Why your property might be empty
Beware of false ‘Vanity rents’ costing you time and money. Vanity rents are often used to secure an instruction and with developments in technology offering smaller and newer agents more exposure; the lure of high rental valuations can sometimes be too tempting and often leave a lot of properties empty.
Vanity rents are the promise of high rent returns for a landlord’s property and can be attractive at first glance. Similarly, if the rent is set correctly for the market, but your property is currently receiving an abundance of viewings but nobody is taking action, it may be worth questioning your agent’s strategy.
An empty property is a worthless property and the more time that is spent undertaking viewings, the more time your money is being eaten up. A good agent will use recently achieved rents of similar properties to guide valuations and adjust rent quickly to match the current demand, otherwise landlords lose money. The financial dangers of inflated rents are showcased in the image above.
Recently we were able to help a landlord deal with a tricky situation. They chose to market their property with another local agent as they knew them on a personal level. The property saw 15 sets of applicants visit with little to no feedback. The landlord asked us to try and find a tenant and we’re happy to say that we managed to let the property to great tenants within 48 hours…and at the asking rent. The landlord was over the moon.