Anyone familiar with rents in Pimlico will realise that Pimlico Flats rents are below those charged elsewhere in London for equivalent Property. The reason that we like to give is that we are an ethical Landlord committed to providing affordable housing as a social contribution to London life.
Whilst this is true, there are very good business reasons for our low cost model. Our Manager used to own a Taxi service – providing London Cabs to drivers, and he has driven our business model with the ethos that when a cab isn’t on the road earning money, it’s in the garage costing money. A number of landlords fail to consider the cost of holding out for the best price:
Suppose we are renting a property and asking £1400 per month. Within a short time of advertising the property we got an offer for £1300 pcm. We reject this offer because our property is smarter than other rental properties available at £1300. However, suppose it takes an extra 2 months to get the rent we want of £1400? Have we achieved a good bargain? Your initial thought may be “yes” because we’ve achieved £1400. But infact over a 12 month period if we had let at £1300 per month our income would be £15,600. If we held out for an extra 2 months until we got a rent of £1400, our income over the same period would only be £16,800, less the cost of holding the costs of holding a property empty – Council Tax being the biggest so probably £16000. We are 15% better off renting at a rent 8% lower!
Pimlico Flats rent London flats cheaper than London Landlords – you win we win.
