Calling all Landlords - don't reduce your rent, change your approach!!
20th June 2017
A few Landlords have contacted me recently as they are struggling to let their properties out.
These are private Landlords who advertise in many different places, one being the local newspaper. It could be just the time of year, when holidays are the main focus of many, or it could be that a slightly different approach is needed to obtain a successful letting.
The solution that many of these Landlords adopt to gain a tenant, is to reduce the rent they charge in order to make the property more appealing. This can be advantageous in the short-term however it can also put the landlord at a slight disadvantage for at least 12 months owing to the lost revenue that can be created. There are many other options to explore before even thinking about a rent reduction.
One thing the majority of these Landlords have in common is that they only want working tenants in their property. Whilst I respect this decision there are also other types of tenants that could be considered. One such avenue to explore could be those in receipt of a Housing Benefit top up. Generally, these are hard-working families who have their level of income topped up with Housing Benefit to enable them to afford their rent. There are certain steps which need to be taken to house any tenant. So to accept someone who receives Housing Benefit just means extra steps need to be considered which an agent can help with to ensure that due diligence has been carried out satisfactorily.
Another request that some Landlords have, is that they don’t want pets in the property. This is understandable due to the damage that can be caused such as cats scratching carpets and curtains, dogs chewing woodwork, pet hair causing carpets to smell, etc. Where permission has been sought to allow pets in the property, then we always ensure pet owners will have the house professionally cleaned at the end of the tenancy. In my experience, I have found that most pet owners are actually willing to pay a higher deposit to safeguard the property and tenancy. Whereas others are actually willing to pay a slightly higher monthly rent to secure the tenancy, which, for a landlord, could be a way of letting out a property that’s proving a little more difficult to rent.
The above solutions require no expenditure from the landlord, just an open mind in taking a slightly different approach when considering who would be the best candidate for the proeprty. In cases where a mortgage has to be paid, this could be the type of action that would mean the difference between covering costs or indeed being financially burdened.
If you would like to find out more about this or any other property related matter, you can either email me on firstname.lastname@example.org or give me a call on 07958 001968. I’m always happy to talk all things property related!