To Assess Market Rents Always Tick the “Let Agreed” Box

In this article, I explain why it is essential to check the Let Agreed box, to get a good idea of market rents.

The Let Agreed Box

Good news! Rents in the capital, at least in the mid market properties we let, seem to be booming and I can confirm from direct experience that rents are indeed up around 10 to 15 % on a year ago.

But how can landlords get a good idea of what market rents are?

Most will use Rightmove and Zoopla and run a search for properties that are equivalent in size, in the same area.

But this can give a distorted picture.

We always recommend that landlords run a separate search for the same type of property but with the Let Agreed box ticked.

This will show you what the real market price is.

You should also look at the date the property was first listed too.

So if a property was listed one say Monday and goes to Let Agreed by the following Saturday, that is a good indication of the actual market price for properties that let fast. You should be near this level if you want to let quickly and have a good choice of applicants to pick from.

Conversely, if you see a property that has languished for a few weeks and not moved to Let Agreed, that is a sign that the asking price for that property is too high (or maybe that the landlord or letting agent is being too fussy with applicants). Too many sticking properties sticking at the same price tells you it is the price that is too high that is the problem.

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