Even the best estate agent can sometimes struggle to let a property for reasons often outside of their control. There are many external factors that affect the letting of a property including;
If you're struggling to let your property then there are options available that can significantly increase your chances of letting!
You can have as many property professionals as you like value a property using a variety of tried and tested valuation methods but ultimately the market (tenants) will decide what it's worth. Estate agents can often over value a property in an effort to win the instruction with the intention of then reducing it later on. We backup all of our valuations with similar comparables but for other agents that's not always the case. If you reduce your asking price by more than 2% then you will also benefit from the property portals (Rightmove and Zoopla) emailing their massive database of tenants who have property alerts setup where your property matches their requirements. The property will also be highlighted as 'Reduced' which again helps to attract interest by moving the listing to the top of the search results page. Price reductions are probably the most powerful tool available when looking to find a tenant.
If your property is vacant then sourcing a tenant quickly is usually a top priority as you'll be losing rent whilst still potentially incurring expenditure (e.g. mortgage payments, insurance, council tax, standing charges on utility meters, service charge, ground rent, etc). Accepting a lower rent but securing a tenant quickly is usually more financially beneficial than holding out for a tenant at a higher rent. For example, if your asking price is £800 pcm but the market rate is £750 pcm that's a difference of £50 pcm. At the time of writing, the average tenancy length is 2 years meaning 24 months of £50 is £1,200 which is the figure you potentially stand to gain. However, having your property empty for 2-3 months trying to secure a tenant at a higher rent of £800 pcm would cost you between £1,600 and £2,400 in lost rent and that's not allowing for any expenditure you're incurring!
If you have previously declined a virtual tour then you may wish to reconsider your decision. Virtual tours are a proven marketing tool and are highly effective in attracting tenants that may not be able to physically view the property.
First impressions count! If your property is looking a little tired then we recommend sprucing it up as much as you can. Re-decorating, cleaning and leaving the heating on low in the winter months will all help to make the property as appealing as possible to prospective tenants during viewings.
If your property is located in an area that contains a large population of tenants claiming housing benefit then consider offering a lower/no deposit and/or accepting the rent 4 weeks in arrears in line with how housing benefit is paid by local authorities. If your property is advertised as not accepting tenants that claim housing benefit then consider accepting housing benefit benefit claimaints to attract more tenants.
There will more than likely be properties very similar to yours in the local area that are available to let. Use a property portal such as Rightmove or Zoopla to search for similar properties and compare them on price, size and overall presentation. This is exactly the process your potential tenants will follow so it's important that your property appears to offer good value for money.
Property portals such as Rightmove and Zoopla allow agents to pay to increase the visibility of a particular property. For example, the property can appear at the top of the property search results page and will also be highlighted to increase visibility. Pricing can vary so please contact us to discuss further.
If you have previously declined a 'to let' board then you may wish to reconsider your decision. 'To Let' boards are a proven marketing tool and are highly effective in attracting tenants that may not be active online.
Selling your property out can often be a viable option if you are unable to let it. We have a dedicated sales department who can offer you a free sales appraisal and answer any questions you may have.
Unless your letting agent is providing poor service and not marketing your property extensively then we do not normally recommend instructing a second letting agent. If you operate on a multi/dual letting agent basis then the fees tend to increase and it can also make you appear desperate to potential tenants.