Our fourth tip to beat the tenant fee ban is to sell involuntary landlords stock. So, 40% of landlords are involuntary, they have that property because they’ve inherited it, because they thought it would be a good idea to get into the buy to let market with a single property or maybe they bought it with a partner and they’ve since split up and they’ve kept the property thinking it was good to have an investment property. These guys are probably an agent’s worst nightmare because no matter what the cost of anything it’s very difficult for them to find the money to pay for it. There problem is they can’t actually leave that situation because they need the tenant to be paying the mortgage, presuming they are already paying rent and a mortgage somewhere else.
So by contacting that 40% of your landlords and offering to do tenanted conveyancing, you’re then providing the perfect market for buy to let investors who of course do actually make really easy partners for letting agents. They’re getting exactly what they want, the rent from the minute they buy that house, no dilapidations because that would come from the existing tenants who are already in it and no void period as well. Now this means that you basically up sell a difficult tenant to a happy tenant, so there’s much less work for you, you maintain the property management but of course you also receive the same fee, which should be more than replacing the fees that you’re losing through the tenant fee ban. If you want any advice on tenanted sales, please get in touch with us here at VTUK.