Striking the right balance for our clients – both tenants and landlords
Posted on 30th August 2017 at 13:09
It has been well publicised that renting is now more popular than ever and subsequently there is greater competition for good rental properties. As a result rent has been rising – a little bit of good news for landlords at a time where there have been many other ‘challenges’ for them to face.
At Strawberry we like to make sure that our landlords do not miss out on any financial benefits however we also recognise the true value of a good tenant so the dilemma for us as reputable, fair agent was how to raise rents without ruining the landlord/ tenant relationship. Within the market we have seen much evidence of tenants being faced with ‘pay up or get out’ decisions when presented with significant (and very much unexpected) rent rises.
Our solution was to look at the new market value on properties that had not been revalued for a long time (e.g. those which had been long term lets) and then propose a revised rent which was mid-way between their original and current values; in other words a compromise which ensured that both parties were being treated fairly. Good tenants remained in the properties they had come to call home and at least 50% of our landlords saw an increase in their monthly income.
In cases where tenancies had already come to an end we ensured that the properties were re-valued before new tenants were sought. Whilst the landlords had been pleased with past lets, it was very much appreciated that more realistic values could be achieved – for example £575 per month on a property which had previously been £495 per month and £895 for one which had previously fetched just £750 per month.
This is just one more example of how we provide added value to our customers and make sure that every element of what we offer is kept fully up to date – compliance with all existing and new legislative requirements, accurate and realistic valuations and keeping abreast of ever-changing market conditions.
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