Private landlords lettings on the Isle of Wight are becoming a more common occurrence as landlords and tenants alike utilise goodwill plus a little technology to bridge the marketing/trust gap, previously braced by estate agents.
Anyone who is familiar with living on the Isle of Wight will be able to confidently testify of its residents’ distinctive island attitudes. This is regardless of origin.
Whilst having a reputation of being commercially ‘sleepy‘ in comparison to the ‘mainland’ – you could interpret this ‘way’, as being removed from the obsessions of fast lane gains, and instead being more inclined to share and give.
In recent times, many a mainland resident has sought the quieter climes of the island as a refuge from the rat-race experiences of ‘over the way’.
When speaking to such ‘Solent sojourners’, you’ll often hear of their initial resistance to the slower pace characteristic of island life.
Yet with time, they have learned to embrace the change with patience, finding ‘after all’ that a steadier pace actually reaps all-round more favourable benefits for their households.
The rental market is typically quite slow as reported by island estate agents as compared with their mainland counterparts.
Investment in labour acquisition tends to be seasonal, centred around the short-term injection of fleeting tourist trade. Engineering firms, especially those involved in marine activity provide work opportunities based on commercial contracts for production.
Fewer available employed positions, has a downward pressure on the buoyancy of the property rental trade. However, in a way, this has led to a more direct and empathetic approach being taken by some property owners, in respect to finding tenants.
According to reports following the census conducted by the UK Office of National Statistics, there is an age divide by-enlarge between those private landlords vs. private tenants.
By statistic, the age divide separates out those asset holders from those seeking to borrow at a price, as two distinct generations.
Private landlords being retirees over 60 years of age vs. their tenants as 20-30 somethings, often single or as unmarried couples.
Young families, in increasing numbers, are also among those on the island seeking short-term private accommodation, whilst pursuing homeworking arrangements.
Although in atypical instances, much younger private landlords who have developed off-shore career interests over time, having acquired IOW property, find themselves renting out to sometimes even older tenants.
Such tenants perhaps grew up on the isle during their youth and having departed for work, return to The Wight to slow things down a little, sharing home relocation with adult children.
Whilst the generation gap typically divides landlords vs. tenants on the Isle of Wight, statistically they share the common factor of so-called ‘economic activity‘.
Mostly, both parties are employed.
Therefore the capital investment of the landlords’ working wages in acquiring a mortgage has provided the benefit of accommodation to the tenant, whose wages in return are providing the financial means by which mortgage repayments of the landlord occur.
Outside of the ‘direct like-for-like’ financial exchange among private landlords and tenants who are employed, the next largest category are those who are ‘inactive’, for one reason or another.
The largest reason for landlords being inactive i.e. not in employed work, is retirement (9 out of 10), again which would directly indicate age.
As for tenants, most ‘economically inactive‘ by statistic would be retired, followed by those looking after children or someone disabled.
The way such exchanges have been known to take place over the last few decades has been via 3rd party, estate agent.
Estate or lettings agents have been preferred as the means by which a private landlord lets their property.
The service provision of an estate agent is seen as a risk reducing measure in the matter of renting a property.
Where outright financial ownership may not be enjoyed by the landlord, who might still be paying off property debt, having an agent to smooth over the handling of the rental relationship, albeit at a fee, in principal could grant much peace of mind.
The following are the key advantages to conducting private landlords lettings via estate agents:
With the advent of personal digital technology, many private landlords are taking the plunge into the DIY approach of letting their property.
Most of the advantages gained by using estate agents as listed above can be directly solved, if not greatly eased by simple digital IT tools…and where technology provides no answer, goodwill competently fills the gap.
For the cost of what most already have in their possession, a relative private lettings novice can get up and running almost instantaneously.
If you have the time and inclination to have a hands on approach to private landlords lettings, then you may find handling your obligations, first hand, a very rewarding experience. The relationships with tenants over time can be a truly undeniable benefit.
If you enjoy helping people establish a place they can call home and don’t mind the leg work of contacting personal referees, handling check-out and taking inventory yourself, then potentially, you have so much to gain.
If you are still undecided about whether to be a private landlord or to use a letting agent, consider a skills-trade arrangement.
Do you have some renovation projects in mind for your property, but lack the funds?
Why not arrange with a qualified tradesman who is in need of a renting a property to fix it up as they live in it for a heavily discounted rental figure, or even free of charge.
In many ways this could work out far more profitably than a standard rental agreement.
Your thoughts, please…