Question for any landlords or tenants..

[tugglesf239]

I have a property to rent and it has been on the market for a few days.

I have had two viewings this evening, with a further two on Friday night. I am also informed that the property is in very high demand, or is at least attracting a lot of interest.

This has led me to think that maybe i am slightly under priced, though i will admit (in my own humble opinion obviously ) that the house is in cracking condition and is decorated to a very high standard.

Now both parties that viewed tonight have informed me that they "will be applying first thing tomorrow!!!" so it wold appear that i am going to shift the place fairly soon (i would hope)

So... making the assumption that both parties will apply and pass all verification checks. What happens then?

Both couples seem above board and both appear (at face value) to be genuinely interested in a long term let.

My question (having never been in this position before) is it 'normal' to ask competing tenants to offer more money, sign longer leases, increase notice periods etc?

Has anyone been in this situation before and how did you make the final decision?

Likewise has anyone renting been part of bidding war? (for want of a better term)

Ive made a LOT of assumptions regarding how things may pan out, however i just want to be best prepped to make the right decision

 

[Beezerk]

If a potential landlord upped his price on me, I'd back out. Just saying like.

 

[tugglesf239]

If a potential landlord upped his price on me, I'd back out. Just saying like.

Thats what i was wanted to hear to be honest.

Obviously when selling a house, it is not unheard of to start a bidding war. Renting however...

I was not sure what would happen

 

[Beezerk]

Thats what i was wanted to hear to be honest.

Obviously when selling a house, it is not unheard of to start a bidding war. Renting however...

I was not sure what would happen

I am a tight Yorkshire git btw so that has a lot to do with it . In all honesty, I imagine if you get enough people who really like the place, maybe some will be open to paying more.
I'm going to be renting out a place soon as well so I'm interested in how you get on.

 

[louise_a]

I am a tenant and if someone wanted me to pay more than the advertised price I would walk away. Your main concern should be who do I think will pay on time and who will keep the house in the best condition.

 

[tugglesf239]

I am a tenant and if someone wanted me to pay more than the advertised price I would walk away. Your main concern should be who do I think will pay on time and who will keep the house in the best condition.

I totally agree and should they both apply (which is not guaranteed)i will request the letting agent to conduct as thorough a check as possible, in order to help me understand the above.

I would gladly take security and longevity of tenancy over a few extra quid a month

 

[Fish]

Not sure why you want to do it all yourself, I had the 4 houses I rented out go through an estate agents, fully managed for 10%, no hassle and no direct contact with any tenants.

 

[tugglesf239]

Not sure why you want to do it all yourself, I had the 4 houses I rented out go through an estate agents, fully managed for 10%, no hassle and no direct contact with any tenants.

Only the viewing will be conducted by myself. The rest i am doing via the letting / estate agent for a similar fee.

Its my current house, so it just makes sense (and is more practical currently) for me to be in the house for the viewings

 

[Fish]

Only the viewing will be conducted by myself. The rest i am doing via the letting / estate agent for a similar fee.

Its my current house, so it just makes sense (and is more practical currently) for me to be in the house for the viewings

Personally I'd leave it all to the agents, no shared responsibility then, give them the whole 9 yards for their 10% which makes them wholly liable, you choosing the tenants gives them an out.

 

[tugglesf239]

you choosing the tenants gives them an out.

Never really considered that TBH. I assumed that I would have to make a decision and the agent just facilitated the communications..

Good point and one i will discus with the agent to with them tomorrow, assuming it pans out that way

 

[ColchesterFC]

When we rented our place it was on the market for £750 per month. We offered the landlord (through the agent) £725 per month but offered to sign a 2 year contract rather than 6 month so that he knew that we wouldn't be giving him a months notice and moving out which would then cost him more in agency fees to find a new tenant. He was happy with that and we are still in the same house 5 years later.

It really depends on what you are looking for. If you want a long term rent just to cover the mortgage then the above is one option. No idea what your agency fees are like for referencing etc but can be worth taking a small hit each month if you can get a tenant in on a long term contract, with clauses that they will be told to leave if they don't maintain the property, to save you having to find new tenants every 6 months.

 

[Fish]

When we rented our place it was on the market for £750 per month. We offered the landlord (through the agent) £725 per month but offered to sign a 2 year contract rather than 6 month so that he knew that we wouldn't be giving him a months notice and moving out which would then cost him more in agency fees to find a new tenant. He was happy with that and we are still in the same house 5 years later.

It really depends on what you are looking for. If you want a long term rent just to cover the mortgage then the above is one option. No idea what your agency fees are like for referencing etc but can be worth taking a small hit each month if you can get a tenant in on a long term contract, with clauses that they will be told to leave if they don't maintain the property, to save you having to find new tenants every 6 months.

I'd never recommend this, assured shorthold tenancy agreements are ideally 6-12 months, once you get into 2,3 years or more they have to be created by deed which can shift the responsibility of who's responsible for repairs, a new lease every 12 months keeps all the responsibly on the landlord and their agents.

 

[Fish]

Never really considered that TBH. I assumed that I would have to make a decision and the agent just facilitated the communications..

Good point and one i will discus with the agent to with them tomorrow, assuming it pans out that way

Let the agents interview them and check all their credentials etc to which you have given them guidelines of who you want, it is then their complete responsibility who is in your house should you have any future issues, they see people everyday, they know what they are looking for, your don't.

 

[ColchesterFC]

I'd never recommend this, assured shorthold tenancy agreements are ideally 6-12 months, once you get into 2,3 years or more they have to be created by deed which can shift the responsibility of who's responsible for repairs, a new lease every 12 months keeps all the responsibly on the landlord and their agents.

I wasn't aware of that. Have the rules changed recently as our's was a standard tenancy agreement? I'm not doubting your info as I have no idea but wondered if our contract should have been a different one when we signed it. Not that it matters now for us as the contract is well up by now and we're back to only having to give a month notice to move out.

 

[Fish]

So are you saying you signed for 2 years and have been in occupancy for 5years? If so you are very vulnerable to the landlord giving you 1 month notice not just you!!

 

[ColchesterFC]

So are you saying you signed for 2 years and have been in occupancy for 5years? If so you are very vulnerable to the landlord giving you 1 month notice not just you!!

Yep, exactly that. One month notice now from either side to vacate. Although he has just had it valued to remortgage and is looking for a 2 year fixed rate so won't be looking to sell it in that time. We aren't friends with him but we do get on OK and he has said he's happy for us to stay as long as we want to.

 

[Aztecs27]

Not sure why you want to do it all yourself, I had the 4 houses I rented out go through an estate agents, fully managed for 10%, no hassle and no direct contact with any tenants.

I can see why this is beneficial for 4 houses (!) but we recently rented out our first property but did it privately and ended up saving around £600 in initial fees and was no hassle at all. We are fortunate with our tenant though. If/when she leaves (hopefully never haha), we may go through an agent, but there's a lot to be said about managing yourself; can save a lot of money.