changing property market outlook, and how they could approach it better. Recorded on Tuesday 7th July - before the Summer Statement! The discussion this week included: * Stuart's words (https://www.thebusinessofproperty.com/31) linger in Simon's thoughts! * Cash reserves make for a stronger position to offer from. * Possible implications of a stamp duty "holiday". * Simon is wrong about the stamp duty reduction applying to investors (https://blog.patma.co.uk/2020/07/updated-sdlt-calculation-spreadsheet-for-stamp-duty-holiday/)! * Should you try to "time the market". * Property paperwork can take a long time. * "When you're inside the bottle, it's hard to read the label." * Anecdotal property market stats from PaTMa's price history extension (https://app.patma.co.uk/prospector/property-profit-and-yield-calculator/). * When will people start talking about the recession. * Should predicted price drops stop you from buying. * Choosing mortgage products to fit market forecasts. * "So what if it drops 20%!" Please leave us a rating and review if you're enjoying the show.
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