Should I sell or risk tenants buying at undervalue price?9:08 AM, 25th September 2019
About 4 weeks ago 48
I recently wrote about a scenario where I had 60 viewing requests and 19 viewings in one day.
Great you may think, and yes it was 🙂 Demand was high and two people even ended up offering me £75 pcm over the asking price.
HOWEVER, the first couple failed referencing due to having three months rent arrears and the second couple failed due to an undisclosed CCJ. This cost me time and has lead to an unwelcome delay and void period.
Thankfully the third person referenced up and is now proceeding at £25 over asking price – PHEW!
It got me thinking though, and I have suggested this to the Directors at LettingSupermarket.com
Where demand is so high, why not offer the interested parties an option to get ahead of the game by charging them a small fee for refencing in advance of viewing the property? Clearly this will only work when demand is very high because some prospective tenants will not go for it. That doesn’t have to exclude them from viewing though.
My other thought is that tenants could be given a copy of their reference. This could come in very handy for them when they go to meet other landlords and agents too. If the reference doesn’t make for good reading at least they will know.
For me, as a landlord, it potentially speeds up the entire process.
For the agent it saves wasting time and earns them extra money.
From what I can see, everyone’s a winner.
What are your thoughts?
Mark Alexander – founder of Property118.com and non-Exec Director (Consultant) to LettingSupermarket.com
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