The UK property market has experienced a slump for the past two years. Since the EU referendum in 2016, property owners and investors are struggling to sell their properties. It’s not just cautious buyers and a drop in properties on the market which is affecting the market either, but house prices are also falling with Nationwide reporting a 2.2pc fall in annual house price growth.
Recent tax changes and Brexit are also making the market more difficult to predict. Real estate agents struggle to deliver sales for clients because interest from landlords, investors and homeowners is dropping. Waiting for a buyer can take months too long.
So, what’s the right solution for property owners who need to leave their home or asset vacant while waiting for a sale?
Experts suggest finding long-term tenants but putting your home up for rent can add hefty tax penalties and you’ll have legal obligations to the tenants. You need to be ready to sell as soon as you find a seller, and you’ll need to give tenants a minimum of 28 days’ notice as well. Alternatively, homeowners and portfolio investors can consider the short-term let market which has many advantages that cover these issues.
You can choose to keep your property on the market. It’ll look presentable at all times and you can earn up to 30% higher yields from short-term let prices. You don’t need to worry about guests staying for longer than a week or two and you’ll be able to quickly have no tenants in your property as soon as a buyer comes along. Viewings can still go ahead meaning this is a fantastic strategy for someone with a furnished home who is waiting for a buyer. Don’t let the extra work put you off, a property management company who specialise in short term rentals will manage the whole process for you.
Why estate agents should partner with yourapartment.com.
You can’t blame a slow property market for failing to sell and it’s a poor excuse to give clients. Instead, you need to suggest solutions and offer short-term lets while you search for the right buyer in order to keep clients happy. Vacant properties are the perfect candidate for a short-term let property, and if they’re in a prime location then they’re even more in demand.
As a specialist within the short term let sector, yourapartment.com can take care of everything and deliver higher profit margins. The dedicated property management team handles everything for you, such as enquiries, home checks and profile management. We can even offer interior design services if the property needs a revamp to make it more appealing to your guests. We also offer data-driven pricing strategies to boost rental income, and we’ll stay in constant communication to help you promote the sale of your property. When viewings are booked in, we can even block the availability of the property for you to ensure that there are no delays. If a sale is confirmed, we can even return the property at a short notice.
Contact us today to find out how we can help you increase your profits with a short-term let while you wait to sell your property.
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