Rental amount

restless6

Hi
I am due to rent my house out soon and have a few agents coming to give their values.

What happens if they say a figure but I would like to try and get a higher figure ? Do I have to go with what they say or can I set the amount I would like them to advertise my house at ?

Peggy0628

Look on rightmove, zoopla etc and see how much rent are similar properties in your area charging.
You can set the rent at any amount you wish but if it's too high, nobody will pay that... and you'll be left with empty house, no rental income and bills to pay.
Or you can listen to the LA and take their advice. The choice is yours.

restless6

Hi thanks for the reply
In my village there are no rental properties available and when they do come up they go very quickly within hours so I’ve often thought they must be able to get more rent than they do

I will see what the agents say too when we meet

Murphybear

If you want higher rent then you'll need to find tenants with higher income. Is your village within commuting distance from a big town/city?

Teamocil

The landlord greed is strong here. I wouldn't want to have to ask you for a repair.

Comms69

restless6 wrote: »

Hi
I am due to rent my house out soon and have a few agents coming to give their values.

What happens if they say a figure but I would like to try and get a higher figure ? Do I have to go with what they say or can I set the amount I would like them to advertise my house at ?

Don’t become a landlord - you aren’t ready.

This question is just too basic.

wesleyad

The agent works for you! You can do whatever you want with the price.

In general they will know the area, however that said the last agent I used massively undervalued the rent on mine, having been renting in the area a long time I knew it was way off (they suggested 525pcm when current market was easily taking 600, and indeed we got 4 offers in first week at 600).

If you're getting multiple quotes around same price I'd find it hard to believe they're all wrong.

Cakeguts

This is what we do. We have properties is a very popular village area. We find out from previous lettings what the highest amount charged was and then we go for a middle number.


It isn't what you get to start with that is important it is the length of time that the property is vacant and the length of the lettings.



Here is an example. You let for £500pcm. The tenant stays 6 months and then leaves because the rent is at the top of the rents for the area and the tenants are always on the look out for something cheaper. There will be a gap between tenants. In that time you may need to repaint to freshen it up for the next tenant or cut the grass. So you do that and you pay for it. If this happens on a regular basis it can add up.

However if you let for £475 and the tenants stays for 5 years you actually make more money overall because you don't have to keep remarketing it.



The time when the property is vacant is the problem.

restless6

Cakeguts wrote: »

This is what we do. We have properties is a very popular village area. We find out from previous lettings what the highest amount charged was and then we go for a middle number.


It isn't what you get to start with that is important it is the length of time that the property is vacant and the length of the lettings.



Here is an example. You let for £500pcm. The tenant stays 6 months and then leaves because the rent is at the top of the rents for the area and the tenants are always on the look out for something cheaper. There will be a gap between tenants. In that time you may need to repaint to freshen it up for the next tenant or cut the grass. So you do that and you pay for it. If this happens on a regular basis it can add up.

However if you let for £475 and the tenants stays for 5 years you actually make more money overall because you don't have to keep remarketing it.



The time when the property is vacant is the problem.

This is a really useful way of looking at it thanks .
It is my old house so I know the area very well and it has been empty four months already while I get the house decorated etc. So I won’t mind doing repairs at all.
The reason I ask is because I would like to get the most rent possible - of course I would .

And yes to the other question it is in a very popular and wealthy commuting village .

Smodlet

OP, have you ever been a LL before? Do you have the first idea of your legal obligations? If you do, fine. It does not sound like it, though.

The first question I think artful would ask is "Have you been on a course/are you accredited in any way?" I bet you didn't know there were courses for LLs, did you? Imho, one should not be allowed to be a LL without achieving accreditation but then, this is the real world, not Utopia.

I speak as someone who has suffered years of misery in my wholly owned home because of the atrocious calibre of tenant which has occupied the property adjoining it. But why should a LL care about that?

restless6

Smodlet wrote: »

OP, have you ever been a LL before? Do you have the first idea of your legal obligations? If you do, fine. It does not sound like it, though.

The first question I think artful would ask is "Have you been on a course/are you accredited in any way?" I bet you didn't know there were courses for LLs, did you? Imho, one should not be allowed to be a LL without achieving accreditation but then, this is the real world, not Utopia.

I speak as someone who has suffered years of misery in my wholly owned home because of the atrocious calibre of tenant which has occupied the property adjoining it. But why should a LL care about that?

Hi no I haven’t been a landlord before - I was hoping to pay an agent to fully manage the house - do you think this would be a waste of money and I would be best doing it myself instead ?

And regarding bad neighbours - I’ve had them myself in the last from a private landlord who was not bothered about the tenants behaviour so I feel your pain on that one