Apr 24,2013
By: 'Liz'
Apr 24,2013
1 people found
this helpful
When I inherited a property just over a year ago, I felt like a deer caught in headlights when I became a Landlord for the first time. Not knowing any of the agents in the area, I went to the agent that said they could get me the best price. I was surprised when they came back to me with an offer which was much lower than the asking price. As it was June and approaching summer, the agents informed me that the market would just get slower and I should take it. The tenants had asked to stay for three years, I was reluctant with this, but again the agents reassured me that I could include a rent review to push the rent up to in line with the current market on an annual basis. One year down the line, two of the three tenants have asked to leave and have found two alternative people to replace them- on speaking to my tenants, when they offered, the agent advised them to go for a longer contract and replace themselves mid way to secure it!. At this point, I decided to invoke the rent increase. The tenants REFUSED the rent increase, something which th AGENT has informed them that they could do! Now I am stuck with tenants paying awful rent for 2 more years!
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By: Ludlowthompson.com
Apr 29, 2013
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