When using an agent, you will find that they will handle both your viewings and negotiations on your behalf.
However, if you are choosing not to use an agent, there are few things you will need to know in order to understand how both these processes work.
Keep reading to find out how to conduct your own viewings and negotiations.
If this is the first time you have let a property, then it is important to ensure that the property is neat and tidy. You want to ensure that the property feels homely and welcoming enough that prospective tenants could see themselves living there.
The key to a successful letting is to make it as easy as possible for the agent to gain access to the property. Be flexible about what times you can allow them to conduct viewings, ideally with no restrictions. You could even get a key cut for the agent to make their lives easier!
Remember, as a landlord you are competing for viewings with all the other properties that are currently on the market. So, the easier you make the process for an agent, the more likely a prospective tenant will want to view your property.
If your property is currently occupied, it is important that you ensure you have a strong relationship with the tenants either directly or through your agent. The better the relationship, the more flexible the tenants are likely to be with the viewings. Remember, you are legally obliged to provide tenants with 24 hours’ notice before a visit.
If you are conducting the viewings yourself, you should ensure that you provide the prospective tenant with information regarding the logistics of that area. They are likely to be most interested in public transportation, so it is important that you can relay this sort of information. Giving the tenants a good overview of the area also helps with visualising themselves there, talk to them about local shops, pubs, restaurants, cinemas and give them a general sense of community.
At Boxall Brown & Jones, we have a team of local experts who know the areas like the back of our hand. We understand the importance of ensuring you find a tenant who is the right fit, that is why landlords allow us to manage their full property portfolio.
Negotiating on rent with a tenant, like any other negotiation, can be difficult. It is important to remember that there is no magic formula for what your property will rent for, the market will dictate what tenants are prepared to pay. If you receive an offer below the asking price, it is important to consider other aspects in addition to the level of rent, including does the tenant have a stable income.
If you receive an offer that you are not happy with it is always good to counter-offer rather than say no straight away. The counter offer could be asking for more money, but it could also mean asking for a longer tenancy.
It is important that you ensure that the level of rent that is offered is enough to cover everything that you need it to, plus contingencies. Always consider how the market is performing at that moment in time, have you had a lot of viewings or are they hard to come by?
You should always listen to your agent’s advice; they can provide vital insights into the local market at that moment in time which can be invaluable when finding a new tenant. Do your research as well, check what your competition is looking like and even think like a tenant. Look at similar properties that are available, how are they priced? How do they compare?
Any offer should be considered in the context of how close the property is to availability, for example, when will the current tenant leave the property? Avoiding a void period becomes more important the closer to the property being available.
The most important thing when negotiating is to not take it personally – you do not want to lose a great tenant because you got caught up on the principle of winning the negotiation.