The Wharf: Home Front – August 7, 2008

Q. My current tenancy is just about to expire on my rental investment and my tenants have asked my agent if they can renew, I am happy for them to do so but feel that I am due a rent increase, my agent is telling me that they paid over the odds when they first took the apartment a year ago and that the rent they are paying is current market value, on request the tenants have refused to increase the rent and are now looking for another property. Do you think I should let them vacate or agree to let them remain for the same rent?

A. There are a couple of issues to consider here. Firstly, are they good tenants, and secondly have you investigated the current market value with regards to the current level of rent they are paying from another source? If the answer to both these questions is yes then I would strongly advise that you continue with the current tenancy. Any landlord that has good tenants that are not only paying the rent but also looking after the apartment would be very unwise to dig their heels in to get a little more rent, especially if they are paying market value anyway. There are no guarantees that even if they did vacate you would in fact achieve a higher rental yield.

“I have known Dawn in a professional capacity for a very long time, as we used to work together for a number of years. She has a comprehensive knowledge of the Docklands real estate market, but this is not her strongest point. What makes Dawn stand out as an agent is the effort she puts into every deal, the relationships she builds with everyone and the passion she has for what she does. Dawn and Gabriella have been managing my investment property for more than 3 years. I now live overseas and I feel so comfortable knowing they are really looking after my interest, whilst at the same time always being fair and transparent with the tenants. Nothing is big enough job for those ladies and everytime I say ‘thank you – I am so grateful for what you do’, the reply is ‘It’s my job’. I really cannot recommend this wonderful team enough!”

Daniela WeatherillOverseas Landlord

“We are incredibly happy with the service that Dawn Sandoval Residential provide. They offer a personal but very professional service, and we feel secure and confident with their management which is key when letting out a property.”

Amy Facey

“Dawn Sandoval Residential and associates have managed several transactions on our behalf, and each time they have gone above and beyond our expectations. We trust the team highly, and I honestly couldn’t recommend them enough.”

Neil Chinniah

“The Dawn Sandoval Residential team took the time to properly understand what I was looking for. At every stage of the process, I knew they were doing their best for me and valued me as a customer. I have no hesitation in recommending their services in the highest possible terms.”

Andrew Simmonds – Management Consultant

“Dawn Sandoval Residential offer a real personal service. Their response rates are excellent, and we have a sense that they care about our tenants and properties. We cannot recommend them highly enough.”

Cathy & Paul Betts

“Dawn Sandoval Residential have great insights into the property market in London and especially around Canary Wharf. They work very hard to understand their clients’ requirements, and we would highly recommend them.”

David & Ginette Marks