Landlords prioritise ‘tenant quality’ over short ...

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02 February 2024

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Landlords prioritise ‘tenant quality’ over short term yields, says agent

A prominent London-focused agent and property consultant says landlords are prioritising long term ‘tenant quality’ over short term yields.

Jo Eccles, founder and managing director of the Eccord consultancy, says the supply shortage of rental properties has eased over recent months, although her client’s rent rises are still averaging some seven per cent at re-let.

However, she insists landlord priorities are shifting.

“As mortgage rates ease, some landlords who were planning to exit the market are now reconsidering their options. Of those remaining, their primary concern is securing a hassle-free tenancy, and many landlords are coming to us scarred by their experiences elsewhere” she says.

Eccles claims a short term focus on commission by some lettings negotiators, to the detriment of long term quality of tenant, is resulting in the appointment of unsuitable tenants and consequently negative and expensive landlord experience.

The success of any tenancy depends on the level of care and expertise that goes into matching each individual landlord and their property with the right tenant, she insists.

She adds: “For example, we have just let a charming and cherished house in the heart of Chelsea which was our American client’s home before he relocated away from London. On recommendation from his solicitor, he appointed our rental and property management team and we worked closely with him to understand the house, oversee significant works to the electrics and other upgrades to ensure the property met rental standards, and carefully vetted and personally met every potential tenant to ensure the best profile fit to match the property.

“The private equity couple we have rented the house to fell in love with it instantly and our landlord is completely reassured that they will respect and enjoy the house as much as he did during the many years he lived there.”

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