Speaking to other landlords in my area

Landlord Discussion
1

Hi there, I’m a new landlord in the Darlington area and I’d appreciate advice from current landlords in the area.

Such as how did they come to the set rental price,

Questions such as why did you choose Open rent instead of a letting agent is a more general question so would seek answers from all in this platform .

Thanks in advance

2

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.

3

Thanks for your reply, I wasn’t aware of the of the alerts on RM so that’s really helpful. Thanks.

4

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.

5

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

6

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.