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Colchester Landlords urged to "be realistic"
16th June 2008
Colchester landlords who hold out for inflated monthly rents on their empty flats and houses risk seeing their properties ”sit in the wilderness” for months.
Despite home sales falling to their lowest level for over 25 years, too many Colchester landlords still expect to achieve the levels of rent they attracted during the housing boom.
The “Face Facts” warning comes from Richard Jones, manager of Lettings Solutions in Colchester, who says landlords who are willing to settle for realistic rent levels should still be able to find tenants.
His company has successfully let a two-bedroom flat in The Hythe in just a week – because he says the rental asked was both realistic and achievable.
“The demand for homes to rent is increasing as a result of the on-going credit crunch and difficulties in obtaining mortgages,” warns Richard, “but there are so many empty flats in Colchester that the competition among landlords to attract good tenants is fierce.
”If landlords don’t want their properties to sit in the wilderness for months, then they must price realistically.
“Then they will find there are still tenants out there who are interested.
“Property is a long-term investment and our message to Colchester landlords who are in for the long haul is that it is better to accept a lower monthly rent -which may not cover all the landlords’ costs - than to have a void and no income at all.”
Lettings Solutions is meeting the challenge by working exclusively with a major housing association so that landlords can be offered a long term lease and guaranteed realistic levels of income for a period of up to five years.
Lettings Solutions – which offers a range of service levels from finding tenants, through to rent collection and fully managed service - offers a range of packages designed to minimises voids in tenancies and promote guaranteed tenancies.
Adds Richard: “We are confident we can achieve the highest sustainable level of rent for landlords with a minimum of expensive voids.
“Because we are in a position to offer guaranteed tenancies, we hope landlords will not fall away from the Colchester market.”
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