Monthly Time Frame to Let Blog Update – January 2017
As part of my series of blogs detailing “how long does it take to let a property” I now have the figures for the properties that we brought onto the market in January.
It was a busy month, (aren’t they all!) and we brought 7 new properties on in our first month of the new year.
Here are the scores…
How many new properties brought onto the market – 7
How many in a Good Condition – 7
How many in a Good Location – 6 (Longsight, Salford, Middleton, Ashton)
How many in an OK Location – 1 (Wigan)
AND THE WINNER IS…..
So from the figures for properties that we bought to the market in January our best performer was a traditional 2 bed terrace in Middleton, which was let agreed within 1 day. The property was subsequently only void for 11 days.
The property is a sound property in a good area that has been well looked after by all it’s tenants. The landlord has kept it in good order, ensuring that when opened up for viewings it looked the best it could do.
The property has been let to a young woman, with her baby. Her father has acted as Guarantor and all parties flew through the referencing. The rent is £525 per calendar month.
Here are some snaps of the property to show you the standard.
As you can see a very attractive property that has successfully been let promptly to another excellent tenant, proving that a good property in a good area will rent successfully.
AND THE LOSER IS….
Our worst performer in January was the one bed flat in Longsight. This was vacated in November and there was some work required. The landlord did this rather slowly and in parts, rather than blitzing it as soon as the property came vacant. Due to the Christmas period things took a bit longer still and then the property was bought to the market in January.
The total void time was 81 days, with a time to let agreed being 46 days. So the landlord has taken 35 days to do the required works, and subsequently cost himself that extra money in lost rent.
Here are some snaps so you can see the property more clearly.
A standard looking property, in a good location that if the landlord had been a bit smarter with his little bit of work required could have had an empty time of 46 days or less. The argument is that if you do the required works prior to viewings then you will attract a tenant quicker.
I think that with Christmas being in the middle of the process it has slowed things down also, but we will ask this landlord to be a bit smarter with the works next time if he wishes to achieve a rental in a better time frame!
I hope you have found this information useful, we are certainly gaining a lot of great information from recording this information.