I’m looking for some advice regarding advertising my property. I’ve done some market research and the property is not overpriced for the location, condition and and size of the house but I’m struggling to secure a tenant. I’ve had over 50 enquiries 30 viewings and 3 that have failed referencing.
Has anyone ever offered a reduced first months rent to eg 50% off first month?
I’m keen to get landlords views on wether this could be successful.
Thanks
Hey! I see this every single day in the Leeds area and it actually makes me avoid those properties. As a tenant it makes me think something might be wrong with the place or the LL is super desperate to let - I would question why no one else has let it already and also whether the LL had suitable finances (I’ve let from a LL who didn’t have suitable finances and it cost me a lot of money).
For info, there are still a number of properties listed in Leeds with “FIRST 3 MONTHS HALF PRICE RENT” etc. Which remain unlet.
That’s just my opinion, there may be others who would just look at the price and snap it up. Others may use it as leverage against you as it is clear you want a fast let (and you don’t want to be strong armed!)
It’s a tricky one and you have to weigh up how much you can afford with a void period vs what type of tenant and price negotiation you want.
…an afterthought - could you consider not reducing rent but trying a different tactic? It’s never a popular one on this forum but what about advertising pet friendly? You’d probably be able to increase the rent to allow for a pet; reading these forums has told me pet owners are more than willing to pay extra for their pet.
I’m assuming there’s nothing else in terms of repainting etc. You could do as your OP states the property is good condition.
I’d also ask for feedback from people? I’m happy to explain to a LL why I didn’t want to let their property if it helps them!
It’s an odd market at the moment because of Brexit and the pandemic.
Be patient
Everyone is in the same boat
Do not reduce rents like that you will attract the wrong type of tenant.
Caitlin is right , you look desperate
Always rent at market rate or close to it
If you are doing pets I would advise you to read the landlord Law webpage for advice. It’s very thorough and advises you regarding each type of animal and her contract includes clauses. I would advise you increase your rent to cover the risk of a pet
I have written a long post as I am a naysayer in the pet world but have done it last year with success
Really helpful- I hadn’t considered that it would come across as desperate. I just wanted it to stand out and look more attractive. Sounds like I need to try another tactic.
Thanks for this I’ll do some reading re pets especially seeing as I have a dog myself it’s just that she is perfectly behaved and it makes me nervous that other pets can cause a lot of damage.
No problem Sophie! If you can, try and ride it out before reducing the rent because AA is correct, it will attract the wrong tenant.
LLs who have let to people with pets on here say that they meet the people and pet, visit their current home unexpected and ask for extra rent pcm to cover end of tenancy carpet cleaning/pet wear and tear (not obvious damage which you can claim for in a court). A lot of pet tenants have been agreeing that all of those steps are fine with them and are expected.
Alternatively I’d suggest you take different photos or reword your advert, but it seems like that isn’t the problem as you’ve had lots of viewings.
Good luck I hope you find someone soon!
Just to chime in with @Caitlin6 : the tenants who are moving in to my place next month said my ‘pets allowed’ thing was a motivation for them. They want to get a rescue cat at some point. I’m allergic to cat hair but do not plan to move back in, and the tenants are looking for another long rent after 4 years in their current place. I hope having an inventory check at the beginning of the tenancy will help me if they do buy a cat and it does damage something…
Thanks so much for the advice!
I would also try and get some honest feedback from someone you know - I remember renting and sometimes there was just a horrible carpet or wallpaper that would put me right off!
My landlady did that gave me a free month whilst I moved in etc. This probably wont help as I’m unsure of all this new rental stuff. I’ve been living here for 6yrs n 7yrs before that I’m 53 n looking for my forever home.
Sorry again if wasted your time as I say I dint no rules on all the new ways of renting but it’s hard in lytham st Anne’s to get a flat I no that much
It’s so important to get the ‘right’ tenant I’d be patient. I had 100 enquiries, lost count of how many viewings some of whom I refused ( thank goodness as affordability was a problem) . It worked out waiting but I had every faith in the property and luckily able to have a lengthy void