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Robinson & Hall’s residential lettings department has had a busy first quarter. In fact, we have completed 33% more new tenancies this year compared to this time last year. Here are some examples of properties we have let so far this year.
In addition, we have helped our landlords to maximise their rental income by instructing approved and trusted contractors to complete renovation works prior to reletting. By undertaking works to the property, this does not just limit the possibility of a costly callout and works being required to the property once tenants move in but ensures landlords will receive a premium rent from the very start of the tenancy. Once works have completed, we have seen rents increase by an average of £330 per month.
An example of this is when we were instructed recently by a landlord whose previous agent let the property fall into disrepair. We conducted an initial inspection and found the property to have mould in the living room, the carpet was heavily stained throughout and there were historic leak stains on the ceilings and damp in the bedroom. This particular landlord does not live near the property and was unable to see the extent of the required works. Therefore, we created a report including over 160 photographs and a full write up of works required. We then organised for quotes to be generated from our approved contractors and talked the landlord through their options. We obtained consent from the landlord for works to proceed and instructed the contractors accordingly.
We use a mixture of locally respected quality contractors and were able to obtain a competitive quote and negotiate a prompt commencement of works. We carried out weekly inspections to make sure works were completed within the given time and supplied the landlord with regular updates. Meanwhile a ‘To Let’ board was erected and applicants were contacted with the intention of minimising the costly vacant period. Three weeks later the work was completed within the agreed deadline. A block viewing was arranged, and a tenant was secured within 3 days at an agreed rent of more than double what the landlord was previously receiving.
Robinson & Hall continues to experience demand outstripping supply in the residential lettings market, leading to a continuing increase in rental levels. Frequently, our residential lettings department receives multiple offers on each property, and on average we are letting properties within a week of them coming onto the market. Subsequently, tenants are offering over the asking price to secure their next home.
Zoopla property news says that: “Average rents for new lets across the country have risen 9.7% since last year”. Bedford and the surrounding villages are well located for offering housing to the overflow of London tenants who are used to paying high rents but want a larger property and the ease of an under an hour commute to central London.
The increase in rents is not just introduced for new lets either. Robinson & Hall recognises it is essential that comparable information is supplied to our landlords each year to determine if a rent increase is required to ensure the property keeps up with market values.
Due to the growing rents and the cost-of-living crisis, we suggest protecting your rental income by considering taking out a rent and legal policy. This then means that a landlord would receive the rent if a tenant defaulted on payments, and repossession legal costs are covered by the insurers.
If you would like to benefit from a free lettings appraisal to find out what rental value your property could achieve or for more information, please contact Calum.
