End-of-tenancy costs hitting landlords
14th June 2018
As letting agents in Cambridge, we were intrigued to read the results of a recent survey by interiors company Hillary’s which claimed that as many as 40% of tenants have an ‘issue’ with their letting agent or landlord when they vacate, and that this results in an average repair bill of £210 per property.
The survey quizzed 2,302 adults, all of whom own at least one property that they rent out. Just over 60% of respondents were delighted to be renting their property as the rental income covered their monthly mortgage payments. One quarter, however, expressed concern over the lack of control they had over how the tenants were treating their home, and the remaining 13% confirmed that they now regretted letting their property.
The five most common issues experienced by two fifths of the respondents were as follows:
- Tenants bothering them with very minor, or even in some cases imagined, issues (58%)
- Tenants modifying the property without asking for permission (41%)
- Complaints from neighbours about the tenants (26%)
- Tenants causing damage to the property but expecting the landlord to fund the repairs (23%)
- Tenants paying rent late (18%).
The landlords who reported that they felt tenants were contacting them too frequently with trivial issues also claimed that such contact was as often as once a week. And the answer from all respondents about the costs incurred at the end of a tenancy for things such as cleaning and repairs was that these amounted, on average, to £210.
As Andrew Ward, owner of Award Property Management, observes, the survey results highlight the value of a professional agent. “At Award, we pride ourselves on our professionalism, so we were a little surprised by the findings of the Hillary’s survey,’ he says. ‘We have proactive end-of-tenancy arrangements in place in order to help tenants understand their obligations when returning a property. We know from experience that this greatly reduces the potential for disputes at the end of the process. We focus on building a great relationship with all our landlords and our tenant clients to reduce the likelihood of any difficulties when the tenancy comes to an end.”
Award Property Management are letting agents in Cambridge, so if you have any questions about any aspects of letting or renting a property, please feel free to contact us for an initial discussion.