But the real benefit comes from their presence on the high street, which attracts potential tenants to them.
Self-Letting
Managing the apartment’s let yourself can be the most cost effective way of renting the property. But as it takes up a lot of your time, it can also be a drain on your resources, if for you time really is money. This form of letting in a city centre can be difficult because you are setting yourself against estate agents who are established in the marketplace and have the resources. You may be able to offer a lower rent than rival properties on the same estate, but you won’t be able to advertise them as effectively as a letting agent. This form of letting works best if you know some potential tenants, but knowing your tenants has its own pitfalls, as they may expect your relationship to lead to lower rental rates or a quicker response to problems.
Self-Management
Self-management is a compromise between the two established methods, as there are benefits and drawbacks to each. Managing the property yourself will mean that you take the calls from your tenants when something goes wrong, so you will need to have plenty of time on your hands. You will also be responsible for engaging the services of a handyman, if work needs to be carried out, which can take up time. This sort of letting is best for landlords with new properties that are covered by a builder’s guarantee. That way, if the shower unit stops working or the boiler packs up, the responsibility for resolving the problem sits elsewhere.
Final Word
Letting agents in major cities need to make profits from their work, so their fees are not cheap. But if you are engaging the services of Manchester letting agents or agents in another city like London, you will have plenty to choose between. Using an agent also provides the landlord with a middleman who can shield them from tenants’ enquires and provide a buffer when negotiating renewals. They are also best place to deal with contracts and any other legal matters that might occur during the tenancy.
After two years of steady recovery, some recent large acquisitions have made commercial property experts cautiously optimistic about the sector’s future.
With development having been slow since the market crash in previously buoyant areas such as Milton Keynes, experts are now exercising cautious optimism about the future and development potential after some large and high profile investments.
In the first two quarters of this year, Milton Keynes, which had been developing at a rapid pace for many years, had some exciting and notable property acquisitions which have signaled an upturn in the town’s commercial property market, and prompted talk about the possible return of some development activity.
Recent activity within warehouse and retail in the town has included Waitrose acquiring 320,00 sq ft of warehouse space, Dwell taking about half that amount and Furniture Village taking 104,000 sq ft of space.
In terms of office space, DHL have acquired 11,000 sq ft on Milton Keynes’ flagship business centre Midsummer Boulevard, Robert Half has taken 5000 sq ft and Surgi Call has acquired 9000 sq ft.
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