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We all know that Canary Wharf, and the E14 area in general, is going through a period of unprecedented change right now, but are you actually finding it difficult to rent your property?
Whilst we have written this article with the E14 area at the forefront of our minds, we do believe it contains advice which is transferrable across different sets of market conditions and geographical areas.
1. Excessive stock levels mean everything is taking longer to let
We’ve worked in all kinds of rental markets over the years, in different geographical areas across London, so whilst we’ll stop short of saying that we’ve seen it all, we have seen a fair bit.
When any large new development completes there are always those landlords that get ‘lucky’ and rent their property very quickly, but by the same token there are always landlords that get unlucky and it takes longer for their property to let. And often there’s no particular reason why some properties take longer than others – its purely down to over-supply of a particular unit type in a distinct geographical location.
Supply is one of E14’s biggest problems right now, particularly an over-supply of two bedroom apartments, but it will rent eventually. Let’s put some numbers behind it so you can see where we’re coming from.
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Decisions, decisions, decisions.
Life is full of them.
There are everyday ones like what to have for dinner.
Or slightly bigger ones including which box set to start watching.
And there are the really big choices such as who to settle down with or which career to pursue.
And while deciding which estate agent to sell or rent your property is a big decision it’s certainly not life or death, but it will have an influence on how successful your move is, or how profitable your rental investment is..
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With the high level of demand for rental properties in E14, it is easy to see why many people think that acting as a landlord will be a good way to generate income. If you have funds available to invest in property, or you have a satisfactory credit history and financial status that you can obtain a mortgage for property investment, acting as a landlord can provide you with a better lifestyle.
However, it is important to be aware that being a Landlord isn't easy. There is a difference between good Landlords and bad Landlords. Over time, good Landlords find that the process becomes simple and they can make good money without a lot of work and effort, but unfortunately, there are a lot of bad Landlords out there. Bad Landlords don't provide a good standard of service and expect to make money from little work or effort. In the long run, they lose out and often ending up in debt or losing out on a lot of money.
Being a Landlord is a good idea if you are committed, and here are some top tips on how you can achieve this:
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As a property seller or landlord, you might roll your eyes and think ‘so what?’ when an estate agent mentions their accreditations and awards.
But this stuff matters and is often the difference between good and bad agencies.
The consistent positive feedback we receive from our clients has led to us being given the Gold Trusted Service Award from Feefo.