And, according to County Property, another advantage for landlords in the market place today is longer-term tenancies.
County Property manager, Hayley Weeks, says:
“We have been focusing on securing longer-term tenancies for our clients for some time now - providing certainty and stability to both landlord and tenant is important and makes financial sense for both parties.
"We estimate that the costs associated with changing a tenant together with a void period costs a landlord on average the equivalent of one month’s rent – that is almost 9% of the gross annual rental yield.
"Therefore keeping a good tenant in the property is by far the best option whenever possible. Our research has also shown that deductions at the end of the tenancy for damages above fair wear and tear are less for longer term tenancies.”
Referencing at County Property is strict but when it comes to long-term tenancies some landlords may be concerned about the absence of a no break-clause in a rent arrears situation. However, County Property can reassure them that in the majority of cases it is possible to serve notice and gain possession for rent arrears regardless of a break-clause.
Further peace of mind is on offer for those landlords who choose County Property’s Premier Service and Guarantee as this comes with the assurance that County Property will pay for any legal fees associated with gaining possession together with guaranteeing the rent until possession is gained.
In the event of a claim they will even pay up to 75% of the rent whilst the property is vacant, for up to two months.
To benefit their clients, County Property do not use 'standard' tenancy terms; rather every tenancy is negotiated independently depending on each individual client’s requirements.
Hayley says:
“We are finding that in the current uncertain economic climate more and more tenants are looking to rent for the longer-term and we are increasingly arranging longer fixed term tenancies - often a minimum of 12 months and it is not unusual to see minimum terms of 18 – 24 months - which provides both landlord and tenant with stability and certainty.
"If long-term tenancies aren’t for you then the Flexi Apartments service can help. Flexi Apartments offer high quality, short-term serviced apartments and is an ideal proposition for landlords who prefer the flexibility of week-to-week tenancies whilst maximising their income.
“There are some initial set up costs involved but these are immediately offset by up to 200% increase in achievable rental. An apartment which in the standard market would achieve £1300 per month could achieve £900 per week with Flexi Apartments so there are some significant financial benefits, not to mention the flexibility afforded with week to week lets.”
So for landlords looking to reduce the risk of void periods and unexpected administration fees, County Property Management can help; alternatively for those that like the flexibility of week-to-week lets and up to 200% extra rental income, Flexi Apartments are experiencing high demand for property and currently taking on new properties.
