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The Reality Behind Rental Property False Economies

Lettings

Why South Devon Landlords Could Be Taking Expensive Shortcuts

In this two-minute read, we look at the false economies many landlords in South Devon are making regarding their rental properties.

Many of us realise doing a bit of DIY can save you money. But it comes with a caveat that you must know what you’re doing first.

For every successful bit of hallway decorating, there are dozens of tales of lopsided shelves, incorrectly fitted taps, and a whole host of other DIY disasters and fails.

And this risky approach doesn’t just apply to home DIY – we often see it when a landlord tries to do everything themselves.

Here are five of the most common mistakes landlords make when they think about the pennies but take their eyes off the pounds.

  • Marketing matters – There’s much more to marketing a rental than simply slapping it on Facebook or Gumtree and hoping for the best. It’s nigh on impossible to achieve a property’s optimum rent by using this approach.

 

  • Poorly referenced tenants – An excellent letting agent will carry out all the proper referencing needed to ensure you get a good, reliable tenant. Skipping this process and ‘going with your gut instinct’ can be hugely expensive further down the line if the tenancy turns troublesome.

 

  • Maintenance mistakes – The most significant error landlords make when it comes to maintenance is not having money set aside in their budget to keep their property in good condition. A general rule of thumb is to put away £100-150 per month towards maintenance and general upkeep.

 

  • Cheap is not cheerful – Many landlords make false economies by scrimping on things like flooring, windows, and taps and fittings, only to have to replace them more quickly than they would have if they invested a little more in the first place.

 

  • Temperamental tradespeople – The nightmare scenario for many landlords. A call comes in on a Sunday evening (usually when you’re on holiday) from a tenant telling you the boiler has packed up. DIY landlords often rely on their own trade contacts in this situation, which can be great but is often not. However, a good letting agency has access to a pool of tried and trusted tradespeople who fix things fast and professionally.

Of course, we understand that you want to get the best possible returns from your rental investment. But experience has taught us that using a letting agent to find tenants and manage your property is money well spent.

We’d be delighted to offer a free review of your rental property/properties and highlight where you can save money but also protect your assets.

Call us on 01626 365055 or email rentals@chamberlains.co.

 

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Top Tips for Choosing an Estate Agent

Top Tips for Choosing an Estate Agent

How to Choose an Estate Agent to Sell Your South Devon Home

In this two-minute read, we look at how to select the best estate agent to sell your home.

When it comes to selling a property, it pays to do your research before choosing an agent to manage the sale.

Now you might think that all agents are much of a muchness (they all flog homes, don’t they?), but you’d be wrong!

A great agent won’t just sell your property; they’ll sell it for the highest possible price (which is the whole point, obviously).

A mediocre agent will go through the motions and probably secure a sale – it is a seller’s market after all – but won’t go the extra mile to get the absolute best deal.

Given that you’ll most likely only sell a property once or twice in your life, why wouldn’t you go with someone who will secure the best transaction for you?

Here are six things to look for in a good estate agent.

Track record. Go with an agent who has a good local reputation and experience selling properties like yours. And don’t just take the agent’s word for it; a good agent will have client testimonials.

Fees and costs. It may be tempting to go with the agent with the lowest fee – but be wary. Low-fee agents skimp on marketing and photography (it’s the only way they can do the job for such a low price and stay afloat). That might be good for their business model, but it’s terrible for your bank balance.

Professional marketing. Buyers do so much of their research online that an agent must have a professional digital presence. Compare how local agents in South Devon present properties for sale. Look for good quality photography and well-written property descriptions.

Read the fine print. Be wary of agents who want to tie you in for an excessive period. It suggests they don’t have confidence in their own abilities.

Valuation. If an agent vows to sell your property for a sum that is jaw-droppingly higher than market value, be suspicious. Most likely, they’re over-promising to lure you in and will have to drop the price later when savvy buyers don’t fall for it. This tactic just wastes time. Go with an agent who is optimistic but realistic.

Gut instinct. Do you trust the agent or feel like they’re pulling a fast one on you? Follow your instincts.

For a free property valuation or to find out more about our selling track record, contact us here at Chamberlains.

 

 

 

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Why Do People Up Sticks? The Eight Reasons for Moving Home

people move

Eight Reasons Why People Move Home

A two-minute read on what prompts people to sell up and buy elsewhere.

Most people looking to move home fall into one of eight categories. Learn what these categories are so that you can fine-tune your property selling strategy.

  1. Space Chasers– These movers want more space to accommodate a growing family, a home office or a Labradoodle puppy. Homes with a generous garden, garage, and loft conversion top their most wanted list.
  2. New Lease of Lifers– These city slickers yearn to feel the sand between their toes or fresh country air in their lungs. They crave a quieter life surrounded by nature – but still covet creature comforts like high-speed broadband.
  3. Lovers and Leavers– People in this category are buying with a new partner/spouse or looking to make a fresh start after a relationship breakdown.
  4. Empty Nesters– With the kids all grown up, Empty Nesters are rattling around large homes (that are expensive to heat). They’re keen to downsize to an energy-efficient, low maintenance home with top-notch security.
  5. Family Guys and Girls– This category includes parents with young children looking to be closer to a family support network and those who want to live near an ageing relative who needs TLC.
  6. Catchment Hunters– Members of this group can recite the Good Schools Guide  They’ll pay a premium for a property close to an ‘Outstanding’ school (especially a high-performing secondary).
  7. Mortgage Freestylers– This group is looking to restructure their finances. They aim to sell up, buy a cheaper property and live mortgage-free (hopefully with a few extra quid to spend in their retirement).
  8. Career Boosters– Thanks to a new job or promotion, members of this group need to move to be closer to their place of work.

Top tip

When marketing and presenting your property, think carefully about who is most likely to buy it and promote your home accordingly.

Don’t overlook small details like broadband speeds, catchment areas and home security. These factors can be very influential to some buyers.

And remember that movers often fall into more than one category (for example, an Empty Nester might also be a Mortgage Freestyler, and a Space Chaser also a Catchment Hunter).

 To learn more about successfully marketing your South Devon home, contact us here at Chamberlains.