OpenRent Community

London - not getting many enquiries - is this a market issue?

I’m using the premium open rent service. I advertised over a week ago and have had four enquiries (!). Is this an issue with open rent? Is the market just dead? It’s a one bedroom flat in Zone 2.

Hi Jonathan,

This sounds like a you problem. I’ve recently finnished converting six flats in Shephards Bush and had tens of offers on each within the first week. It will probably be a competetive pricing issue.

Gaz

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Hi Jonathan,

Thanks for your comment.

We are currently going through a period of record tenant enquiries via our platform so it is possible that this is just a case of making a few adjustments to you advert to ensure that it is as appealing as possible to prospective tenants.

We offer general advice on this here:

All the best,
Dominic

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Thanks both. It may be a pricing issue but I suspect not given I used the valuation tool and have priced it at an equivalent price to similar properties. The advice tends to be to widen up the pool of prospective tenants, but I absolutely do not want students, DSS, families, pets, smokers etc. Really just looking for a professional or professional couple and don’t think that’s particularly unreasonable.

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Go with the group you feel the happiest with. I have had female students and they were very good . Its your place you decide but its prudent not to advertise “no DSS”. … In any case I usually ask are you working or where do you work? I have just got a vacant flat from 2 great students and now a friend of mine is moving in. No need for deposit and no credit check . Great.

Did you advertise through Open Rent though or elsewhere?

It’s definitely the market (in London anyway) as I’m experiencing the same with my one bed zone 2 flat. I’ve only had 10 enquiries in 3 weeks and only 3 progressed to viewings despite reducing the price by £75 pcm. Two years ago I was turning people away and let the flat within a week to the first people who viewed it.

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Hi Jonathan

I would say it’s market because I have been advertising
my properties with OpenRent and don’t have problems as
find tenants as in past I have arranged a few viewing
in a day and found tenants within one day of advertising.
Sometimes it has taken a longer but usually within a week or two.
I am advertising in zone 2 as well and I have noticed on Rightmove there are so many properties in the same area been for a few months even prices reduced.
Please note we can reduce to so much but not beyond
certain rent price.
Wish you all the best

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Thanks very much for the anecdotal evidence. So OpenRent are openly lying when in this thread they are exaggerating the state of the rental market.

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I doubt it’s a lie, just misleading as it’s probably the national picture. In some parts of the country rents are going up but in London rents are being reduced.

Jonathan
I don’t think openrent are lying. Openrent is the best online agency providing service for private landlords as a period of record tenant enquiries via our platform.

From my views There are more properties on market for rental in London as short lets are coming for long lets.

Also other estate agents who have properties on rental or sales on their websites and if their properties don’t go then they would reduced the price as they need to earn money because their based on commission and estate agents would not like the properties on the market for longer time. The owners who uses the agents in London area and many of owners don’t live London and some have other full time jobs or could be accidental landlords and they would listen to estate agents. Also those are not professional full time landlords.

From my experience that local estate agents have lowered the rent price as soon as they have seen private landlords advertised their properties with any online agents.

There are so many factors at the moment for rental is very slow some parts of London.