Date Published 18 July 2017
THE BUSY SUMMER MARKET
While everyone is almost conditioned to believe that the summer is the quietest time of the year, it is in fact the busiest time of the year for the Lettings Market. Countless renting families usually move during the summer holidays because they want to be settled into their new home in time for the beginning of the school year. While London empties, the country-side swells and everyone who's left behind heads off to a beach in the sun, there are more and more families out looking to rent – and some have already started.
The Lettings Market moves very quickly – a prospective tenant can see a property for the first time and be living there within two weeks, possibly even one. The documents are standardised, the offers are usually quite uncomplicated and if the property is ready-to-go, there is little to discuss other than the rent, the start date and the length of tenancy. There has to be an inventory of course and the property will need to be cleaned professionally, but apart from that it's all pretty straightforward.
Potential landlords all over London who are thinking of letting their property should be doing all the prep work now. Call in a local estate agent and get their advice on where to pitch the rent and also what they would suggest you do to the property before you start. Tenants are fickle and the agents know what they do and don't like. It's always difficult to hear that your beautifully decorated home really needs to be de-personalised and made utterly boring, but if that's what it takes to bring the tenants in quickly, then it's a small price to pay. You can always make it yours again when you move back in.
A final thought - if you've never rented out your home before, try to put yourself in your potential tenant's shoes and give them what they want as opposed to what you like. Think of it this way - treat it as a business and make commercial decisions, even if it means ignoring your heart!