Always negotiate the rental commission with the prospective agents.

In the current market place everything is negotiable and only fools will accept the first price they receive even if the intention is to offer the property to multiple agents. Shop around, set the price you want to pay and then inform the agents what you are prepared to pay.

If you choose the agency that offers the lowest commission rate as a marketing proposition you should expect to receive inferior service. Choose a more professional agent and negotiate a lower rate thereby ensuring you get a quality service for a competitive price. You will definitely not regret it.

Negotiate to pay the agent’s letting commission on a monthly basis rather than six or twelve months in advance. Why should the agent have use of your money for that length of time when they are doing nothing in return? Secondly, if the tenant breaks the contract before its natural expiry you will have to go through the tedious process of trying to reclaim your money from the agent. This can lead to unpleasantness, a huge amount of wasted time and in some cases, litigation, so it’s definitely best to avoid this possibility upfront and only pay the agent when you receive your rent from the tenant

Demand six weeks rental deposit from prospective tenants rather than the standard four weeks. This way you will have some deposit headroom in the event that they fail to pay the final month’s rent expecting you to deduct it from the bond. This is an increasing occurrence in today’s more cash-constrained market and landlords therefore need extra protection.

Charge the tenant for the inventory check-in rather than check-out. This is contrary to the standard rental agreement but makes sense because on too many occassions tenants leave without paying the final month’s rent which means the landlord is left with insufficient funds on deposit to cover repairs, rent and check-out. This way they pay up-front at the start of the tenancy period and you help to minimise your financial exposure.

Use your own tenancy agreement rather than the agent’s. You can download a standard agreement free of charge from numerous sites on the internet and save yourself the ridiculous charge of £20 plus VAT or more for an agent’s print-out.

If your property in Wimbledon has off-street parking then you might want to consider the possibility of renting it separately from your flat to maximise your income. You can either rent it to the prospective tenant of the flat or more likley, a third party. Wimbledon is desperately short of parking spaces for people who work locally or leave their cars in Wimbledon and commute elsewhere. If you’re interested in renting your drive or have an of-road space then check out sites like www.yourparkingspace.co.uk or www.parkatmyhouse.com where you can advertise the rental of your parking space. Depending upon location you can boost your monthly income by £120 or more without any corresponding outgoings which means pure profit.

This entry was posted on Monday, March 23rd, 2009 at 10:15 pm.
Categories: The Wimbledon Guide.

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