I’ve been advertising for over a month now and the response rate has been very low and no suitable prospective tenants. 4 bed house south London. Is this usual? First timer here. Thanks!
How’s it compare to similar properties same area? Is it over priced?
You really need to be on the paid for option so you are on rightmove if you arnt already.
Yes, I’m on the paid for option. Price wise, I’m middle of the range. I see similar cheaper ones not being let and more expensive ones being let! I expect tenants to negotiate around 5% so my price is about right.
The market may be different in London, but I’ve never had a tenant try to negotiate on the advertised price.
why? I’ve never ever had an applicant ask for cheaper rent when they contact me in nearly 30 years of letting. IIWY, I’d advertise at exactly the lowest figure you want and leave it there.
I’d also make sure that your photos and description are tip top. Photos are the only way prospective tenants can compare your place to others so it makes sense to get them perfect. If you’ve done all that and you’re still not getting anyone to bite then your price is simply too high for the market and you need to lower it until attracts attention. Each property is unique so comparing with others in the area isn’t always a good indication you’re pitching it right.
Professional photos and blurb ok. My experience is that people do try to negotiate. I’ve taken off 5%. Let’s see if that makes a difference…
Is your price near the top or bottom of a price band. If it is it may not be showing to some of your target market as it may be a fraction higher/lower than they are looking and therefore not showing. Are you looking for a familiy when most houses around are student or flatshare. Are the more expensive ones HMO so more flatshare friendly?
How do I know what the price bands are, please? Comparable house to others in the area.
Hey ! Just following this thread. I read with interest as I am in a similar situation (advertised for a while, but limited bites). Have you been able to find anyone?
Without seeing the ad its hard to say i.would imagine but if you have the ad and pics done professionally then that cant be it
Have you looked at the property a prospective tenants pov
Have a look on Google maps see what that shows there may be something showing on there that puts people off
Is the property furnished this sometimes can be an issue for people i would imagine
Ask someone else (family or friend) to look at the ad and property as a prospective tenant and see if there is any constructive criticism (it may be something you have innocently overlooked or not thought about)
Some interest but nobody suitable so far.
Interesting. I think there is a slowdown in the rental market at the moment. have you decided to list with estate agents?
It looks like it and rental prices are coming down too. No estate agents for the moment as I don’t think they’d do better and would only put pressure on me to accept a tenant and lower the price.
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