My property went on the market the day before the lockdown started, I initially had interest but that soon died off. My agent advised me to take it off the market until the restrictions are lifted.
I have seen lots of new properties listed with openrent, I am interested to see if anyone else is in the same position and if there are many moves going through at the moment, or should I hold out?
Hi Robert.
I am in exactly the same position, I also put the listing up for our property on Openrent the day before lockdown. Again like you I had a good initial response which has now dropped off completely and I am getting zero enquiries.
Normally rentals in the (desirable) location of property āGo like hot cakesā and are only up for a few days before getting snapped up.
I canāt give advice on taking it off market.and up until reading your post, I hadnāt yet seen any advise to take down listings during this crisis. I need tenants to be moving in ASAP to pay the mortgage and CT etc.or Iām well and truly Up the swanny!!!
Ralph
Hi Ralph, I guess there are lots of propertyās on the market that are not getting much interest, I have applied for a mortgage break with my lender so that will help a bit.
I tried dropping the price by 20% but that hasnāt helped yet, maybe I will try open rent as my current agent is no longer taking inquires during the lockdown
My lender isnāt currently offering mortgage break on BTL.
I was thinking of a price drop as well, but if a 20% drop doesnāt help??
Itās not a time to be moving house and I donāt think I would want to myself. Most of my viewings have consisted of low income or pretty desperate people who wouldnāt pass referencing for this property.
Anyway best of luck.
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when i first started out in retail a wholesaler said to me. "there is no such thing as a bad product, only bad prices " in other words everything sells at the right price. Iā¦ if you were renting out at 1000Ā£ and now cant get that ā¦,people will be tempted by a lower priceā¦ Your lower price may only be for a year then confidence will be higher, people will feel they have āgot thru itā and will be looking to resume where they left off. The price is up to you. Owt is better than nowt. ! This is where BTL can come unstuck, For me I never borrowed to rent out so I am ok . I may have fewer properties but I owe Nowtā¦ I feel you all have to reduce rents to tempt tenants
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Yes very true, something is better than nothing as long as its the right Tennant.
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yes, dont reduce you criteria for a good tenant . We dont want the chancers
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Itās a nightmare, similar for us. Our tenants gave us a months notice on March 27th. We decided that this time we would sell and advised our local agent. Unfortunately they couldnāt even view the property to value it for a week or so then of course we all went in to Lockdown. There are no easy answers, fortunately we are in a situation to wait but itās a nightmare for any one who relies soley on this income.
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