After 23 years at 226 High Street, we’ve made the long move over to 175 High Street.
It has been a busy time for us, although it has been a little quieter than usual this summer as, like the rest of us, many tenants, (both new and existing) are uncertain of what Brexit will eventually look like. Although good property will always let, things are taking a little to go and existing tenants are opting to stay put.
Here at Devere Letting Bureau, we concentrate on securing our landlords the best professional, long-term tenants and once you have the right tenant it is important that you try to retain them once you have them in your property.
We always endeavor to write to all our tenants prior to the end of a tenancy agreement, whether we are letting only, or fully managing the property for you. Interestingly, we are now seeing a growing number of tenants thinking about their renewals further in advance and in some cases they’re asking for two or three year tenancies.
For many tenants their reason is simple, they want security. If they have been renting the same property long-term they are are becoming increasingly savvy to changing market conditions, a number of them checking rental prices on sites such as rightmove to keep abreast of the rents being asked for similar properties. And, in some cases, for every tenant searching for a home, there are around ten to fifteen suitable properties available, so be aware that they have plenty of choice.
The rental values of studio flats, one and two bedrooms properties are quite steady, but at the other end of the market, executive houses where rents are in excess of say, £4000.00 a month, tenants are becoming more discerning and with more competition on the market, landlords and more importantly, their letting agents, must ensure they take steps to prevent good tenants from moving on.
Maintain contact with your tenants throughout the tenancy.
The main reason tenants leave, aside from seeking better value, is because maintenance issues at their property are not dealt with efficiently. As a landlord you need to keep in touch. Always be approachable and act quickly when any problems arise. Most of our landlords opt for property management because our contractors always try to respond to any repairs or emergency the same day.
Be flexible on the rent, if the tenants have always paid on time, (even early) consider keeping the rent the same for the following year. This gesture is always well received. If you must achieve a higher rent and a tenant presents an offer at the point of renewal, don’t be hasty when making a decision. It is important to be realistic in a continually changing market and even a small financial gesture can make all the difference, even preventing a costly void period. Put yourself in your tenants shoes!!
Educate yourself on what your competition is come renewal time and think about what your tenants will be seeing when they are viewing similar properties elsewhere. Do not skip on maintenance and invest in good quality fixtures and fittings if you need to update the property, it is obvious when a property has been cheaply refurbished and if a tenant is planning on renting long term they will expect a certain standard.
We are always available to give you advice to obtain the best rent your property.