1. Take advice from a dedicated letting agent, avoid letting departments of estate agents. Your market research should always include talking to a local letting agent. Simply ask "what type of properties are you always short of?" to find out the properties and areas that will give you the best yield.
2. Invest in kitchens and bathrooms - it costs relatively little to tile a bathroom (and it’s cheaper to over-tile than to strip off and replace the existing tiling) and provide clean and hygienic new worktops in kitchens. A bathroom with both a bath and shower will be the most popular.
3. Install a hardwearing/plain decor. Keep practical and functional. Properties with a plain colour scheme will be more favourable.
4. Providing an allocated parking space, especially with a city centre apartment. A flat with a parking space will let long before all the other flats in the block and will achieve a price premium of up to 10%. If at all possible, negotiate a parking space.
5. Review rent regularly, particularly when the same tenant stays in the property. Allowing rent levels to fall behind the market rate can significantly impact your yield.
6. Do not instruct too many agents or none at all to get the property let. One or two agents working to let the property is best and the landlord should expect weekly progress reports. If you instruct one agent agree a timescale of three weeks in which you will expect a tenant to be found or you will bring in a competing agent. If you have more than two agents working on it, they each decide they only have a reduced chance of securing the tenant and give it lower priority to their sole agency instructions. This may involve a longer wait or having to accept a lower rent.
7. Ensure identity and independent credit checks are carried out on tenants. The most credible looking tenant may have CCJ’s and a record of exploiting the unwary landlord.
8. Take out rent guarantee and legal costs insurance. In the current market this is vital.
9. Keep on top of tenancy expiry dates. Ask tenants in ample time whether they intend to stay. This is one of the most effective ways to eliminate void periods and needs effective management.
10. Ensure tenancies do not end just before Christmas. It will be hard to find another tenant. Set tenancies in June to last for 7 or 8 months to end in late January/February when there is generally a shortage of properties available.
If you have any questions on letting your property, or would just like free, no obligation advice then contact us today:
t: 01782 262880
f: 01782 271325
e:
stokeontrent@martinco.com
| MON | 09:00 to 17:30 |
| TUE | 09:00 to 17:30 |
| WED | 09:00 to 17:30 |
| THU | 09:00 to 17:30 |
| FRI | 09:00 to 17:30 |
| SAT | 09:30 to 15:00 |
| SUN | Closed |
For emergencies outside office hours on properties managed by the Stoke office please call the following and leave a message:
07595 217481 or 07808 803133
To receive your free monthly Newsletter email Bev bev.beardmore@martinco.com or call to arrange your free no obligation market appraisal m. 07808803177
"I found dealing with Martin co like a breath of fresh air after having my properties on the market with an estate agent for two months without any success. Within hours of my initial enquiry you contacted me and offered to visit the properties with me to decide on an appropriate rent and discuss ways to maximise it. Two days after moving my properties Martin & Co I had my first tenant and a second within a few weeks. The communication and support have been fantastic every step of the way. After an uncertain start in the BTL market I am now looking for additional properties and looking forward to a long term relationship with Martin & Co. "
MD - Newchapel
"As a landlord that was new to the area, I felt reassured by the professionalism of Mark and his team from Martin & Co after doing all my research with other letting agents in the area. 18 months on and I know I made the right choice. Rents paid on the day of receipt from tenants. Tenant's feedback is also first class. Everyone's a winner"
RM - Essex
I'd just like to thank everyone at Martin & Co for their warm, friendly and professionalism from start to finish.
I have interacted with nearly everyone at Martin & Co from Mark, Bev,Steven,Kim, Chris & Sarah and have found every single person to be helpful at all times demonstrating consistency throughout their office.
Id contacted a few agents within the Stoke area and found Martin & Co head and shoulders above the rest. My Initial contact with Bev was outstanding to say the least , she was extremely friendly, helpful, upfront and honest and made the whole process for me very easy. I genuinely feel like I and my property are in safe hands and this gives me great peace of mind. I would definately recommend Martin & Co to anyone who is look for a first class service , hassle free , super swift with an air of ease service. I cant thank or rate the team enough.
KJ - Bradeley
3 Bedroom - Terraced - Cardwell St, Northwood 450 pcm - http://t.co/Et3YVIoT #martinco
Fri May 18th, 17:54
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