Competitive rent cuts

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    Competitive rent cuts

    I'm still trying to let the flat with the green tiles. This was let in its un-renovated state for £700 in 2010, so I think £850 is reasonable now. Trouble is that there is an equivalent flat here in Reading that has been on the market since November for £795. Another one has just gone on the market for £750!

    Has there really been no increase since 2010?

    #2
    700 to 795 in 7 years equates to an annual increase of 2% - so how is that "no increase".

    Comment


      #3
      Originally posted by AndrewDod View Post
      700 to 795 in 7 years equates to an annual increase of 2% - so how is that "no increase".
      Because inflation has been at about the same level.

      Comment


        #4
        Originally posted by JK0 View Post
        I'm still trying to let the flat with the green tiles. This was let in its un-renovated state for £700 in 2010, so I think £850 is reasonable now. Trouble is that there is an equivalent flat here in Reading that has been on the market since November for £795. Another one has just gone on the market for £750!
        Other flats on the market are just an indication, unless you know the other landlords circumstances very well.

        Is the November £795 flat the one that isn't available until the end of the month?

        How long has yours been on the market? How many enquiries?

        Comment


          #5
          Thanks Boletus.

          The £795 flat is this one: http://www.rightmove.co.uk/property-...-50105481.html

          As far as I can tell, it has been available all along. Mine has also been available all that time, though during December it was with my friend who finds me tenants. I also had an approach from one of my other tenants' friends, but they were just timewasters. I think about 5 people viewed in December and a similar no. this month.

          The £750 flat is here: http://www.rightmove.co.uk/property-...-47904452.html

          I don't know why these are so cheap, and have not been snapped up. Just at the moment, they are preventing anyone letting at a good rent.

          Comment


            #6
            IMHO.

            The £750 flat is a subterranean basement flat. People consciously avoid them or subconsciously feel they are quite not right. (Having owned and lived in similar, I might be unfairly biased against them.)

            The £795 flat- I've got one! Different area but exactly the same architects plans. I bought it for half price as a repossession. Just speaking about mine now; Its a soulless place without character, functional but without comfort or luxury. Never had a female or couple enquiry, always let to 30-50 year old blokes recovering from failed long term relationships. Reminds me of those Eastern block flats. Depresses me just thinking about it.
            Nevertheless, if you click on the brochure in your link, it comes up as "not available".
            Just at the moment, they are preventing anyone letting at a good rent.
            I often feel the same but I think as obsessive landlords, we over-think it. If you look at the "Let agreed" flats, plenty are still going quickly for good money.

            FWIW, my advice is to do all the clichés. Dress the flat, even if unfurnished. Leather sofa, flowers in vases, cushions on beds, splashes of vibrant colour, strategic lighting etc etc (I know, I know, I dislike the falseness of it all too). Re photo the lot on a sunny day, bright, wide angle shots. Offer weekend and evening viewings. Drop the price by at least £17 (on a £850 flat) to get it to the top of the listings.

            Comment


              #7
              Thanks Boletus.

              Comment


                #8
                have you tried open rent just to advertise? have you updated the flat so its not just magnolia ?? making yours stand out from the others is the key. even staging and taking fresh photos might help.

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                  #9
                  Thanks Mr B.

                  I prefer an agent, as they can weed out the time wasters. I just finished painting it Magnolia. Fraid I don't have the energy for 'staging'.

                  Comment


                    #10
                    lol. I recently completed a complete refurb in magnolia, only for the boss to decide (in collusion with the 'selected' tenant) that it all needed to be shades of grey and a pink bedroom for her daughter,

                    of course I did as I was told, grumbling all the way, BUT to be honest (and as she never reads these pages, I can say it) she was right. the grey looks so much better, more modern/contemporary.

                    ignoring the additional cost of painting it twice, the difference between the cost of magnolia and grey was about £60 - so no next time I will do as I am told BEFORE I'm told to do it !!!

                    weeding out timewasters is part of the fun LOL - we don't do individual viewings anymore, we set up block viewings 80% actually turn up, BUT we do a sift before offering the viewings anyway - if we didn't, that number would be much lower !

                    Comment


                      #11
                      Is that a storage heater in the hallway? I don't see the favoured words GFCH in the details - this could well be the problem of having it on the market in January.
                      Could last tenants have left because they could not face another winter there?



                      Freedom at the point of zero............

                      Comment


                        #12
                        Yes, electric storage heaters.
                        No mains gas supply to the building, they were designed without it and have quite a decent energy efficiency (77- a high C).
                        Installing GFCH is not an EPC recommendation.
                        Whilst no GFCH might deter new tenants, I don't think it would be the cause of a tenant leaving this property.

                        Comment


                          #13
                          Depends how hight their lecky bills were .............. I never beilieve EPC reports - they are always talked up on newish developments.



                          Freedom at the point of zero............

                          Comment


                            #14
                            Just got an offer from my agent which I rejected due to the number of people:

                            £800 pcm, from a grandmother, mother & 7 year old who want to move into my one double bedroom plus one single bedroom flat. Did I do the right thing?

                            Comment


                              #15
                              I might have interviewed them to see what the story is - might be sound but if mother has left abusive bloke with kid to live in flat with grandmother then there could be grief. I take the War and Peace approach.



                              Freedom at the point of zero............

                              Comment

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