Welcome to Home Relief Bulletin Board
Post No. 208
by Your Freelance e-Property Letting Agency
What to do for your property to command a decent rent regardless of seasons
This week we are working with landlords/ladies and home owners to determine ways of setting up decent rent levels regardless of seasons (including in difficult times like of the coronavirus pandemic). As it is said this work is with independent landlords/ladies and home owners rather than with property management companies.
Knowing a good renting price
Normally the rental sector uses the jargon of rental yield. For a property to command a good rent yield, this yield should be between 5 and 8 per cent. The theory says that yield is worked out by considering the annual rental income of the property, dividing it by the price paid and then multiplying this number by 100. So, your decent rent should be more or less within the above margin. It is a level of rent conforming to acceptable or accepted standards.
Getting expert advice about your asking rent
Before issuing a tenancy (for example an assured short hold tenancy agreement), it is advisable to seek expert advice about the levels of rent that your property can generate. It is important to seek this kind of advice so that you do not charge more or less than what your property really deserves.
There are benefits in seeking expert advice on the rent level. One of these benefits is that it helps to avoid any potential conflicts (such as unpaid rents or rent arrears) with tenants over the level of rent you are charging in the course of the tenancy period.
Where to get rent advice
Rent advice can be obtained from various sources or experts on the rental market. It can be given by a local rent officer, a letting agency, a rent valuation office, etc.
You can even get it online through various websites having properties rent valuation features or online rent calculator. Some of these rent services are free of charge without obligations.
Working with Home Relief to set up a rent policy
This week, what we are undertaking with landlords/ladies is not only fixing a rent for a particular property. It is also trying to develop a rent policy and structure for our clients so that their properties could command a rent level that is fairly good or decent irrespective of seasons (i.e. Winter, Spring, Summer, Autumn, busy, not busy, EU exit, Covid-19 time, unlocking of the economy, etc.). Why?
There are various reasons that contribute to a good rent policy or structure. There could be changes in the rental market and the economy with ups and downs. Likewise, your property may not be the same when you last refurbished it.
In the above circumstances, what can you do for your property to command decent rents regardless of seasons, regardless of lows and highs in the rental sector? Landlords/ladies need to bear in mind that each property is a particular case that needs to be treated on its own. There should not be a one-size-fits-all rent policy.
What is a decent recent in times of enduring coronavirus pandemic and economic unlocking
In times of enduring coronavirus pandemic and economic unlocking, it is recommendable to get all the facts and data right and clear before making any decision over the rent. There are conflicting stories, signs and messages about the performance of the property market and the way the rental market is reacting over this time.
Any decision made over rent has to be based on verifiable statistics rather than commentaries and speculations made by the mass and social media. To make the right decision, each property case has to be treated individually with all the determinant market factors and conditions. This should be done while considering the short, medium and long term changes. In this consideration, it is better to check the following: the average rent for your property, what is the living rent in the economy, rental prices trend where your property is located, etc.
If you are a landlord/lady and or home owner and would like your property generates a level of rental income that is respectable or decent but you do not know where to start and how to go about it, Home Relief can work with you to determine the rental value for your property that is in line with accepted or acceptable standards in the rental market.
To get advice about the decent rent level for your property to let, please contact Home Relief.
To know whether this week’s session on Decent Rents can or cannot work for you as a landlord/lady, please contact Home Relief as well.
If you are looking for an affordable location and home, Home Relief is the people dealing with affordable homes you could consider in your property searches and enquiries.
For more information about our property service to home buyers and tenants, please go to https://homerelief.co/tenants/
For more information about our property service to home sellers and landlords/ladies, please go to https://homerelief.co/landlord
For properties to rent and let, go to https://homerelief.co/property-search/
For weekly property news and updates, please read our weekly posts.
Thank you for reading this post.
We look forward to receiving your regular visits to Home Relief website and to doing business with you throughout the year.
Home Relief – freelance e-property people dealing with affordable homes