Top 3 key tips for tenants after the Tenant Fees Act
- 1st August 2019
- Property Tips
ludlowthompson’s Lettings Managers explain what tenants must do to ensure they stand out from the crowd
After the Tenant Fees Act, it’s now more important than ever for tenants to have all relevant referencing documents and bank statements ready when looking for a new home. Doing so will ensure they stand out from the crowd and are able to secure sought-after property in London quickly.
In June, the Tenant Fees Act capped the amount renters can be charged for their deposits and waived the majority of letting fees altogether. The act was great news for tenants and those looking to rent in the capital, as it meant they could use a knowledgeable and experienced letting agent at no extra cost.
For landlords in London, with demand continuing to outstrip supply, the Tenant Fees Act renewed the importance of referencing checks and securing longer term tenancies. Longer term tenancies means costs associated with the Act would come up less frequently and total returns would be greater over the long term.
ludlowthompson’s Letting Managers named these Top 3 tips for would be tenants on how to stand out from the crowd:
1. Preparation will make moving much easier
Jonathan Campbell, ludlowthompson’s Lettings Manager for Acton, says: “It all comes down to preparation. Having all the relevant documents in an email or printed out and ready to go will look very attractive to landlords and letting agents alike.”
“In London, with a shortage of stock, multiple offers are becoming quite common for landlords, so taking this extra step to be organised is really beneficial for tenants.”
Daniel Scott, ludlowthompson’s Lettings Manager for Lewisham, adds: “It’s really reassuring to both the landlord and the letting agent when tenants are organised and are able to lock in their best offer quickly.”
2. Put your best offer forward at the outset to avoid someone else nabbing the property from you
Stephen Graham, ludlowthompson’s Lettings Manager for East Dulwich, says: “It’s worth putting your best offer forward at the outset. If your offer is under asking price then you run the risk of somebody else coming in at the asking price, and thus beating you to the property.”
Fabian Akinola, ludlowthompson’s Lettings Manager for Bow, adds: “Tenants also need to ensure all decision makers are present in order to expedite the process and put themselves in the best possible position.”
3. Listen to what the landlord really wants during any negotiation
Jacob Burston, ludlowthompson’s Senior Lettings Manager, says: “Listening is a key part of any negotiation. I would encourage tenants to ask questions about what the landlord is looking for in order to ensure that their offer has every chance of being accepted.”
“If the key thing for the landlord is the price then offer accordingly, however some landlords might be keen on the security of a longer-term tenancy.”
Jibby Philip, ludlowthompson’s Lettings Manager for Oval, adds: “Landlords will often provide guidance notes to help advise tenants on what in particular they are looking for.”
“Parties who throw in a cheeky offer at the start with the intention of negotiating later will have almost no chance. Landlords will often receive several offers on a property and they will usually only negotiate with the ones closest to their guidance note.”
Stephen Ludlow, Chairman of ludlowthompson, says: “With over 25 years of experience, ludlowthompson is here to help you get to grips with the changes of the Tenants Fees Act and make the moving process as hassle free as possible.”
“Whether you are a tenant or a landlord, using an estate agent with detailed knowledge of the local area and industry policies and practices is vital to help you secure the best possible offer on a property.”
ludlowthompson maintains its transparency by encouraging customer reviews across a number of platforms. Over a three-year period, we ranked number 1 agent in the UK on allAgents out of 15,000+ agents, with 5300+ 5* reviews. Here is a selection of recent reviews of happy customers of ludlowthompson via Google Reviews:
Me and my husband were dealt with by Chris Lockwood at ludlowthompson’s Finsbury Park office. I have to say he was incredibly professional, patient and attentive throughout the whole process. Such a lovely guy and definitely knows his job very well. I highly recommend using this estate agents as I'm certain you will have a positive experience too. Thank you so much for your help Chris and thank you for making it a smooth and pleasant experience!
Daniel Scott at ludlowthompson's Lewisham office has efficiently assisted us throughout the process of getting our flat. He communicated well, very dedicated to his role and answered questions out of hours. Very trustworthy and would couldn’t thank him enough for his help... would highly recommend.
“It all comes down to preparation. Having all the relevant documents in an email or printed out and ready to go will look very attractive to landlords and letting agents alike.”
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