Has your PROPERTY let STALLED?... USE our SIMPLE CAPS STRATEGY for a SUCCESSFUL LET ✅
#CAVENDISHEXPERTS in Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
If there isn’t much interest in your rental, what can you do?
If you are struggling to rent out your property and it is sitting lonely and unloved on the market, there is a reason for it. Either the rent you are asking is too high and / or the condition is not attractive to potential Tenants.
Here's our very own CAPS strategy on how we ensure each property is let successfully:
✅ C = Clean and ready to go - all that mail that's accrued by the letterbox, or the loose items in the kitchen cupboards etc - these need removing straight away. When a Tenant walks in each room, they should be enjoying the positives of your home, as opposed to asking questions such as, "Will this be cleaned or painted?" etc
✅ A = Access - use an Agent that will do viewings all day everyday - no point in having the BEST property in the world but viewers can't get through to make a booking, or the viewings diaries are always fully booked. Also, if you have a current Tenant you must agree mutually convenient times to show new Tenants around
✅ P = Price - with the highest demand and all the access in the world, if you're charging way too much on your rental you will not secure a Tenancy
✅ S = Seasonal demand - avoid trying to rent in dark winter months. The best time for lettings is during the summer, so when you're signing a Fixed Term contract - ensure the end date is not set for November/December!
The asking rent is absolutely critical. A property is only worth (in Sales and in Lettings) what someone is willing to pay. So in most cases, if there is no interest, then the rent is too high and it needs to be lowered.
Of course, this is easy to say and harder to accept. It is particularly painful when the rent is near the mortgage repayment level and you risk having to top it up each month. However, the harsh reality is that some income is better than none – it is better to lower the rent, accept a 6 or 12-month tenancy and be left with 5% of the mortgage to pay rather than 100%.
The condition of the property is paramount. Tenants have high expectations. They want bright, light, clean and modern interiors; and that is why its essential to ensure decoration is at its best, and maintenance is done regularly. Tenants will pay for the best properties and they walk away from tired homes. The properties in the poorest condition let the slowest.
You need to be realistic about the condition of your property. Often, Landlords are too close to the property: they like it, so they feel that Tenants must like it too.
However, you are not the Tenant. You are not the target market. If your property is struggling the CAPS strategy must be used, it is almost certainly something within the 4 headings that needs attention.
Two additional factors may be at work... your soft criteria and the hard criteria:
The soft criteria are your preferences for how you let the property – whether you let furnished or unfurnished, whether you allow pets, children, etc. We have dealt with Landlords who refuse to take their furniture out of their family house even though all of the potential applicants for that property have their own furniture.
The hard criteria are issues such as parking and availability dates. If the property is only available for six months, that makes it harder to let. If there is no parking available, it makes it even harder.
If you would like us to let you know EXACTLY what you need to do in order to secure your next Tenancy, please do get in touch.
When it comes to REDUCING VOID PERIODS and MAXIMISING RENTAL INCOME it's what our EXPERT team does best! 🦹♀️🦸♂️
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#CAVENDISHEXPERTS in Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
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