• About us
  • Lettings
    • Landlord Services
    • Help for Tenants
    • Properties for Rent
    • Property Investment
    • Report a Repair
  • Sales
    • Sales Services
    • Properties for Sale
  • Blog
  • Contact Us
Menu
  • About us
  • Lettings
    • Landlord Services
    • Help for Tenants
    • Properties for Rent
    • Property Investment
    • Report a Repair
  • Sales
    • Sales Services
    • Properties for Sale
  • Blog
  • Contact Us
request valuation
ARRANGE VALUATION

Setting the right rental value

  • February 2, 2021
Rental Value - Whats my property worth?

Setting the right rental value

Your Glasgow rental property is an investment that you want to maximise the return on. However, setting your rental value at the correct market rate is of utmost importance for many reasons. As property management specialists that list rental properties on a daily basis, we have listed 3 reasons why you need to carefully consider what level to set your rent at compared to similar local properties.

Longer Void Periods

Void periods are a profit killer. Depending on how long the void period is, it can quickly wipe out the difference you are looking to gain from trying for £100pcm over the market rate. Not only do you have no rent coming in, you are also accruing expenses during this period (council tax if furnished and utilities charges). You will also have to make void period visits to check on the property. Sure, sometimes you can get lucky and strike the perfect tenant who thinks that your property is brilliant and has no issue with the inflated price, but this is not common.

Desperate tenants

People applying for properties that are priced north of the appropriate market rate, in general, are likely to be desperate. This could purely be down to the fact that they have come from another country and need accommodation immediately. However, people willing to pay over the market rate are usually desperate for the wrong reasons. This can be because they have been knocked back from several other properties, have bad credit or are leaving their existing accommodation in a hurry on bad terms and can’t provide references. You might also find they bid more than the asking price, offer several months rent in advance without being  asked, or even both. Whilst all of this may sound appealing it can sometimes be a warning sign, as it is a way for them to try and circumvent some of the background checks.

Reduced pool of tenants and short tenancies

Overpricing your property also reduces the pool of good potential tenants to choose from. Most good tenants are reasonably well informed. They know roughly how much the property they are looking at should be given the location and size. Obviously there could be some variation between different properties on the same street due to size and specification, but these differences can be easily worked out from a quick online search. Even if you do secure a great tenant at an inflated rate, they generally won’t stay for long once they find out they are paying a premium. This leads to more turn around costs and further void periods.

The best way to maximise your return

The best way to maximise your return is to position your rental figure at a realistic rate and then ensure that your expenses are managed well. Using a well informed property management agency will ensure that you are not paying for things you shouldn’t be, that you are getting good rates on maintenance and that you are always achieving current market rent. Your rental price should be reviewed annually so should be adjusted to follow the market.

For an estimated rental value on your property, fill out the simple form below and we’ll be in touch shortly.

Contact Details

Property Details

Loading
PrevPreviousNeed long term tenants for your Glasgow Airbnb?
NextHow to find the best Glasgow Letting AgentsNext

Yates Hellier is one of Glasgow’s leading letting agents and estate agents. Our hands on service provides exceptional value to our clients. 

We provide a premium service to discerning landlords and sellers who appreciate a quality service with unrivalled attention to detail.

2 Woodside Place
Glasgow
G3 7QF

  • 0141 248 8726
  • [email protected]
Facebook Instagram Linkedin Youtube

© 2023 Yates Hellier
Letting Agent Registration Number: LARN1812011

  • T&Cs
  • Privacy & Cookie Policy

Yates Hellier: Glasgow Letting agents & estate agents

Client money protection Certificate

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

This website also uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

By continuing to use this website, you agree to their use.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.

Please enable Strictly Necessary Cookies first so that we can save your preferences!

Cookie Policy

How do we use cookies?

• We use cookies to track your use of our website. This enables us to understand how you use the site and track any patterns with regards how you are using our website. This helps us to develop and improve our website as well as products and / or services in response to what you might need or want.

• Cookies are either:

– Session cookies: these are only stored on your computer during your web session and are automatically deleted when you close your browser – they usually store an anonymous session ID allowing you to browse a website without having to log in to each page but they do not collect any personal data from your computer; or

– Persistent cookies: a persistent cookie is stored as a file on your computer and it remains there when you close your web browser. The cookie can be read by the website that created it when you visit that website again. [We use persistent cookies for Google Analytics.]

• Cookies can also be categorised as follows:

– Strictly necessary cookies: These cookies are essential to enable you to use the website effectively, such as when buying a product and / or service, and therefore cannot be turned off. Without these cookies, the services available to you on our website cannot be provided. These cookies do not gather information about you that could be used for marketing or remembering where you have been on the internet.

– Performance cookies: These cookies enable us to monitor and improve the performance of our website. For example, they allow us to count visits, identify traffic sources and see which parts of the site are most popular.

– Functionality cookies: These cookies allow our website to remember choices you make and provide enhanced features. For instance, we may be able to provide you with news or updates relevant to the services you use.

More information about our Cookie & Privacy Policy