How Much Should You Charge For Rent? – Friday Q&A [Video #5]

Looking to use the “Buy To Let Scheme“? Trying to work our how much to charge for rent? On the market and need more viewings?

Jonathan Rolande is here with your weekly Friday Q&A video to answer just that.

If you have any questions you would like to be answered by Jonathan, please comment below, Tweet Us, Facebook, or email me here!

Video: How Much Should You Charge For Rent?



Video Transcription

Jonathan: My name is Jonathan Rolande from House Buy Fast. George is going to shout out a few questions now that have been sent through Zoople.co.uk. I hope you find the answers useful. Any other queries, don’t hesitate to get in touch. So, fire away, George.

George: First question is, if I want to buy a flat in Alton using A buy-to-let scheme, do yo think the flat is going to be easy to rent out? This is from Skycrystal on Zoopla.

Jonathan: Well, it’s difficult to say specific areas, because things can vary so much even street by street and sometimes in some places at London. One side of the road can be better than the other, these sorts of things. So, every area is different. What you need to do if I were you is speak to some local letting agents and ask their opinion.

Also, go on to Zoopla.co.uk and have a browse around letting sites as if you are an applicant. So, you type in your criteria and see what comes in your area. Also, walk around the area if I were you and see how many to-let boards there are in the area, and how many let, but, or slips are missing. That way you are going to get idea as to the sort of tone of the property as well.

Hope that helps. Anything more specific, get in touch.

George: Next questions is, how can I find out how much to charge for my rent on my property. This is from Oceanblue on Zoopla.

Jonathan: Well, what I would suggest is that you get one or two agents around. There is benefits to using an agent rather than trying to let privately. Of course, the downside is you have to pay them something. But other than that, they will give you good advice hopefully on the rental figure.

They will also look after things like maintenance of the property. They will make sure that your compliance with gas safety regulations, for example, some furnishing regulations, things that you may not know about. They will also lodge the deposit in the tenancy deposit scheme or one of them. So, it is not impossible to let yourself, but it certainly does make it easy to get an agent around, and of course they will give you a good idea on the rental figure.

What I suggest if you are definitely going to rent it yourself is to go online to zoopla.co.uk and register as an applicant and see what other agents are offering to let. Bear in mind that often agents are slightly more than private lets. Somebody renting the property will expect to get a little bit of a discount, normally, because they know that there is no agent’s charges.

So, you have to pass some of that benefit on. But as I say, get in touch with some local agents.

Look on zoopla.co.uk and you are going to get a good idea as to the rent that you are going to expect.

George: The last and final one is, I only had 1 viewing in 2 weeks. Should I panic? I was told the majority of viewings would take place in the first 2 weeks on the market.

Jonathan: That is true. I don’t think you should panic, but you are right to be worrying about it. It is not a good sign.

However, as we are recording this in April, it is still cold, it is still winter weather and actually, property market is still quite wintery as well. It is more to me like a February market than an April market simply becasue of weather conditions. People aren’t going out as much and browsing around.

Get in touch with your estate agent and find out what they think is the reason. You could always do the things such as adjusting the price, maybe the photographs of the property aren’t as effective as they should be. Otherwise, you might want ot get a bit more prominence on websites such as rightmove or zoopla by registering with a premium or enhanced listing.

So, speak to your estate agent about that. That can often increase the number of leads that they get by buying by 25% or 30%. So that should then reflect into more viewings.

It could be the presentation of the property. As I say, the house looks quiet cluttered, for example, and that may be putting people off when they are viewing the details online.

If you want me to look into it specifically, I might be able to give you some more advice. So, send me a link to the estate agent’s site and I’ll report back to you. Thanks very much.

Thank you very much as ever for getting in contact. It has been a pleasure to answer the questions today.

Anything else, don’t hesitate to contact me directly. You can find my details on the site here. And for now, until next time.

Thank you very much.