Friday, Jul 20, 2007
Landlords avoid voids by paying tenants rent!! LOL
Firstrung: Landlords cover voids by dipping into savings or using salaried income
Research from BM Solutions has shown that half of all landlords do not experience void period. Specialist BDRC questioned over 500 landlords, and found that those experienceded void periods would most likely find their properties empty between 15 and 30 days every year...
Posted by converted lurker @ 12:14 PM (185 views) Add Comment
3 Comments
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1. japanese uncle said...
This is the reason they cannot readily pass increase in mortgage repayment onto their tenants. Easier said than done, indeed.
If a tenant disgusted about the increased rent, goes elsewhere, the landlord should expect at least a couple of months or potentially much longer period of vacancy. Any reasonable landlord should do some calculation. Raising the rent by say 20 pounds at the cost of two months nterruption of rent flow, say 600 pounds per month ie 1,200 pounds. How many months would be needed to cover this loss? Kindergarten kid can see this. Keeping the current tenant is always the best strategy as far as the tenant is trustworthy. At least I would think so, if I were a landlord.
2. Agentimmo said...
Welcome to the economics of the Madhouse !
3. nopensionnohouse said...
You are missing the point completely. The agents drive this. I had the pleasure of knocking off a rental estate agent and she told me about all sorts of goings on.
Namely turn over is good for business because they get their fees, contact payments and all etc with every new tenant.
One elderly bloke of about 78 had been living in his flat for 15 years and the agents decided it was time to turn the place over. They told the landlord that if they decorated it out and changed the bathroom & kitchen they’d get another 70 quid a month rent (stupid, stupid landlord thought this was a great idea).
Thousands in renovation bills later and about 2.5 months on they have a new tenant who is only paying about 30 quid a month more, the land lord is well out of pocket and the elderly gentleman had to up route and move out!
The only winner was the agent!
Kerrrr Chinnnnng!