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Hi, I have a 2bed FF flat near to Poole in Dorset which was due to become vacant on the last day of December 2020. The agents were notified mid November but still no tenants.

Has Covid affected tenant movements this much or should I change agent?

The property received a 12k makeover prior to the previous tenancy and is in great condition. Rent was £775pcm, set nearly 2yrs ago, and the agent advised marketing at £925! There have been a number of viewings but not into double figures, and the rent is now advertised at £825.

All thoughts appreciated? Or any agent recommendations?

 

Thanks people :)

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Covid has deeply affected rents across the country. I can't say whether or not your agents are doing a good job. 

Have you spoken to them and asked how they are marketing your property? What platforms are they on? Are the photos good? Take a look at Rightmove, how well is your property marketed compared to similar ones?  

Once you do that, then you will have an idea about how good your agents really are. Can you send a link to your property?

 

_______________________________________________________________________________________________________________________________
Vin Gupta
Property Investor and Developer
UK Property Blog: https://evolutionblogger.com/article/uk-property-articles
Travel Blog: https://soulfultravelguy.com/

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Hi Vin,

Thanks for your reply. I contacted the agent yesterday and a proposed tenant has just passed referencing. Hurrah! Although he is waiting to complete on a house sale (next week) before moving in. Fingers crossed!

I couldn't see it on Rightmove but the pics look fine on the agent's website and it is now marked as Let Agreed:

https://www.austinwyatt.co.uk/rent/search/lytchett-matravers-dorset/page-1/pricing-monthly/

If nothing happens by next week then I think it's time to consider other agents.

 

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If you can't see it on Rightmove, then my question is why? 

The advert itself looks good, but if it's not on Rightmove, not many people would see it

_______________________________________________________________________________________________________________________________
Vin Gupta
Property Investor and Developer
UK Property Blog: https://evolutionblogger.com/article/uk-property-articles
Travel Blog: https://soulfultravelguy.com/

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Hi Peter,

Good to hear about the prospective tenant. Hope it works out well!

I usually get my estate agent to send me weekly marketing stats and actively engage with him during the search process. I'm guessing that you already did this. It also helps to have a nice write up on the property mentioning its selling points. Apart from this, it also helps if you include various deposit options in the description like the Zero Deposit Scheme (only if you're comfortable with this letting option!).

Hope this helps for future lettings.

- SB 

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On 2/13/2021 at 4:30 PM, sourav said:

 

I usually get my estate agent to send me weekly marketing stats and actively engage with him during the search process. I'm guessing that you already did this. It also helps to have a nice write up on the property mentioning its selling points. Apart from this, it also helps if you include various deposit options in the description like the Zero Deposit Scheme (only if you're comfortable with this letting option!).

How did you get your agent to send you weekly marketing stats? I've never had an agent that would bother

_______________________________________________________________________________________________________________________________
Vin Gupta
Property Investor and Developer
UK Property Blog: https://evolutionblogger.com/article/uk-property-articles
Travel Blog: https://soulfultravelguy.com/

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Had a similar issue at a similar time, I used Right Move daily to look at comparables and came to the conclusion we had priced it slightly too high and unusually for that type of property there was a fair amount of competition. I saw other properties come on the market and get let whilst ours was left on the shelf. Based on comparables we dropped the rent by £50 per month and found someone pretty much immediately. I dont think the time of year helped either and we had deliberately priced it on the high side of the valuation. I'm sure it would have rented eventually but we like to keep the rent competitive.

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Thanks for the replies. I can't see the agent offering quite that level of service!

The property is now 'let agreed' to a gentleman who is at the end of a relationship and is moving in once their house sale has completed. The agents have pencilled a move in date for this week but can't tell me a completion date for the sale, and so "..it might not be until the following week."

It's a long time since I sold a house but am I correct in thinking they would have a completion date at this point? Should I give the agent an ultimatum with a move in date, and change agents if this isn't met?

I have also spoken with some other agents and they have indicated that they rarely have more than a week or two between lets and also have a very long, ongoing, list of potential tenants who have passed preliminary tenant requirements.

The pricing seems about right (now, if not initially) and if the property wasn't on Rightmove then these things, coupled with me not being pro-active enough, would explain things. 

Fingers crossed for Friday I guess!? 🥴

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1 hour ago, Peter Cross said:

It's a long time since I sold a house but am I correct in thinking they would have a completion date at this point?

Yes, but take it with a pinch of salt either way.

Due to problems further up the chain we overshot our completion date on our own house by over a month! If it’s a complicated chain it only takes a niggle for everyone to have to work around a new date, I can’t imagine that’s made any easier by the pandemic either.

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On 2/17/2021 at 7:42 AM, Peter Cross said:

I have also spoken with some other agents and they have indicated that they rarely have more than a week or two between lets and also have a very long, ongoing, list of potential tenants who have passed preliminary tenant requirements.

I bet they do. I've never heard an agent who doesn't. Turns out that properties always end up listed on Right Move though.

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On 2/17/2021 at 7:42 AM, Peter Cross said:

The property is now 'let agreed' to a gentleman who is at the end of a relationship and is moving in once their house sale has completed. The agents have pencilled a move in date for this week but can't tell me a completion date for the sale, and so "..it might not be until the following week."

It's a long time since I sold a house but am I correct in thinking they would have a completion date at this point? Should I give the agent an ultimatum with a move in date, and change agents if this isn't met?

I have also spoken with some other agents and they have indicated that they rarely have more than a week or two between lets and also have a very long, ongoing, list of potential tenants who have passed preliminary tenant requirements.

 

Has the tenant signed the AST? If not, then you should continue to market the property. If they have signed the AST, then I think you need to wait

They can't move into your property until they sell their old property. You should find out why there is a delay? There's always a chance the property sale falls through

If your agent is rubbish - and if you're property isn't on rightmove, they sound rubbish, then you should move. I would be weary of other agents saying they'll let your property in no time at all. Promises are easy to make, hard to keep

There's a lot of bad letting agents out there. In my experience, they go from ok to absolutely shocking
 

_______________________________________________________________________________________________________________________________
Vin Gupta
Property Investor and Developer
UK Property Blog: https://evolutionblogger.com/article/uk-property-articles
Travel Blog: https://soulfultravelguy.com/

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