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.
oI 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
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