April 27, 2022
10 ways to find tenants fast – what do landlords need to know?
In the current competitive climate of property and letting, as a landlord, you will need the upper hand when it comes to finding appropriate tenants.
Your prime purpose is to fill a home. Void periods and vacant properties could cause you to suffer a significant loss of income.
The quality of your tenant will also be a determining factor in how long the property is utilised and how it will be looked after during their tenancy.
Here we will outline helpful ways in which you can find tenants fast.
1/ Use the portals to advertise
When it comes to letting a home, the major portals are often the best place to reach the largest possible audience in the shortest timeframe. By getting your homes on the portals, and making it stand out, you improve your chances of getting it let.
But beware. A poor, rushed property advert will do you no favours. Work with your agent to make it look great. Take excellent, seasonally relevant pictures. Write a snappy description. And include all the necessary information.
Your agent can promote your home on their website, too and create virtual tours on your behalf. They can also use their social media channels.
2/ Utilise your letting agent
Although it may be tempting to cut costs, utilising a letting agent can improve your profit margin.
Letting agents offer peace of mind when it comes to managing your various properties. It can also provide you with expertise, professionalism, and efficiency.
Where your own time is limited, letting agents can deal with tenants’ queries and problems. Not to mention, they can advise you with their thorough understanding of current legislation.
3/ Get your home ready for renting
While your property isn’t occupied it would be advised that you carry out thorough inspections of the unit.
Check each room for anything that needs to be cleaned, fixed, or replaced. Keep an eye out for any mould, broken fire and smoke alarms. A fresh coat of paint on the walls will renew the spaces and make the unit feel revamped.
Changing the locks is also best practice since you don’t know if past tenants may have made copies of the keys. Therefore you will ensure the safety of your future tenant. If your property has a garage with a security code, be sure to re-code it as well.
4/ Host an open house
As a landlord, an open house approach could increase your chances of occupying your home fast. There are pros and cons to this approach. But it could work for you, particularly if you need to find tenants quick.
During Covid-19, open houses were banned for obvious reasons. But now hosting an open house is a viable option to landlords. Which means that a local market can now once again be tapped into.
5/ Establish your online presence
You can easily market your property online which will greatly expand your pool of potential applicants significantly. Most tenants will search online to find their next home.
With Twitter and Facebook, you will be able to share invaluable information with people across the globe within seconds.
Landlords can also optimise their websites to gain more leads. Just make sure your website is mobile-friendly. Also include a subscription link available to those potential tenants looking for updates about upcoming vacancies.
6/ Request referrals
Referrals from family and friends are worth their weight in gold and can lead you to a tenant you might not have been able to reach.
Those who view the unit but decide not to submit an application may also know someone who might be a good fit.
7/ Price your unit competitively
Looking at other rental vacancies that have similar characteristics in order to determine what the market will bear.
It’s almost always better to have a tenant paying slightly less than the market value than to have a vacancy.
8/ Emphasise convenient parking
Sometimes all it takes to convince a prospective tenant to move in is offering parking facilities or a garage. Highlight these elements in your listing since parking is what majority of renters want most in a home.
9/ Consider being pet-friendly
People like pets. Research shows that 49% of UK adults own a pet. It is a significant spectrum of potential tenants for your property. Making your tenants choose between your unit and their pets won’t count in your favour. So consider making your rental property pet-friendly instead.
10/ Present attractive outdoor spaces
Not every property boasts a garden. But this is a feature high up on a potential tenants’ wish list. So if your property has its own outdoor space, make sure to present this with the use of pictures.
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If you have any questions about letting/selling a home in the London area, Atkinson McLeod is here to help.
To find out more about our services and current operations, please get in touch with our expert team today. You can find out how much your home could be worth on the current market by requesting a free and instant online valuation here.