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Lesson One: Letting Property Made Easy
Once a landlord has made the decision to let their rental property there are a number of factors that should be taken into account when presenting their rental property to potential tenants. The first and most important decision to make when letting property is at what rental price the property should be offered to potential tenants. The outcome of this important decision is vital to the success or failure of the landlord’s rental property investment.
There are many other decisions that a landlord will need to make at the start, finish, and during the property letting process, but none are as important as the rental price of the property that the landlord will present to potential tenants. If the rental property is pitched too high then it is likely that the tenant enquiries will be few and far between, which may present future problems such as prolonged void periods. If the rental price is pitched too low then it may mean the failure of the rental property as an investment, due to the lack of rental income equating to poor cash flow for the landlord. In an ideal world adequate rental research would have been carried out before starting the property letting process. Rental research search such as rental prices, rental property supply, and rental property demand in the area of interest, are a great source of information to gather and utilise when coming to the decision of what is a realistic rental price to offer potential tenants.
As the rental price is such an important decision to make it is essential that the correct and appropriate data is collected when making this important decision. Any landlord has the ability carry out their own market research for any type of property anywhere in the UK in less than half an hour. The time spent on researching a realistic rental valuation at the start of the marketing process may save £100’s in void periods throughout the property letting process, so it is time very well spent.
Correct and appropriate data can be compiled to create a market research report by visiting the following websites:
To start the market research for any rental property wherever situated in the UK, the first half of the landlord’s rental postcode will be required within the rental search facility when using both of the above property portals. When selecting the rental property criteria to be used within the rental search the information should be kept as close to the rental property detail that you are researching, with the exception of the rental price. To research the market rental prices for your chosen area and property type, it is good to put in a range of rental values, starting £300 below your anticipated rental to £300 above your anticipated rental value.
The search results generated will give an indication of what similar properties are available within the market in a particular area of the UK. The information offered will be a good guide as to;
- The supply of rental property in the area of interest.
- The average asking price of a particular property type within the area of interest.
- The quality of the rental property available.
- The rental price of similar available and let properties.
- The way that other properties are presented.
From the rental research carried out a good judgement can be made as to a realistic rental price for a particular type of property located anywhere within the UK. Providing a landlord’s rental research is carried out in a thorough manor, a landlord will not only be able to ascertain a realistic rental price but also exactly what should be put in place to present the landlords property within a good position within the market to achieve an ideal tenant in a short period of time.
This type of rental research will take no more than half an hour to complete, but has the potential to save £100’s throughout the property letting process.
If you would like to speak to an advisor about your rental property please call 020 8 697 0984. Alternatively you can visit www.discountletting.co.uk to view a full list of benefits available to landlords.
