Lets speak: Leaders North Laine

Top tips for letting your property in a buoyant market from Martina Packham, Leaders North Laine

In recent weeks there has been an increase in properties available on the rental market across Brighton and Hove. As a snapshot, a quick search on the UK’s largest property portal shows 579 one- and two-bed apartments and 510 two- to four-bed terraced houses available to let, so landlords have to make sure that their property stands out from the crowd.

Even though you may have let your property consistently before, a competitive tenant market means you and your agent need to work harder and smarter to get your property to be ‘the one’ that appeals. Here are my top five tips on getting your property let in a buoyant market:

1 Get detailed feedback from your letting agent on current viewings
How many viewings have there been? Of those who have viewed what have been their concerns or points of interest? If there has not been enough footfall through the door, it may be price or the web listing that is the sticking point. If you have had viewings but people are not applying, perhaps an area of the décor needs updating or there is some other internal aspect that needs addressing.

2 Revisit the web listing
Is your property looking its best online? View the listing through the eyes of an applicant. What does it look like against similar properties?

Are there enough photos? Could the main image be refreshed? Does the text adequately describe all the features and benefits of the property?

3 Price reductions
No one likes to take less for a property than it has achieved in the past, but a one month void will often cost you more across the year than a slight reduction in the asking price. The right price depends on what similar properties are available that your home is competing with. For the sake of
£50 or £25 reduction per month in the asking price you may end up with the ability to cherry pick from a number of interested applicants which is better than no applicants at all.

4 Re-consider your applicants
The ‘perfect’ on-paper applicant rarely exists but landlords often have very fixed ideas of who they want living in their properties. However, a good letting agent will give a detailed profile of who your interested parties are to help you make an informed decision. If you have a family home to let, then more often you’ll get applicants with children and pets which some landlords don’t like. However, families tend to stay longer (especially when they have children and pets and get ‘settled’ in a property), so the benefit of accepting these additions will be more stable income from the property.

5 Don’t be greedy
If you have been renting your property out for a while to tenants who pay the rent on time and keep your property in good condition, our advice would be to think carefully about increases in the rent at renewal stage. Is asking for an extra 2–5% worth the risk of them giving notice and you having to incur re-let costs or risk a void period?

For more information about letting your property in a buoyant market please contact your local Leaders branch:
North Laine: 01273 675571
Brighton Central: 01273 720714
Fiveways: 01273 561534
Hove: 01273 321721Or visit www.leaders.co.uk