What are some of the misjudgements made by landlords?

According to a recent survey – 44% of landlords invest within 15 miles of their home. This is a mistake if the property is not in a good growth area. If you use a good management company you will hardly ever have to visit your property.
43% of landlords only use one agent to get a rent appraisal. Three or more should be your minimum – because your 1st and only one could give you a low appraisal and you may miss out on higher rents. We take an average of the higher half or 20-30 agents in the area to give us an achievable figure.
The number one factor influencing a landlords’ decision to choose a letting agent is proximity to their office. This is a mistake – it has to be the location of the property because the agent with the best database of prospective tenants will be in the vicinity of the property and not your office. 
65% of landlords would accept a renewal from a good tenant rather than accept a new tenant on a higher rent. This is a big mistake because good tenants are well behaved because they know they are on a good deal – they know the market rent and will never volunteer that their rent is too low. We had a landlord who said; “But he sends me a Xmas card every year and always pays on time.” when offered another £120 per month more on the rent. We said: “We will send you a Christmas card every year if you gave us £120 per month!! – would you give your sister or brother £120 for nothing? No, well why are you giving £120 to a total stranger?!”

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Tel: 0844 357 9490
Midas Property School - 1b Cranbrook rd, Redland, Bristol, BS6 7BJ