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I met with one of my Agents who manage and run my City Centre Flats and I asked how the fee ban was going and what effect is it having
He told me he has started a new strategy which I think is quite good.
If he has a property in a high demand area ie City Centre he advertises the property for rent and arranges a block booking for a few hours where anyone can come and view the property
He than asks any interested parties to email him with an offer and what rent they are prepared to pay.He also asks them to paint a picture of themselves ie background, what they work as etc. and he has found that he has achieved a higher rent on every property than he thought he would when setting the rental price himself !
The idea I think is to achieve a higher rent to cover the extra costs the Landlord is going to pay due to the Tenant Fee Ban.
N.B. The property has to be in a high demand area and has to be turned out at a high standard.
But I found it an interesting strategy - if it works it's a good one in my opinion .
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Yes agreed - there will be new ways of marketing that will begin to surface to fill the profit gap
I have used similar technique for a some time now but often its not always auctioning for more cash
If I have several people interested I ask them how they can beat the competition
I suggests a variety of options which may not be on their radar
These often appeal to them as its not always cash
My favourite involves can you do maintenance and paint a room
Rather than rent of an extra £25 pcm I recoup that £300 pa easily through redecoration they do
I rarely have had to pay a painter and decorator in all the years
I like to go for people in the various trades or whose families are in the trades
One I did recently have easily put £1000 worth into the property saving me time and money
Those types I also don't hear from for long periods after they book in
They are "can do" people, not whingers
They fixed the washer on the tap and the broken hinges etc
If mum and new baby do the viewing and Dad comes along in his overalls and works van, I love it
I chat to her while he noses around and gets his tape measure out
He interrupts every so often and says would you mind if we carpet the babies bedroom and paint it pink
"Crack on" I say "I want you to feel its your home"
If they say do you mind if we do this etc etc - I like it
If they say do you mind if you could do that etc etc - I don't like it
Its £50 here £50 there they save me
I cover virtually all trades in the selection of tenants I have
Check the palms of their hands when you shake
If they are hard and dirty and have a variety of cuts on - take then on !
Jonathan Clarke. http://www.buytoletmk.com
I think if you involve them its great way of building relations and saves costs too
This seems to me to be the open house viewing the EAs do for selling places, only applied to letting instead of sales.
The market has certainly slumped in recent months in the midlands - it's gone from "buoyant" to dead. It coincides with the bubble bursting for the car industry (JLR, headquartered here, are making 4500+ redundant). JLR has stated it has nothing to do with Brexit.
There was also going to be a surge in demand once the tenant fee ban kicked in (according to the LAs), with many tenants saying there were waiting until the 1st June to avoid paying fees. The predicted surge has not happened.
"Experience is a good school, but the fees are high."