Landlords say my offers are too low, what should I do #R2Rshortandsweet #8 — Rent 2 Rent Success

Are other people getting rent to rent deals and you’re not?

It could be as simple as how you present them…

Hello and welcome back our Short and Sweet series, where we pass on lots of value in a small amount of time.

The question we’ve been asked this week is…

“How are others getting the offers I miss out on because landlords are telling me my quotes are too low as they have been offered better elsewhere on average 4-5 bed HMO and I factor in £400 profit and then the rest is various running costs but still come at around 40-50% of the total rental income and landlords seem to be expecting more. So, on a £2,000 rental all offer guaranteed rent of around £900 and they want £400 at least.”

This is a good question and one that will come up often.

If other rent to rent people are getting these deals, then you know that it's just about presentation.

If it's a £2,000 property and you're offering £900 rent, you just need to show the landlord that it is a great deal.

You need to show them what they would pay if you were a letting agent - minimum of 15% would come off for the letting agent fees (these are normally 10% plus VAT), and additional fees like tendency, find fee and venture fee for example.

All those costs you need to take off the gross rent. Then you take all the bills off the gross rent, and an amount for voids and then that's what the landlords would have left.

But sometimes they don't know all that.

They can only see the £2,000 and they can't see any of the cost going out and that they're not really getting to keep the full £2,000.

You need to deliver your £900 in the context of what they are getting if they are with the letting agent - it might be a little bit more, but it wouldn't be guaranteed.

We see landlords quite often where they have two, three or more rooms empty, and they have been empty for a long time.

It's finding a way of presenting your offer in a compelling way and sometimes you just can't offer enough, but other times it's just all about the way that you're presenting it.

For example, in the Rent 2 Rent Kickstarter, we've got offer templates, which some people say were the best fit of the course on how exactly to write to landlords, to present the offer in the best possible light.

I hope that helped answer the question.

All the best and bye for now.

Stephanie & Nicky

xx

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