Put flat on the market for under price I think

TriggerCut92

Hi,

I had a tenant move out my flat yesterday after 2 years. She was a great tenant but I always felt I was severely undercharging her. This was my first BTL property and put her in for £375 per month.

After a year I decided I would need to up this to £425 which she suspected anyway

I put the property on the market yesterday privately for £495. I already have 3 viewings scheduled for tonight. I was thinking of upping the price to £525. Not great for the people that have already arranged to view. But I think I may be able to get more for this and the cash flow is of course my main goal here. (as well as a great tenant)

The question I'm asking is how do I go up about this? Let them know now before they view? Let them view and tell them during the viewing? Let them view then leave and then let them know?

Hoploz

Are you using a letting agent? I would expect them to have a better view of values, and what tenants are willing to pay than an individual like me or you. How does it compare to other properties advertised? Is it the cheapest in the area or the most expensive? You should get an idea from Rughtmove I'd think.

Pixie5740

Tell them before the viewing.

Old_Git

you need to tell them in advance .I think you have gone about this all wrong .Its not all about getting top dollar .Its getting a long term good tenant at the right price. If you overprice they wont stay .

G_M

I would be seriously p*ssed off if I came to look at a property and suddenly got told the price had gone up & I was wasting my time.

I certainly wouldn't trust the landlord going forward, so would leave at once, possibly with a few choice words if I'd travelled far!

(a landlord's view)

ScorpiondeRooftrouser

Tell them now. No question. Anything else and you would be wasting their time and showing yourself to be entirely selfish; concerned only with what might be better for you (even though it might not be) when what is best for them is patently clear.

TriggerCut92

Hoploz wrote: »

Are you using a letting agent? I would expect them to have a better view of values, and what tenants are willing to pay than an individual like me or you. How does it compare to other properties advertised? Is it the cheapest in the area or the most expensive? You should get an idea from Rughtmove I'd think.

I'm doing it myself. I have a few other properties in the area that I rent and are about the same price to be honest. To be honest a lot of the properties on rightmove are cheaper but I've never found this to be the case when renting. all my properties seem to go within the week for a better price

TriggerCut92

Old_Git wrote: »

you need to tell them in advance .I think you have gone about this all wrong .Its not all about getting top dollar .Its getting a long term good tenant at the right price. If you overprice they wont stay .

Thanks for the negativity.

MrJB

I personally wouldn't want to risk losing my choice of 3 tenants because I'd been less than transparent on pricing for the sake of £360 per year.

Lioness_Twinkletoes

TriggerCut92 wrote: »

Thanks for the negativity.

Honesty - something that you appear to be in short supply of.

I wouldn't rent from you if you arbitrarily decided to put the price up after I'd viewed.

justaquestion

TriggerCut92 wrote: »

Thanks for the negativity.

What an attitude to display to someone who took the time and trouble to give you their opinion.


Glad I don't have you as my landlord.