Geoff thought he was being smart. He had a vacant two-bedroom apartment in Fitzrovia, a strong rental area with high demand and a great building. He did what any sensible landlord would do: he invited four agencies to value the property.

Two agencies quoted £775 per week, backing it up with comparable evidence, similar flats in the same building, and recent lets. The other two agencies quoted £850 per week. Their reasoning? “Market knowledge.” “We’re confident we can achieve it.” “We’ve got applicants waiting.”

Geoff liked the sound of £850 per week. And when two different agencies independently suggested the same higher price, it reassured him. They must be right.

What Geoff didn’t know was that those two agencies were owned by the same corporate group, operating under different brand names. The aligned pricing wasn’t coincidence, it was strategy. And so was the next part.

The “Higher Test Price” Strategy

The corporate agency had a system. Win the instruction at a high “test” price. Set a diary reminder for 2–3 weeks later. Call the landlord suggesting a reduction due to “lack of activity.” But Geoff didn’t know that. The management fee was similar across all four agencies, so he chose the bigger corporate brand. It felt safer, stronger, more established. He signed a six-week sole agency agreement.

The property went live at £850 per week. Nine photos. A floorplan. A promise of “60 applicants waiting.”

Two weeks passed. Two viewings. No offers. At the beginning of week three, Geoff received a call, not from the valuer he had met, but from a different Lettings Manager. They suggested reducing the rent by £50 per week, down to £800 per week. Geoff was disappointed. He had already calculated his annual income based on £850 per week. But he reluctantly agreed.

After all, they were the experts.

Meanwhile, Next Door…

A week later, Geoff bumped into his neighbour Sam. Sam owned an identical apartment in the same building. Sam had listed his property just one week earlier. He already had a tenant agreed, moving in within two weeks. Geoff was stunned. Sam explained:

His agent valued at £775pw, the full management fee was the same as Geoff's, there were no hidden admin charges, and the marketing included:

18 Professional Photographs, A Floorplan, A Virtual Tour, An Instagram Video Campaign and regular check ins with the same person who valued his property.

Summary: The property was launched correctly priced. It let quickly. No stagnation. No chasing reductions.

Geoff’s Reality

Geoff called his agent to express concern. They assured him they were “doing everything possible.” He asked if he could bring on another agent. He couldn’t. He was tied into a six-week sole agency agreement, and he was already on week four.

A tenant was finally secured in week five at £785 per week, moving in two weeks later. Total void: 7 weeks.

The Numbers Don’t Lie

Geoff

• Originally quoted: £850pw / £44,200 p/a
• Achieved: £785pw / £40,820 p/a

Losses:

• 7 weeks in void rent: £5,950 (7 weeks at £850pw)
• 7 weeks council tax: approx. £345+
• Admin & referencing fees: £620

Total loss: £6,915

Sam

• Quoted: £775pw
• Achieved: £775pw / £40,300 p/a

Losses:

• 3 weeks void: £2,325 (3 weeks at £775pw)
• 3 weeks council tax: £148

Total loss: £2,473

Even if Sam had achieved £500 more in annual rent, his total losses would still have been significantly lower than Geoff’s.

What Geoff Learned (The Hard Way)

1. Overpricing at launch kills momentum

The first 48 hours of marketing are critical. That’s when:

• Your property sits at the top of the portals
• It appears in fresh alerts
• Serious applicants are actively searching

After that? You move down the page. You become “old stock.” If three similar properties are cheaper, they will let first. Every single time.

2. “Applicants waiting” isn’t a strategy

Every agent claims to have applicants searching. The real question is: Who is the most proactive? Who is calling? Who is qualifying? Who is following up? Who is creating exposure beyond the portals?

3. A low headline fee doesn’t mean low costs

Management fee quoted at 16%? Check what’s included. Some agencies charge additional:

• Tenancy agreement fees
• Referencing fees
• Other Admin charges

In some cases, that can add £1,000–£1,500+ per tenancy. Always compare the full cost, not just the headline percentage.

4. The highest valuation is often the riskiest

An inflated price can mean one of two things:

• A deliberate strategy to win the instruction
• Inexperience and poor understanding of the market

The right agent isn’t the one who tells you what you want to hear. It’s the one who tells you the truth.

Be More Like Sam

Sam launched at the right price. He marketed properly. He chose an agent he could trust, one he would deal with consistently, not just during one transaction. His property let quickly. His void was minimal. His costs were transparent. And his long-term income was protected.

At Greater London Properties, we ensure your home, your story, is handled with the utmost care and professionalism. We are committed to providing outstanding customer service and results with honesty, accuracy, and enthusiasm, staying two steps ahead of competitors at the cutting edge of property and marketing.

Get in touch today to have a Landlord journey more like Sam.

Warm Regards,

📸 @greaterlondonproperties | @glpdulwich