“Should I Rent an Empty Property?”

Renting Empty Property

A tenant’s first question to a Letting Agent when offered a property is “How long has it been available?”  In other words, he’s thinking ‘Why am I renting an empty property’ – and with good reason.  Moving house is a huge event.  It takes courage to commit to undertake such a decision – often with very little support other than pure instinct.

One of the most persuasive and apparently reliable indications as to the suitability of a property is to check out whether other people have expressed an interest.  There is great comfort in knowing that you are not the only one who is expressing interest.

Once people hear that others have expressed an interest, then everyone seems to want the property, as the power of “social proof” kicks in.  This competition can often stimulate a quick let at a high rent.  It usually occurs when a property is attractively priced in relation to other properties available to let.

Position and Price of Rental Property

Of course the opposite is also true.  When the Landlord is asking for overly ambitious rent, the excitement that should surround a property that is ‘NEW’ on the market is reduced.  The result is that the property can begin to go stale.  When tenants discover that it is no longer new on the market they think “Well nobody else wanted it – perhaps we’re making a mistake.”  And every month that passes without a tenant represents over 8% of your annual investment yield!

So our advice is to position your property as one of the best available in its price range from DAY ONE.  This will prompt interest and encourage multiple offers from qualified tenants.  Listen to your agent’s advice on price.  You should then have a choice of tenant.  The end result is a fast, reliable let at the highest price the market will pay.

Landlords, for details of our comprehensive letting services, call 01273 735237.