Put flat on the market for under price I think

LittleMax

Mossfarr wrote: »

You are already receiving an increase of £120 per month since your last tenant - thats £1440 more per year. Be satisfied with that, you've already seen from Rightmove that this is more than others in the area.
Asking for even more can only be considered sheer greed.

You can always increase the rent annually from now on to keep in line with market price for the area.

Totally agree with this. You did the sums before you advertised, it is comparable with other properties in the area. Why are you now thinking you can ask more? Is it just because 3 people want to see it so quickly? That, surely, is the effect of advertising privately. Many people are fed up of dealing with useless agents and paying extortionate fees for signing and resigning tenancy agreements. This is your USP - a good honest landlord - you risk losing that if you try to up the price.

As a former landlord myself I would have far rather had a pick of tenants so I could get someone in who would look after the property, than be stuck with the only one that would shell out an extra £30 a month. as others have said it's only an additional £360 a year, and if you are left with a mess, it could cost you far more putting it right. I would stick with the price advertised.

csgohan4

What a joke of LL who thinks they live in cuckoo land. Wake up and smell reality. Karma will bite back


If you bothered to do your homework and pitch a decent rent you would have reliable tenants. If you jack up the price w/o telling me after I viewed, I'd tell you where to go

Marvel1

I would not be happy if I was told the price was increased after viewing, I'm viewing due to the price/budget, and this is wasting my time.

[Deleted User]

TriggerCut92 wrote: »

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?[/QUOTE

the above replies seem fairly unanimous in their opinions :

Don't do it for the sake of £360 per year and at the risk of losing far more with bad feeling, void periods etc.

If you are insistent on doing it, of course you should let the potential tenants know beforehand. They've come to view a £495 PM property, not a £525 PM one. :cool:

My view (as a forthcoming landlord) - you could tell the viewers that you had thought about advertising at £525 but wanted to find a good long term tenant quickly and that you won't negotiate below £495. In the meantime don't accept any more viewings and if none of the 3 already booked proceed further, re-advertise at whatever amount pleases you. :A

Will you be a goodie or a baddie - the choice is yours, just make sure that

[Deleted User]

TriggerCut92 wrote: »

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?

the above replies seem fairly unanimous in their opinions :

Don't do it for the sake of £360 per year and at the risk of losing far more with bad feeling, void periods etc.

If you are insistent on doing it, of course you should let the potential tenants know beforehand. They've come to view a £495 PM property, not a £525 PM one. :cool:

My view (as a forthcoming landlord) - you could tell the viewers that you had thought about advertising at £525 but wanted to find a good long term tenant quickly and that you won't negotiate below £495. In the meantime don't accept any more viewings and if none of the 3 already booked proceed further, re-advertise at whatever amount pleases you. :A

Will you be a goodie or a baddie - the choice is yours, just make sure that

marksoton

What a plank...

preable

Of course you tell them before.. If i turned up and after i viewed you put up the price d just leave with a few choice words for wasting my time

TriggerCut92

I ended up going with the original price and got a really lovely couple to move in. Thanks for your help

Nobbie1967

TriggerCut92 wrote: »

I ended up going with the original price and got a really lovely couple to move in. Thanks for your help

Hope they prove to be good long term tenants

Prothet_of_Doom

Some great advice here.

We made a similar mistake to you.

We bought a BTL in December, and my wife was insistent, based on her research that we should rent it out at £650. (Interest on the BTL mortgage is £280)
I wasn't so sure. I still think we could have got £700 for it. But to maximise our profit we chose NOT to use a letting agent and instead it cost me just £24 to get it onto rightmove (and the others) via an online agent. I figure what we've lost in rent we've gained in not dealing with a traditional Thief erm letting agent, plus we've gained by having to research more and understand our obligations much better than if we'd just trusted an agent.
We had 30 people expressing an interest, in 30 days before I took it off the market, having referenced and signed up the 5th couple through the door.
Of the 1st 5 people, 3 wanted it, but the other 2 only wanted 6 months, maybe a year, whereas the 5th have given up a more secure housing association house, which whilst smaller, would be less risky that going into the private rental world. - They have struck lucky with us, as we want to gradually improve the house - It's nice but there are things that need fixing over the next 3 years.

When I emailed and phoned the 25 who never got through the door, to explain, I had one offering me £725.

The way I see it is that all my sums have been done on 10 months at £650 and if we leave the rent at that level for a couple of years we'll have made twice the profit by getting the extra months rent.

After 2 years I will "need" to raise the rent because a) that is the plan, and b ) the fixed rate mortgage will change to variable and we'll either remortgage at another fixed rate or be paying at a higher rate.

Do we go for 2 small rises after 12 months and 24 months, or one bigger one after 24 months ? I'm looking at £30 extra per month, after 2 years so might be better going for 2 steps of £10 ? Probably. Maybe.

I digress, what I wouldn't do is increase the price once I'd advertised it.