Anthony Jurenko is an Associate Director with Savills and is based in Hong Kong after spending 4 years in our London office. His knowledge of the London lettings market means he’s perfectly placed to advise clients how to maximise their rental investment, diversify their portfolio and advise best suited marketing strategies for their properties.
Is there much of a difference between furnished and unfurnished?
Yes – typically we find (especially for new build rental properties) there is a higher demand for furnished properties. New builds are very popular for those tenants relocating to London, therefore they will only usually have a couple of suitcases with them. Our Savills Interiors Team look after many of our clients to ensure the right furniture goes in and meets the tenant’s requirements. You may not necessarily receive a higher rent however the flats usually let quicker as they are presented better.
How long will it take me to rent my property?
If only I had a crystal ball! Having said that I cannot stress the importance of listening to your agent when it comes to what price to be marketing the flat for. Especially in new builds you may find yourself competing with very similar properties in the block so my advice to you is get it furnished well and price it in line with the agent’s recommendations! Time and time again, I see clients asking for more than what tenants are looking to pay and price themselves out of the market, increasing void periods and eventually reducing the price.
I am based here in Hong Kong – can you look after me?
Absolutely – my role in Hong Kong is concentrating on clients based here. Whether you have purchased a flat through us or another agent, I am confident we can let or sell your apartment using our network of 35 offices in London and beyond.
If buying off plan we can look after the handover process which means you do not have to be in London for completion. One of our team of Client Relationship Managers who sit in our local offices will put together a list of the defects and organise to have them resolved with the developer. Once the property has been let one of Property Managers will be your point of contact as well as for the Tenant. Any issues the Tenant has will be directed at them and be dealt with.
Why Savills over our competitors?
That’s an easy one! Having worked at 2 other large London agents, I can genuinely say Savills are the best letting and selling agents in London. I can safely say each person in our local teams have a real passion and in depth knowledge of their areas. I can confidently say if you have a property in London, one of our offices will be able to accommodate you. One particular issue clients come to us with is concerns with arrears. With the national average sitting above 10% for arrears with tenant’s falling behind on their rent, our teams are working on less than 1%. We proudly work with some of the biggest companies in London via our Corporate Services team, bringing our clients some of the highest calibre tenants. At Savills we have someone for you every step of the way in lettings which leads me on to my next question!
What is the difference between your Letting, Renewal & Rent Receipt and Letting, Renewal, Rent Receipt & Management?
In essence, we will look to find you a tenant, collect and hold the deposit (as stakeholder), collect the rent from the tenant and discuss the renewal with your tenant at the end of the tenancy. Our Letting, Renewal, Rent Receipt & Management Service does a lot more than what it says on the tin! Including in our entry level service, we liaise with utility suppliers and arrange repairs, maintenance works and safety reports on your behalf, as well as organise payment of outgoings such as ground rent and service charges. Our experienced team of Property Managers ultimately take all the pressure, stress and time from managing a property.
For more information on costs and our services SEE HERE.
Do you prefer new builds or second hand properties?
For me, from a buy to let point of view new builds are my preference. A tenant is going to be getting themselves, a bright, fresh new home with fully fitted up to date kitchens and bathrooms. If there are any problems along the way you tend to get a 10 year warranty for peace of mind. Typically, new builds are the best in class when comparing to other properties on the market. We have seen a huge increase from 2015 to 2017 with tenants renting new builds at Savills. This number is only expected to rise.
But what about void periods?
This is something definitely to consider when buying to let a new build in London. Depending on the scheme, you can expect up to 40% of buyers looking to rent their properties out upon completion of any new development. This is especially the case if it has been sold up to 2/3 years off plan. Our advice goes back to having it furnished (different and better than the others!) and being priced sensibly.
Tax/Insurance – can you help?
We can’t personally, however we can put you in touch with the appropriate people providing competitive quotes for all of our clients.
If you have a property in London you would like to rent or sell, I would be delighted to hear from you so please get in touch:
M: +852 6797 7957
23/F, Two Exchange Square
Central, Hong Kong