What are you going to charge my Welling tenant?

I am sure I'm not the only estate agent in the land that is regularly asked by landlords and vendors what I charge.

Fortunately I am one of the cheapest agents in town so I always get a positive response when I give my answer, but to me the more important issue should be VALUE.

What are you getting for your money? Do you want the cheapest agent or the best value agent? But that is a conversion for another day.

With the changes in legislation in late 2016 regarding tenant "admin" fees and the ban in the near future after Government consultation, I did some research in to local companies and what they charge their clients, and by clients I mean landlords, vendors, and tenants!

And it got me thinking. Do you know how many times I have been asked by a landlord what I charge a tenant? .... Never. Not once, in 11 years.

But why is that important? Well, if you were a landlord, you would want to know your prospective tenant was getting good value too wouldn't you? You would like to think that every tenant interested in your property was going to want to take it and not be put off by sky high agency fees left, right and centre. If your prospective tenant was considering either your place or another, you would want them to pick yours right? and you wouldn't want a £50 charge here and a £100 charge there a barrier.

I've rented myself in recent years, and the staggering difference in charges made by agents in the local area, some justified, some trivial, is nothing short of a scandal, and the very reason why the tenant fee ban is likely to come in. My partner and I rented a three bedroom house a few years ago, and the charges on the way in, all inclusive, were near £600, and another £100 or so on the way out. It's enough to make you not want to move. 

I'm pleased to say that we are very transparent with our fees, and they are low because whilst we are a business, ripping people off is not sensible for me as a business owner. 

And if you are a homeowner or a landlord, look at things from both sides of the fence. Place yourself in the shoes of your potential buyer or tenant, and ask those questions too....

What do you charge? Is a big question.

If you are looking for an agent that is well established, professional and communicative, then contact us to find out how we can get the best out of your investment property.

Email me on kevin@dansonpropertyservices.com or call on 020 3397 4499. If you are in the area, feel free to pop into the office – we are based on 116 High Street, Welling, Kent, DA16 1TJ. There is plenty of parking and the kettle is always on.

Don’t forget to visit the links below to view back dated deals and Welling Property News.

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Why renting your Welling property yourself isn't always a wise idea if you want a "good" tenant

If you are a landlord with a property to rent I would imagine you want a good tenant. Likewise, your tenant will want a good landlord. It works both ways.

But what is a good tenant? There is no guaranteed way of finding one, and there will always be some risk to a landlord as even the best tenant could be made redundant at any point. But quality over quantity and doing things properly are definitely the order of the day.

Anyhow, proving someone is “good” isn’t always easy. What even is a “good” tenant? Just someone that pays on time?

An agent, or a landlord, will do whatever checks they deem necessary to make sure that the person moving in to the property is financially sound via a credit check and proof of income/employment. On top of that you’d expect them to consider a previous landlord reference, and to check their employment is secure for the coming 12 months, irrespective of what they might be earning right now. Then there are the legalities of photo ID, and to make sure the tenant(s) has(have) the right to live and work in the UK. All of this could be provided and the tenant pass with flying colours, but there is no knowing what the future might bring.

What many landlords sometimes fail to remember, especially if their property is empty and they are temporarily losing income, is that once in a property, the tenant often has more rights than the landlord, so doing things right before they move in is critical.

A Welling landlord we know recently had to evict a tenant who was in rent arrears to the tune of over £7,000 having intentionally stopped paying rent. The landlord was making up the shortfall in the meantime, as well as dealing with the stress and inconvenience, the frustration, and the various court forms and fees, as well as taking time off work to attend court dates to re-gain possession of her own property. The cause of this eviction? 

Little more than deliberate avoidance of responsibility and any morale compass by the tenant. Finally the saga was over and the tenant was evicted, where the landlord then turned to the issue of pursuing new tenants via the Gumtree. Again a high risk strategy, most people searching for private listings are “not looking to do things properly” and are they the tenants you would want? But this landlady was doing so under the guise of “saving money”. Ironic having been £7,000 out of pocket the last time she went down that path. Her next tenant she let have the property amongst a collection of 10-15 possibles, because she “felt sorry for her”.

Similarly we found the below article in the Evening Standard from earlier this year a ridiculous state of affairs from an “experienced” landlord.

http://www.homesandproperty.co.uk/property-news/renting/renting-in-london-the-accidental-landlord-takes-a-chance-on-a-tenant-without-a-guarantor-a103486.html

Very risky, and a risk simply not worth taking in our view.

I don’t mean to be heartless, but it never ceases to amaze that some landlords can take such unnecessary risks. Your property or properties are your business, your income, your pension. The tenant has more rights than you, you are taking the risk, would you not want that risk to be as small as possible, no matter what the personality, back story or income of the prospective tenant?

Do things properly, otherwise, whilst you might get lucky in the short-term, cutting corners and taking risks will one day catch up with you, and then you won’t feel like you saved much money.

If you are looking for an agent that is well established, professional and communicative, then contact us to find out how we can get the best out of your investment property.

Email me on kevin@dansonpropertyservices.com or call on 020 3397 4499. If you are in the area, feel free to pop into the office – we are based on 116 High Street, Welling, Kent, DA16 1TJ. There is plenty of parking and the kettle is always on.

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

Welling Property Market LinkedIn Page

Danson Property Services Welling Facebook Page

Danson Property Services Welling Twitter Page

Welling Investment Property Specialist Danson Property Services Website

Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation