Quarterly Review Of The Lettings Market

As we approach the end of the first quarter of 2014 the lettings market continues to grow with alarming pace. The demand from tenants is strong but the caveat here is that properties must be presented to a high standard as tired second hand homes are simply not going to let. In my early days of marketing properties I would advise a landlord that they could achieve “X” if the property is let in its current “tired”  condition but “Y” if they spent some money  freshening it up. Simply leaving a property now is not an option ! Actually marketing your investment at the right time is crucial, at Barbers we have just introduced a new software system for matching and letting properties to tenants, this system activates properties live on the internet straight away rather than having to wait overnight as we did previously for the property to upload onto the web, this time is the optimum time to market properties as would be tenants want to see them as soon as they are advertised on the internet. 80% of potential tenants will come to us now through the net.  We are arranging block viewings and on occasion have two or three applicants wanting to be considered. If the property isn’t ready for viewings when it’s advertised then tenants will have moved onto something else when we are ready!

We have recently employed the services of a couple of professional photographers in order to market properties in their best light, an aerial picture like the one above can be very eye catching to  potential tenants who are studying properties to let on the internet, one recent online survey found properties with a floor plan received up to 30% more interest than those without, we have also introduced this service to ensure maximum exposure for our landlords properties.

Also since the turn of the year we have seen an increase in the number of buy to let investors purchasing through our sales department and then letting and managing through us afterwards. Yields are in excess of 6% in some cases and purchasing properties that are cosmetically ready to go means less of a void period for new investments as we work with our sales team to have a tenant ready soon after completion provided all the health and safety regulations have been met.

The most exciting news for us this month is the expansion of our main lettings and property management office in Market Drayton, we have extended into the offices next door and our property management team have moved in as part of our ongoing improvements at Tower House.