Singing Pig

Lisa:

We charge the rent till its re-let and re-letting fees - usually around £70-200 (depending upon agent).

However, we have had several who have surrendered the tenancy and gone awol so we are now insisting that they a) stay until its re-let - its easier to get rent when you know where they are! or b) they can leave but have to pay everything up front and we will then reimburse the unused portion when its re-let.

Lisa

Lisa, what action would you take should they refuse both and simply move out leaving your keys behind?

Pod:

the whole thing just made me think "why do i bother?" .... far easier to let his paid-up tenany run to the end & THEN move next tenant in. 

but, glad to confirm the position.  i think from now on i won;t bother moving a tenant in if the existing tenant has paid up his contract ... it's not appreciated by ex-tenants & i can't be bothered with the hassle.  the guy in question above should be buying me a pint for saving him £225, but all i get is abuse! 

tch ... it's a funny old world.

As with everything in this world - some people will appreciate the same thing others won't. It is the minority of tenants that give all tenants a bad name, just the same as LLs.

AA, well, yes and no really. 

this year i have had 2 of these where, becasue of our fantastic re-tenanting skills (!!), the ex-tenant receives a £200-250 rent rebate.  both times, the husband was furious at being charged for advertising.  so far then, its not a minority.  whereas, i was expecting a pleased tenant ....!  balls to it from now on, they can whistle for a rebate .... it's far too much like hard work!

Pod:

AA, well, yes and no really. 

this year i have had 2 of these where, becasue of our fantastic re-tenanting skills (!!), the ex-tenant receives a £200-250 rent rebate.  both times, the husband was furious at being charged for advertising.  so far then, its not a minority.  whereas, i was expecting a pleased tenant ....!  balls to it from now on, they can whistle for a rebate .... it's far too much like hard work!

Does sound rather annoying considering the effort you've had to put in, and two in a row! I do bet you though that the next tenant will appreciate it. But of course, you DO NOT have to accomodate them by re-letting so quickly.  Must say, fantastic skills!!..!!

Pod,

Care to share how you're managing to relet so quickly? Where and how are you advertising these properties?

AA,

i don;t think we do anything amazing ...

1.  good relationship with tenants - essential to enable viewings.

2.  rental area chosen carefully, props are top-quality, affordable 2-3 bed houses only (no flats, areas with poor rental demand, ropey props).  when viewed, most put an application in.  we sift out the tyre-kickers and unsuitable types over the phone.

3.  always have an ad in the local rag ASAP after tenant notifies us they are leaving. mostly, tenants don;t realise that they need to provide a months notice in writing to expire on a rent day.  we always stipulate that this must be complied with (in order to maximise the period between notice and property vacation of the prop).  e.g. tenant provides notice on 2nd june.  1st of the month rent day.  we then write to the tenant asking them to complete our "Notice to Quit" form, and explain that their notice to quit will expire on 1st Aug. also, explain that rent is required to be paid up until the final day of tenancy obligations (most tenants do this).

4.  the odd leaflet drop of the entire area ... one every 6 months.  again, a lot of tenants keep hold of them & we offer £30 cashback for any tenant that presents us with a leaflet (stated on the leaflet). simple B&W Rialto-style leaflets.  we donl't want too many calls so we only do about 10k leaflets per year.

5.  hand-out a handful of business cards to all existing tenants when they check-in ....... with a promise of £30 reward if a new tenant is taken on from a referral. 

6.  it;s surprising how many people become aware from neighbours/friends/tenants/ex-tenants/colleagues/pub mates ..... etc, that you are a landlord.  it just seems to build over time.

i'm sure there are other ways to get yourself known in your area .... i'm always open to new ideas!!

Very systematic! And salient points raised. Well worth including in the good book of LLs

Thanks Pod.