Striking the right kind of deal

 We have recently had some interesting deals on new tenancies.  Many prospective tenants and some new landlords, are often surprised that we suggest a negotiation on the rental in order to secure a reasonable deal for both parties.  A few years ago it was the norm for tenants to pay the asking rental and both agents and landlords were surprised with the few tenants who dared to ask for a reduction!

Nowadays, with the growth in TV programmes showing property negotiations as the norm, many prospective tenants reckon it’s a worthwhile exercise to make an offer and see what the landlord is prepared to accept.  This is probably a good idea if they are able to move in quickly, or are prepared to take the property ‘as seen’ without any special requests for accommodating a pet, or the removal or supply of furnishings.

The only problem that then arises is when a landlord is not able to make a decision regarding the offer there and then, and comes back to us a day or two later to accept the offer or try to renegotiate.  Unfortunately, many prospective tenants, while waiting for a response, will then fear the worst, assume they have ‘lost’ the property, and therefore continue to view similar properties. These properties may be less expensive or the landlord might be able to accommodate their special request straight away and do a ‘deal’ there and then.

But fortunately, many of our professional landlords have already been through the heartache of unsuccessful negotiations and usually reckon that “a bird in the hand is worth two in the bush”.   In other words it is probably better to accept a reasonable offer from a good prospective tenant today, than to hold out for the higher asking rental which may take some time (sometimes several weeks) to materialize.  Additionally, tenants who believe that they have secured a good rental ‘deal’ often end up staying for a longer tenancy than those who feel like they have paid more rental than they wanted to.

Therefore, looking at the figures in detail, if you were advertising your property to rent at say £600 per calendar month and were offered £550pcm from a tenant wanting to move in next week for 12 months, we would highly recommend that this offer should be accepted straight away.  In effect your rental income for that year would then be £6,600 per annum.  If you had to wait a further month for an offer of £575pcm, your income for the next 11 months would then be £6,325 less any additional council tax or utility costs that may be payable during the waiting or ‘void’ period. 

Of course, the negotiations can go the other way and many landlords may turn down a low offer if they know that there are other good prospective viewings booked on the same property.  Good prospects might include tenants who can move in quickly or those who are currently renting properties with us who have a good credit and employment history.

I hope that some of the above tips will be useful for both new or seasoned landlords who want to negotiate quickly and speed up the next letting.  So good luck with deciding whether it’s a ‘deal’ or ‘no deal’!
 

In the Dragon’s Den with Doug Richard!

Formerly a 'dragon' on the BBC's Dragons' Den, Doug Richard, the leading entreprenear is soon to give The Letting People top quality business advice. Caroline Kempster, Marketing Director, is the lucky winner of a session with Doug following a web business course she attended (the Web Fuelled Business bootcamp.)  Caroline says "I can't wait to talk to Doug about The Letting People's use of the internet for our business.  I learnt lots about web-based tools on the business bootcamp, and it's a great opportunity to have one-to-one advice from a real expert – especially as I won't have to go into the Dragons' Den!"

Only a few more hours left!

There's just a few more hours left for your chance to win a mystery prize! We've had some great entries, so if you're always thinking of good headlines and phrases please email us an amusing caption for either (1) the all-female boardroom photo (see the ‘Celebrating International Women’s Day’ news item),  or (2) the all-male boardroom photo by midday on Friday, 30th March 2012. The best caption will win a mystery prize and will be published on the website (so please make your caption publishable!).

New FREE Prize Draw

We all like a nice surprise (and also helping a local charity) so every month The Letting People are giving all their current landlords, and potential landlords, a FREE entry into their new prize draw to win 52 FREE weekly entries in the Myton Hospices Weekly Lottery.

The monthly prize winner will join the local hospice weekly lottery every week for 52 weeks (one year) and could win up to *£5,000 (*quarterly jackpot prize in the Myton Hospices Lottery)

Money generated from the lottery goes directly towards the running costs of the Myton Hospices.  Every week winners of the hospice lottery share a guaranteed prize fund ranging from £5 to £1500.  (Players must be 16 or over.) 

It’s quick and easy to enter – Simply phone The Letting People on 01926 832291 to register your details.
If you would like a free specialist market appraisal of how much your property could be rented for – find out more at: The Letting People, 1st Floor 5 Euston Place, Leamington Spa CV32 4LN Tel 01926 832291. Email: info@thelettingpeople.co.uk
 

Recommend a landlord

The Letting People – Leamington Spa branch are celebrating the launch of their new web site and offering a thank you of 52 FREE weekly entries into the Myton Hospice lottery for any landlord who has been recommended and we sucessfully let their property and 52 FREE weekly entries to you as a thank you for recommending your friend!. Please sign up below to register your recommended landlord details for this offer

For details of the Myton Hospice lottery

7 Tips to Toddler-Proofing in a Rented Property!

According to a recent survey of 2000 parents, toddlers and young children, cost nearly £400 in damage to *homes!

The top causes of costly damage were:

  • Ruined wallpaper and drawing on walls
  • Spills, scratches, and tears to furnishings
  • Scratches and drawing on flooring
  • Repairs from toys being put into the washing machine

If you are a landlord with a family-size property to rent, you may want to consider the following toddler-proofing strategies to outwit the terrors of toddlers:

  1. Easy-peasy cleaning

Where necessary, in areas of passing pushchairs, etc, use washable and heavy-duty endurance paint in a suitable colour – such as a fashionable grey.  There are some great paints available, in any colour, that can make cleaning of handprints, mud, etc much easier.  In addition many tough paints can withstand scuffs from furniture removals, and tough white gloss paints on woodwork can be easily freshened up when necessary.

  1. Gates galore

To keep toddlers in ‘safer’ areas look at where stairgates could be used to keep a small child in a playroom, or away from dangers such as kitchens, bathrooms, and stairs.  Providing one or two stairgates may well be a great help to parents who are just beginning to experience a baby turning into a child ‘escapee’ !

  1. Wonderful wipes

What did we do before we had those disposable wipes? To maintain clean surfaces wherever possible, fit high-gloss units in kitchens, utility rooms, and bathrooms.  If you also provide the correct cleaning materials or specialist wipes for any wooden furnishings, etc, your tenants will be more likely to continue to use the right materials needed for the job.

  1. Show-off shelving

Stylish and practical shelves can be a godsend for tenants living in your rented property.  Somewhere to put valuable and important things out of the way of inquisitive toddlers is always going to be a positive feature.  In addition, higher-up plug sockets nearby will be useful for recharging phones, etc or perhaps to plug-in a hairdryer if the shelf can display a freestanding mirror.

  1. Fabulous flooring

Floors can take their fair-share of destruction too with damage from toddler’s toys and from crayons, and spills, etc.  Perhaps the best flooring for families would be solid wood, laminate,lino, composites, or ceramic tiles.  If this seems a bit too cold or ‘sterile’ in certain areas, robust mats and rugs could be provided, which should be easier to replace if necessary.

  1. Wicked wallpaper

Although it may be tempting to have a feature wall with some fashionable wallpaper – generally washable paint is a better option in rented property.  Wallpaper, unless very durable, can become easily damaged or destroyed, and may not be simple for a tenant to replace if it needs repairing.  Generally white walls and ceilings are the easiest for everyone (no need to match the paint) and are less time-consuming to freshen up when needed.

  1. Laidback Landlords …

Perhaps the best tip is to have a laidback approach to toddlers in general – they will soon grow up – and very few parents will want to continue to live with rips in wallpaper, dirty marks on walls, or damage to floors and furnishings.  It is probably better to encourage the parents to have a good contents insurance policy (with accidental damage covered) and to adopt a good communication strategy with regular property visits.  These visits will also help to avoid any last-minute misunderstandings at the check-out stage.  Working with the parents to sort out any repairs and maintenance (however caused) at an early stage, as quickly and easily as possible, will make everyone’s lives a bit easier.

And at least the landlord doesn’t have to cope with smartphones, expensive the other costly destructive habits such as toys, £20 notes, and even car keys being flushed down the loo!

If you’d like to know more about lets with toddlers in tow, please just ask.

 

*Source: Direct Line Home Insurance 2016

Looking to sell your property?

The Letting People has launched a sales service through our new brand www.thepropertysalespeople.co.uk  to help landlords and property owners to sell their property. Register your interest on www.thepropertysalespeople.co.uk

Whether you are looking to advertise and arrange your own sale from just £399, or need the services of one of our property consultant professionals to secure your sale, we can help!

Call us on 01926 658206 for more information

Our sales service brochure can be viewed here: https://www.thelettingpeople.co.uk/userFiles/the_property_sales_people_guide_to_services_a4_4pp_4.pdf

 

Landlords, unlock the rental potential in your property!

Landlords, unlock the rental potential in your property with the help of your local rental property expert!

We are often asked "what are tenants looking for in the Leamington Spa, Warwick and Kenilwoth area"? or "what should we do with our rental property to attract the right tenant"? These questions are also asked by more experienced landlords who have been letting property for a number of years and are now finding that their property is not letting as quickly as it did before.Why?

The truth is that the rental market in this area is changing rapidly and properties that may have previously experienced steady demand may now becomming much more difficut to let. Have you got a fresh, modern and appealing kitchen with appliances, a white bathroom suite and neutral carpets or flooring in your property? These are the features that many professional tenants are looking for when deciding to rent a property.. and are willing to pay a premium!

Not only are landlords facing void periods with an empty property, landlords are also facing increased costs through removal of tax allowances, changes in calculating your tax due on your property investments and the additional stamp duty.

So what can you as a landlord do to improve your situation.? Well now is a good time to think strategically about your rental property and in particular the demand in your local rental market.

Help is at hand!

This property in Marton had been let through The Letting People for some years and was in need of some updating work to attract professional tenants for a further 7-10 years.

The Letting People arranged the supply and fit of a new kitchen, flooring, repainting and other refurbishment works. The landlord also arranged for a new gas fire and this property was then ready to go. The rental value increased by £250 per calendar month giving a return on the investment in just under 2 years. 

Click here to view images of this property both before, and after!

https://www.thelettingpeople.co.uk/userFiles/property_refurbishment_marton.pdf

On launching back on to the rental market, the property attracted immediate attention from professional tenants looking for an updated village property that was ready to move into – and was let in 1 day.

A win win for both the Landlord and Tenants!

Talk to us about how we can help by investing our resources in your property to give you the rental that you want!