Review: I achieved £750 extra rent in 6 months | CPS Homes

I achieved £750 extra rent in 6 months

Clare SinclaireRead how accepting a reduced deposit can mean extra rental income.

We recently took on a new landlord client whose property had fallen vacant under the stewardship of his previous letting agent. He’s been kind enough to write us a quick review of his experience with us to date.

“My property became empty with my former agent, so I asked CPS Homes to take it on. They found a tenant with a £25 increase in just 4 days. Quite a surprise because my previous agent was telling me to decrease the asking price! The tenant moved in a week later.

I’ve worked out I’ve gained £750 by giving CPS Homes my business. The flat would’ve probably sat empty for another month if I persisted with my previous agent, and I’ve benefited from an extra £25 a month in rent. What’s more, the tenants are extending their stay, so it’s not going to fall empty again”.
 
- John Harkness

Here are the figures…

 

 

Previous agent

CPS Homes

Month 1

Predicted vacant

£625

Month 2

£600

£625

Month 3

£600

£625

Month 4

£600

£625

Month 5

£600

£625

Month 6

£600

£625

Total

£3,000

£3,750

A word from Clare, our Branch Manager...

"Part of what made this extra rent achievable was the landlord being prepared to accept a lesser bond and us reducing our fees to the tenant. These initiatives are often needed in what is a competitive market. A £150 bond was taken and we completed all our usual reference checks.

The client is already up and gaining every month with the additional rent coming in. There is no downside and we expect the property to be left in a good condition from the interim inspection we have done.

Should the worst happen – which is very unlikely – there is the court option, in addition to asking for extra rent upfront in future."
 

List your property with CPS Homes today: 02920 480490 | clare.sinclair@cpshomes.co.uk

22 July 2019

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