“Landlords – does your property have ‘Sharer Appeal’?”

Rental Sharers

One of the most effective ways to maximise your property investment is to appeal to Rental Sharers.  The combined price paid by two or three co-Tenants can often be greater than the rent paid by just one.

Rising rents have priced out those who could not stretch to their ideal property.  Therefore going halves with a friend makes good sense.  Sometimes tenants are willing to share with an initial stranger.  In many instances we have been able to put willing Tenants together.

We are therefore often approached by Sharers.  We recommend that Landlords embrace the concept. It certainly opens up the number of prospective Tenants willing to pay top market rent.  This is because the contribution of each is smaller.

Rent ‘Jointly and Severally Liable’

Importantly, we are usually able to administer things so that each Tenant becomes ‘jointly and severally liable‘ for the whole of the rent and the condition of your property. This means that if one Tenant fails to pay, you can look to the other Tenant/s as well.  This reduces your risk by about 50%. Tenants are also more likely to look after your property if they are accountable to their friends as well as to you.

One thing to consider when appealing to Sharers, especially if you are converting a property in preparation for rental, is to aim for bedrooms of a similar size if possible.  Most Tenants prefer to split the rent equally. Also, it is often preferable to have a larger kitchen at the expense of a smaller sitting room.  This kind of layout allows sharers to do their own thing rather than always having to watch TV together!

Contact our investment property experts on 01273-735237 or email enquiries@callaways.co.uk for advice on how best to prepare your property to let.  We might also have a Tenant, or Sharers, waiting for a property like yours, so you can see that all important R.O.I. (Return On your Investment) from day one.