Letting Your Property

No landlord or agent wants to see their rental property stand empty, unfortunately at some point or another this will more than likely happen.  If it does happen, then you will need to find a tenant as quickly as possible to ensure you’re not losing money. Whatever the reasons might be for needing to find a tenant, our hints and tips throughout this article will mean you have the know-how to find tenants quickly.

 

1.       Set a Competitive Rental Price

It should come as no surprise that one of the most vital aspects of letting a property is making sure you’re asking for the correct amount of rent.  However, the reality is lots of landlords don’t research the rent they’re asking for when they put a property on the market.  This means they either don’t charge enough or face long periods where the property is empty because they’re asking too much.

 

There is a fine line between setting the correct amount and one that is either too low or too high.  If you know the area well, then this isn’t normally a problem, but if it’s a property that is out of your area you could be in trouble.  It is at this point where I would suggest you speak to an experienced and knowledgeable lettings agent, who can give you an accurate rental value.

 

 

 

 

 

 

 

2.       Find the Right Tenant for your Property

Most landlords have a good idea about who they want to let their property out to without considering whether the property matches that particular market.

 

For example, you might want a single professional as a tenant because you think they will take better care of the property than a young family.  But, if you’re letting a 3-bed semi in the suburbs, it is highly unlikely that the next Steve Jobs will be looking in that area anytime soon. 

 

The name of the game is to market and let your property to people who are most likely to want that specific location and are more likely to look after the property.

 

If you need a tenant quickly then a letting agent will be a huge help, we are able to vet all applicants.  We thoroughly go through any potential tenant’s backgrounds, this includes credit, income and identity checks etc.

 

A letting agent’s know-how means we’re best placed to make an informed decision as to whether an applicant and property are suited.   If everything checks out ok, then we will give you the go ahead.

 

 

 

 

3.       Have a Thorough and Correct Online Advert

If you decide to advertise on property websites, you will more than likely be competing with hundreds of other landlords looking to rent out their properties in your local area.

 

So, with this in mind you need to make your advert stand out from all the competition.  A good way to think of it would be to imagine it is a dating website and you want your profile to stand out, you would automatically highlight your best assets.

 

Here are our top tips for capturing great pictures:

 

.               Use a good quality camera

.               Take photos during the day, taking advantage of the natural light

.               Move any personal items that could be a distraction

 

Now you have grabbed their interest, it is time to fill in the details with some great wording.  It goes without saying any description must be accurate.  It is actually illegal to lie about the details of a property.  Some points to remember when marketing your property:

 

.               The number of rooms

.               The size of each room

.               The property’s energy performance certificate.

.               Local amenities I.e., shops, transport links

.               Terms for renting the property.

 

A few more legal requirements to remember: 

 

.You aren’t allowed to charge tenants for letting fees such as admin work and credit checks.

 

.When taking their deposit, you must use a deposit protection service.

 

.Make sure you completely understand the new Tenant Fees Act that came into force in June 2019.

 

 

 

 

 

4.       Modern Marketing Techniques

Social media has a huge influence over most things these days and is definitely something you should be using to your advantage.

 

Facebook and Instagram are great place to start to share images of the property and get friends and family to share them.  Tailor the post to the platform, for example Facebook you can post to specific community groups.

 

 

 

 

5.       Make Renting Easy

Now you have grabbed the attention of potential tenants, you don’t want to lose them.  Therefore, it is imperative to make the process as simple and transparent as possible.  Ensure you have good local knowledge such as short cuts to avoid long commutes etc.

 

Find out if the area is more suitable to young professionals, would it suit students better.

 

 6.       Use a Property Management Service

The 2 things that most landlords struggle with – is getting their property seen and all the paper work/legalities that go with it. You can have the most fantastic property, but if no one knows it exists, it will end up costing you money in the long run.

 

If that is something you want to avoid then I would highly recommend instructing an agent.  With various services on offer from tenant find only to fully managed, you know they will have you covered.  From the initial marketing to credit checks, inventories and everything else in between such as any maintenance issues.

 

It goes without saying that if your goal is for your property to generate money and tenants quickly then using a lettings agent is definitely the way forward.  In the long run it will save you a huge headache, time and most importantly money.

 

 

 

 

Conclusion

Finding good tenants is the name of the game, which can prove to be quite daunting.  However, with the experience of a good agent on hand it really doesn’t have to be.

 

For more information, or to find out how Eric Clarke can help you, why not give us a call.

 

Till next time…