Right now it is the “Perfect Storm”. At the time of writing this we have just had the most torrential downpour in Norwich that I have seen for a long time and all around me I can see gutters overflowing, water cascading down the street and puddles stretching the full width of the road. However, the “perfect storm” I want to discuss has nothing to do with the weather!
I am talking about the “perfect storm” that happens in the lettings industry at this time every year that sends Tenants into panic, has Landlords rubbing their hands with glee and has us Letting Agents charging about like mad men!
Now I obviously can’t vouch for every Letting Agent, but for the last few years the 1st September has been our busiest day of the year……..by a long way for the following reasons;
- Lettings is cyclical, it is busier in the summer than the winter.
- Tenants want to move whilst the sun is shining, not when it is raining.
- Landlords are on holiday so they bring fewer properties to the market.
- The influx of students to Norwich’s two universities take up any slack in the market.
- The market becomes more condensed and Tenants start to miss out on the odd property and panic that they won’t find something and take the first thing available, thus reducing the number of available properties further.
Of course my problems are compounded by the fact that my team like to take time off whilst the sun is shining and the kids are on holiday so we have less staff to deal with the rush but I am lucky that I have some great people who fill in for us during the summer months.
My advice to Landlord’s is simple, this is a great time to bring a property to the market as rental levels and demand are at an absolute peak.
My advice to Tenants is not to panic, the market calms down once the students are back, so if you don’t have to move right now then wait a few weeks. However, if you do need to move then the best way to be at the start of the queue is to:-
- Register with Rightmove and Zoopla, set your search criteria and you can get instant e-mail alerts to your PC, Tablet or mobile when a property that meets your criteria is added.
- Follow Letting Agents on Twitter as most Agents tweet all of their new properties.
- In advance of viewing check the Letting Agents requirements to reserve a property.
- Make a quick decision, if you see a property that you love, don’t be indecisive, take it.
In the meantime, us Letting Agents will be looking for a dark room to sit down in and close our eyes!