Marketing your property correctly is a key factor when managing your investment. You want the best possible rent but you also want a good quality long term tenant who can move in at a time that minimises any void period. Often there are compromises to be considered. Got a great tenant but time scale is a bit adrift? Timing is great but the tenant wants appliance’s supplied that you had not budgeted for? These issues can make a difference to the short and long term costs i.e. on your return from your investment.
One of my tenants in a terraced house on the Leys gave notice to leave in July. I was about to go on holiday so quickly put it on the market at £725.00pcm and jumped into my car for the airport. The kitchen and bathroom has recently been refitted and I was keen to see an enhanced rent over and above the rent I was getting from a very long term tenancy. After all the market is very strong and of course you can let anything at the price you want can’t you?
Back from holiday 2 weeks later I reviewed the progress. We had had only 2 viewings and no one keen to take the property. I realised very quickly that I had acted in haste and ignored my own advice that I dispense every day.
Do your price research properly and do not think you can buck the market trends unless you are letting something exceptional. (I reduced the price £30 to £695, the lettings market is more dynamic that the sales market and a small reduction is often enough to make a real difference).
Make sure the photographs are good quality and up to date. (I had no photos of my nice new kitchen, or bathroom, instead I was relying on the strength of the market to be enough to find me a tenant).
Make sure the description is well written and in full with room sizes and descriptions. Make the property sounds attractive by pointing out its main features. (In this case a private garden, new bathroom and kitchen ).
These adjustments were put in place very quickly with a significant response. Six viewings across four days and two applicants that were keen to take the property…I had a choice of two great applicants with flexible timescales, the ideal scenario for any landlord.
So you can see how a busy estate agent can sometimes not get the marketing right even when the property is their own. I guess I could claim to be too busy looking after my landlords to look after myself properly!
If you are trying to let and not getting the right results consider the action above or ask why your agent has not done so.
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