Updating post from Reddit.
I will soon be a first time landlord. I've had two different estate agents value my flat. They gave very similar numbers for the rent. Both were a bit higher than I expected. Do EAs exaggerate when trying to win your business? Should I discount these figures a little?
Put it up at these values. Rents are high at the moment and housing supply is low. Tenants will make offers if they think it’s much too high. The market will tell you within a week or two of the listing going live.
That's what I'll do. Just wondering if other landlords are usually skeptical of the numbers they get from Estate Agents.
EA’s want their commission. Over pricing isn’t in their interest. If anything they may under price rentals to get a quick turnaround.
As mentioned. The market will tell you within a week or two if the price is wrong.
Estate agents sometimes inflate rental valuations to win your business, but if both gave similar numbers, that’s a good sign
5 years ago sure, we would market for the most the expect to get. I would always be open with a LL, for instance we reckon you will get £1000-1100 PCM why don't we market at £1250 and see what we end up with?
These days, not so much as 99.5% ends up over asking.
If the house is in good condition in a good location then I expect you would get it. There is a dearth of quality rental accommodation.
What do you consider "quality"?
In a good condition in a desirable area, close to good schools etc.
Look at rightmove. Include let agreed and compare
But are the prices stated on adverts the real price is has been let for …..?
Not always but usually. Some of them actually do go for more.
Just look at similar properties on RightMove
Tks
Zoopla has a free rental estimate tool which I've found to be reliable.
Thank you