It is VITAL to see what the market is doing and monitoring the major property portals will assist you in doing so. See what properties are on the market like yours- what prices do they list for and how long they are on the market for? Always monitor properties that are Let/Under Offer- after all, it is results you need to compare to. Alternatively, get yourself a good, honest agent and they will be able to accurately advise on this giving comparables of recent or similar dealings.
Has your tenant paid their rent on time, used common sense when maintenance issues have arisen, looked after your property, been friendly and accommodating when necessary? These are all valid factors. A great Tenant is (within reason) always worth keeping hold of. Late rent can mean Bank Charges, a damaged property can cost literally Thousands and a ‘pro-active’ Tenant saves you time and therefore money. Try giving your Tenant(s) a rating out of 10- if they get a 6 or below, then you may want to get shot of them!
What rent have your Tenants offered and how does this compare to your market research? If the levels are close and they have already got a Tenant rating of 7+ why are you still reading this article? The fact remains that properties are taking longer to rent and void periods are up. Voids cost money! If your flat is listed at £260 pw then every week empty is equivalent to £5 pw in rent. So, if you are offered £240 with no void period- what are you waiting for? If your flat is empty for just 4 weeks, you have lost this money already.
Quite simply- be smart. If you have a good Tenant, get your property let and review the market in 9 months time. Never be offended by an offer- it’s just a starting point. If you are not happy with the offer or the tenant (or both) get shot of them. Get a good agent, list your property at the right price and assess any offers you receive considering all factors – price, void period, contract length, requests and calibre of tenants.
Kristjan Byfield at Base Property