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Got my property back from a nightmare tenant and it needed a lot of work which is all finished and its back on the market.
In the last few days I have had 2 emails and that is it via openrent. I wasn't asking for top money but I am wondering should I drop the price and if so how much?
Looking at other properties in the area mine is the cheapest out of all the available properties plus I have the bonus of a parking space and being less than half a mile from the train station. The competition are between £5-50 more PCM but 2 have let recently for £25 less than what I asking. Should I drop the price? My wife was thinking to stay firm as its in a nicer part of town and ours has had all that work done where's as the ones that have gone are a bit dated.
Just not sure. Should I just swallow knocking off £50 which I can afford to do or hold on a week?
Disclaimer: I have no legal expertise nor am I a qualified advisor on any subject. A humble landlord using an open forum to exchange ideas and experiences.
Also remember high street agents offer a tenant find service. Obviously still use your experience to pick the right tenant.
However if you were considering knowcking £50pcm per month anyway which = £600pa then you might has well get a good Estate Agent in your area and use their tenant find fees which might be a 1/3 of £600 but your viewing numbers might increase.
I would recommend offering Zero Deposit:
I did this, and was able to charge a higher rent as the tenant could afford it, but needed the deposit funds to move from Scotland to Manchester.See also:Deposit replacement - analysis and viewsMy property won't let! 6 tips to get it let!Good luck and let us know how you get on ... *Transparency notice: Zero Deposit is a commercial partner of Property Tribes
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Thanks i'll take a look
We've just loaded this helpful video to our youtube channel as well, which should help you see the benefits:
Very interesting to see this being promoted by letting agents? Correct me if I am mistaken, but when there is a problem tenant, how will the agent protect the Landlord?
Sorry, I don't understand the question? The Zero Deposit option is no different to a cash deposit option in the level of protection it offers to landlords.
Hi Vanessa, Yesterday I had a phone call from a friend who has let a property to a couple with excellent references etc at 2100 pcm via an agent, the tenant is now not paying and the agent has said "over to you" to the landlord and basically not my problem. At this time, the landlord holds a large cash deposit via the agent so at least there is some protection.
It sounds like your friend could do with finding a better agent. Whenever I have experienced rental arrears, my agents have worked extremely hard on my behalf to deal with the problem. With regards to holding a large cash deposit, the Zero Deposit guaranteed actually covers 6 weeks rent, instead of 5 weeks rent of a cash deposit, so, it would be said that the landlord has more protection, not less.At the end of the tenancy, the dispute process is exactly the same, and TDS is running the independent adjudication service for ZD, so no different to a cash deposit there either.