A Price Sensitive Market!

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Having just taken on a new property to let from a Landlord that was already on the market I was surprised to hear that he felt that the price didn't seem to be the reason the property had been available and more importantly vacant, for an unusual amount of time.

The property was well presented and in a good location and yet the interest had been minimal and the all important "void" period was getting longer. My suggestion to tweak the asking price just slightly didn't sit well at first but time was moving on and the need to get someone in was ever increasing. After much discussion it was agreed to drop the asking price by just £75 per calendar month, not bad when you consider this was a lovely three bedroom cottage in Hertford and close to the station that had been looking for £1350 a month. 

The price was dropped to £1275 pcm and within a few days we had an applicant taking the property and within 10 days they had moved in on a 12 month contract. Now at first glance it may appear that the landlord has potentially lost £900 annually out of the deal but the reality is that he had now got a good tenant, paying rent and most importantly the property was no longer standing empty and costing him money. Had we not dropped the price it would have been vacant for at least another month and probably more. One months rent at £1275 lost is still worse than loosing £900 over the year.

The bottom line with all rentals is always to minimise your void periods between tenants, it may be that reducing your asking price is a tough pill to swallow initially but the benefits of having a good tenant paying a reasonable rent far outweigh the problems of having an empty property.       

If you are considering letting a property for the first time or indeed have one that you would like some help with please feel free to get in touch.

        

"Your local lettings experts, our advice is free but our knowledge is priceless" 

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I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country”


 
Adrian Fallart - Director - Property File

Good Location, Ready to Rent and a Yield of 6.4%

www.propertyfile.co

Just come onto the market with Ensum Brown Estate Agents and offered Chain Free here is a good opportunity to purchase a two bedroom apartment that offers a strong Yield of 6.4%.

Located just to the outskirts of Ware Town Centre but within walking distance these two bedroom apartments offer good value for money and always rent well. Expect to achieve a rental of £750 per calendar month or maybe a bit more to the right tenant.

Doesn't look like it would need any work to get ready for letting as the Kitchen has already been tastefully modernised and the rest of the property should appeal to most applicants. You will need to check on the length of lease as some of these can be quite short but it is possible to extend them.

click the link below to see the properties details in full and if you want any further advise please feel free to drop into our High Street office and we will be pleased to help. 


 Click the link below to see the full details!

2 Bedroom Apartment, Ware £139,995

"Your local lettings experts, our advice is free but our knowledge is priceless" 

           
I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country”


 
Adrian Fallart - Director - Property File

Location, location, location?

www.propertyfile.co

One of our new clients has just purchased a house to let in a small village not far from our Stanstead Abbotts office, when she approached us to market the property her initial concerns were that the property may be too far away from a train station to be of much interest to Tenants but she had brought it with a long term view of capital growth and the rise in resale value that this would provide. It didn't take long to persuade her that not all tenants want to live near a station or Town centre and that she had brought a perfect property for the purpose she had intended.

With renting a property now considered the norm for many individuals and family's alike it is not the case that all renters want a one or two bedroom apartment, near to a main line station and close to a high street for shops and evening entertainment although these are certainly aspects that a lot of people want. Many more rural locations are very much in demand and country cottages are always a sought after item.

With "Buy to Let" the bottom line should always be the determining factor for your purchase, how much will be your total investment, what wil the "Yield" return and will capital growth perform as expected. Certainly the old adage of location, location ,location plays a big part in the capital growth but it may be that the other two factors are equally or more important to you as an investor. 

If you are looking to invest in "Buy to Let" and would like some advise feel free to pop into our High Street office for a chat, especially if you already have a property in mind, we will be glad to help.

        

"Your local lettings experts, our advice is free but our knowledge is priceless" 

           
I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country”


 
Adrian Fallart - Director - Property File

Capital growth, Yield of 5.6% and low void periods

www.propertyfile.co 


This one bedroom ground floor apartment has just come onto the market for sale to a savvy investor as it has already proven itself as a great "Buy to Let". We have been letting this property on behalf of the Landlord for 7 years and it has consistently performed well for both rental income achieved and very low void periods with the tenants wanting to move in almost as soon as the previous tenants move out.

Currently let at £650 per calendar month this property could achieve more with just some slight changes to the decor but it has fantastic views and a top location.

The lease on this property is around 75 years so there is still plenty of time left on it but you could always look to extend the lease once you have taken ownership although you may have to wait 2 years to do so. 

The management fees are about £120 per month which is higher than the average for the area but the important thing to remember here is the desirability of Tenants to want to live here and therefore limiting the void periods. The reason so many want to move to this part of River Meads is not just its location for commuting but also because of the appearance of the development and that it is constantly maintained to a very high standard, these attributes will always come at a cost but with a regular flow of tenants you will be taking the rough with the smooth.   

Click on the link below and take a look at the property and if you want any further information please get in touch or just pop into our High Street office for a chat.

Ground Floor, One Bedroom Apartment in River Meads

 

"Your local lettings experts, our advice is free but our knowledge is priceless" 

           
I have been in and around the Hertfordshire property market for over 25 years, starting as an estate agent in the county town of Hertford and now running a successful lettings and property management company based in Stanstead Abbotts. I have let and managed property all over Hertfordshire from the area that I currently work to Wheathampstead where I owned and managed a lettings & estate agents to Watford and surrounding areas where my company acted as a marketing agent for one of the largest property management companies in the country”


 
Adrian Fallart - Director - Property File