If a prospective tenant were to walk into an agent’s shop and start asking about the type of properties which were financially outside his reach, the agent would have absolutely no hesitation in letting him know how unrealistic his aspirations were. The agent doesn’t have time to show an applicant a property which he cannot afford. It’s far simpler to let him down straight away and, if he leaves and goes to another agent, so be it. He’ll be told the same there as well.
By the same token, staff at Belvoir are as honest and straightforward with a landlord as possible.
We go to great lengths in our presentation to a landlord to explain all about the letting process in great detail. As part of that explanation, we go into a fair amount of detail about the rent that is likely to be achieved, how long it is likely to take, what changes or minor improvements would make a difference to the prospect of a quick letting etc.
We hope that the landlord accepts our opinion and works with us on that basis, but, sometimes, he’ll disagree. It might be that he has bought at the peak of the market and has a large mortgage to cover. Or it might be that he is reliant upon the rent for income. Both might, on the face of it, seem like valid reasons to hold out for top dollar. But the truth is that letting is very much supply and demand and, no matter what a landlord’s personal circumstances may be, a given property will have its limitations.
We see dozens of similar properties very regularly and we will back up our suggestions with details of other truly similar properties which we, and others have let in the recent past. It isn’t in our interests to get this wrong; we only charge for successful lettings and much of what we charge is based upon the rent.
Of course, rent is by no means the only factor. The general condition of the property plays a part, as do the facilities within the property, the white-goods, or lack of, whether it has a shower etc. All manner of issues play a part. And, occasionally it will be less physical issues, such as the availability for viewings or having a definite date for the start of the proposed tenancy.
In a fully honest appraisal, all of this and often much more is discussed.
By not managing this process properly, the landlord is being done a disservice; his property may well get viewings, but offers may be short on the ground. Remember that those viewing the property will also be viewing others and will have a very good idea of market prices themselves.
We’re honest with tenants because we don’t want our time wasted. We’re similarly honest with landlords and, by so doing, we are not wasting their time or costing them money either.
This is particularly important in a climate where rents are not necessarily continuing to rise. Recent figures indicate that rents are not rising at the moment and we have recently had to adjust our expectations for a couple of properties. On both occasions, there was reticence on the landlord’s part and the result was a void period longer than we would ordinarily expect. Sadly, this has cost them lost rent which cannot be recovered.
Let us know if you’d like an honest, fair appraisal of your property.
