I’m not too far from you in Teesside. I set rental price by having alerts set for my postcode areas on RM. That alerts me when other properties go for let so I’m continuously made aware of market prices.
I don’t use OR except for advertising and I do so because it’s much cheaper than an agent or entirely free. And I should add, it keeps me in control of the entire process.
I use the same method. I also look at the time it takes from a property being listed to when the status changes to let agreed. Usually, a fair price will change to let agreed very quickly and those that are overpriced will take significantly longer and may even get re-listed at a lower price.
This is a really great point. In my head if I see anything that’s reduced in price, it always rings alarm bells as to why.
Thanks for taking the time to reply
Also in Middlesbro. But selling… 3 sold so far. 6 Bed HMO to be listed soon for sale.
I really like Open Rent…I just had a tenant leave & we agreed by Deed of Surrender for the tenant to cover reletting. OR acts as your Agent & they organise Deposit Protection with My Deposits and I was anticipating the hoops I had to jump last time I claimed from My deposits but OR handled it & I got my claim paid fast.
I ask lots of questions & do ask for Guarantors for each tenant. Also make sure you get their ID documents - you will need them if you need to chase for money.