Key to letting property is getting your figures right
THE current lettings market in Henley is very buoyant. Quality property is in short supply, demand remains high and, for
THE current lettings market in Henley is very buoyant. Quality property is in short supply, demand remains high and, for any property which is in good order and in a sought-after location, there is competition from prospective tenants to secure a home — this is particularly prevalent in the young professional and family house markets.
However, it is important that landlords remember that competitive pricing remains key to the quick and successful rental of property and the most effective way to avoid void periods.
Richard Maby, associate director at Savills lettings in Henley, comments: “Whilst demand is currently outstripping supply, landlords do need to remember that, given the current economic climate, applicants do have a budget and that this budget is probably far more constrained than it was a few years ago.
“The way applicants decide which property to rent is by looking at every available property within their price range and they will then choose the best quality property in their most favoured location. The problem with overpricing is that comparable properties within the price range will always appear to offer more and will let quickly, leaving over-priced properties empty with void periods impacting on the annual return.
“As we approach the autumn market, landlords considering letting out property should seek best practice advice on everything from accurate pricing to best property management in order to ensure a quick and stress-free tenancy.
“In our experience, landlords who are prepared to take a longer-term view will find it is far more profitable than something which appears to offer more in the short term. We recently agreed a pretty four-bedroom cottage in Fingest which had received three offers within a week of being brought to the market. It had previously been marketed for two months by a different agent for 10 per cent more than we had recommended.”