starting to worry!- flat available to rent but no enquiries

[pippala]

Should i be worried!
we live in an area where the rental market is very bouyant.
we have just renovated a top floor flat to a very high standard and placed it on rightmove where it is priced the same as some nice,some ordinary and some grotty 2 bedroom flats.
In the week it has been on there we have had two enquiries, one who didn't turn up and one who came who wanted it but for two or three reasons we didn't think she was the right tenant for the flat.
We are renting it privately but have spoken to local agents who tell us for each flat to rent there are normally 5 tenants who want it!!
I know it's only been a week but by the time credit checks and references are done it will be another month before we recieve any rent. We have been paying the mortage on it whilst we renovated and want a return now!
Would you suggest we wait a while longer or reduce it below the asking price for two beds in this area?

Are you doing it yourself or through an estate agent? The estate agent might have people on their books and be a good place to start - especially as they don't get paid unless someone rents it out.

Give it time. A week is nothing.

Are the photos any good? I know when I have rented photos make a world of difference.

I would love you opinion on the photos but don't know how to link to rightmove.
Prehaps someone can help?
The reason we decided not to go with an agent is the fees starting from 12%.
If the tenant resigns for the following year we still have to pay 8% which amounts to over £100 pcm off the rent!

Where is flat located? How much is it on for? We can search for it then. Brief description of what the place looks like.

Or just copy and paste the URL into the message box from the rightmove page. Someone else can make it a link.

Are you marketing it at the same price as flats that are to let through an agent? It might be worth going below that if you are. I manage my house and I let it for between £50 and £100 a month less than neighbouring houses that are agent managed.

Also I have always got a tenant from putting a to let board on the property - to get passing trade.

If its near a hospital or university then contact them and see if you can place an advert on their intranet or notice boards.

A week is not quite long enough to panic yet though!!

Thank you all. I am such a technophobe I still cant work out how to link to rightmove but will try again!
Thank you also we have a new hospital that has just opened last year within two miles so yes that is a good idea!

£895 pcm

2 bedroom apartment to rentSt James Road, Tunbridge Wells

Lounge diner 5m x 3.5m with large bay windows, quality carpets and roman blinds, victorian feature fireplace and radiator. Spectacular views over Tunbridge Wells. Kitchen 5m x 2.5m. New fully fitted walnut and slate effect kitchen with built in Baumatic appliances-fridge freezer, dishwasher

More details and 6 photos
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Marketed by lettingaproperty.com, Nationwide. Telephone: 0844 567 0578

nope not worked as hoped! no dear!

this?

I think some of the photos are not great - bedroom, bathroom and garden

Is the garden shared or exclusive use and who has maintenance responsibility?

Could you state exact distances to the station & town centre?

What is the parking situation like?

Re: marketing - try local papers/library/educational institutions and any large employers in the area.

Good luck

Right, it looks lovely but at first glance without reading the dimentions I have no idea how big the rooms are. They look very small.

I would like to see more of the bathroom, not just the loo. The second bedroom should be shown. If you are only allowed 6 pictures I would loose the garden picture and put in the second bedroom.

Is the garden communal? - thats not clear.

Having said that I'm looking to pick faults, if I was looking for a flat I would look at yours. Theres nothing to put me off.

I don't know the area so I presume the rent you are asking is fair.

One last point - I would go with a 6 month initial tenancy. As you are self managing there won't be agent renewal fees so it shouldn't put people off. But from experience you can do all the checks in the world but sometimes you just end up with a bad tenant bitter bitter voice of experience, and if you do, being able to terminate the tenancy after 6 months rather than a year may just save your sanity and your money.

I've just had a flick through the other flats listed. Yours is the most expensive. It might be that the others are in less desirable areas (no idea about the area) but you need to consider why this is.

Your flat by the looks of it is the nicest decor wise, but that IME makes a flat more attractive to let not more valuable. Money talks and although yours would probably win hands down if they were all the same price, if prospective tenants are faced with paying best part of £100 a month more for the privilege then they will go for the cheaper option.

I might be wide of the mark here but just trying to help being an impartial observer

As a landlord I would say that period features and views are much less important to tenants particularly the young professionals you are probably hoping for.
We find important things prospective tenants want to know are: is there a parking space is it secure? How far to town centre, train and bus station give distances? Is there a washing machine? Is there central heating? Is there a shower? I would suggest your bullet points reflect this more accurately.
You are letting this flat unfurnished, but the photos show it furnished this is very confusing for potential tenants they want to see it as they will let it not dressed for sale. You make no reference in the bullet points to whether it is two double bedrooms or a double and a single this affects who is likely to rent the flat and they are less likely to read on.
My standard ad says:
Two double bedrooms first floor flat, Gas central heating, 1 parking space, 0.5miles from town centre, 0.5miles from train station rent XXX avaliable now.
When we advertise we always use the ads in the local newspaper.
Your flat is beautiful and if you were selling I would say right on, but letting it looks like it has a little too much of your personality on it and you maybe too personally involved and therefore less likely to allow the tenant to live in it as their own home.
I know this reads quite harshly, but is the benefit of our 20 years letting experience.

Al very good points thank you all for your comments.
Will put on distances and room sizes.
Of course the photos dont show how light and spacious the flat is.
On price it is the one of the most desireable roads in the town and knowing the area well and viewing over 30 flats when we bought this one and renovating it to a high standard think the price is right for the area.
Some of the flats we viewed to buy have now gone on the rental market without a lick of paint for the same price!
I suppose I thought we would rent straight away as the agents who viewed our flat priced it between £900/£950 pcm and told us for every flat available there are 5 viewers.
We did have a viewer last week the first day it went on rightmove who wanted it but we didn,t feel comfortable with her for several reasons. Following our gut feeling she was very outspoken and we felt she would be pita as a tenant.
Many thanks

Further to oreo's comments regarding lease length, you can always aim for a 12 month lease with a 6 month break clause. This means you potentially have a good tenant in your property for a year, though they could leave at the 6 month point. On the up side, you can get rid of an undesirable tenant at 6 months too. Good luck!

OP, I know T Wells well :) Have you looked at the flats that have been let in your price range? In the photos yours does not look particularly big (and the measurements are in metres, not feet, which means nothing to me). You are up against serious period competition in TW. Also, although St James is nice you don't have the proximity to the station. e.g. there is a shabby but big 2 bed in Madeira Pk been let for same price range as yours. In Garden Road there is one that has been let, it is just as nice as yours but is behind a secure gate and has allocated parking. Yours looks perfectly lovely, but from the pictures there is nothing that jumps out, compared to others. E.g. Broadwater Down, a good address, looks gorgeous in pictures and with garden etc.
I'm amazed at how many flats there are up for rent! Do you think things are as bouyant as the agent told you?