Letting Agents Liverpool - Market Testing Rents
Saturday 15th October 2022
Letting Agents Liverpool - Market Testing Rents
As the property market in Liverpool and Wirral springs back to life, it's worth focussing on what attracts tenants to a property at market leading rents.
Location
Undoubtedly, as ever location is important, but in my experience not critical. As a buy to let Liverpool investors, you should first focus on where demand from tenants is the highest, not necessarily demand from buyers. They are distinctly two separate markets. The fact that you may not wish to live in a particular area, does not mean that many people do not want to rent there. As an investment property company in Liverpool we have specific postcodes and even roads which we target as we know properties rent well and for the long-term at market-leading rents. We also own properties and blocks in the same areas.
Investment Property Liverpool
The days of 'Generation Rent' accepting any property, regardless of condition, are thankfully long gone. The buy to let property does not need to be state-of-the-art, but well-decorated, clean and safe. Not a lot to ask. Clearly, statutory certificates are also required, notably gas and electrical.
Market Testing Rent
At Tuna Fish, we advise our buy to let landlords to be patient and not to 'rush' to tenant without first market testing a rent. A property may have been rented for some years at say £550 per calendar month (pcm). OK, that's fine. But has anyone tested interest at £600 pcm or even £625 pcm? At £625, the additional gross income in a year is £900, nothing to be scoffed at. We are doing this as routine now with properties that we believe can achieve a higher rent as the market recovers and moves on.
Buy to Let Liverpool
As we go to press, we have just market-tested a rent in L19 Liverpool and had an offer via our lettings board within 2 days at the higher rent. The increase is 11%. The board has attracted 14 enquiries and there is no need to advertise on a portal, such is the demand in this area for quality family homes.
At Tuna Fish we believe in moving with the market and not being left behind.
