There is a lot to think about when it comes to finding the most suitable tenant for your property. Marketing is key, but it’s not as simple as just taking a few pictures and placing an ad in a local paper. You want to make sure you get the right type of tenant – and that is one to which your property is best suited, so before you start getting creative, think about who your target audience really is.
The right tenant for you
The type of tenant best suited to your property will also determine what rental value you may expect and is key to your financial success. Your property should be marketed accordingly. The more appealing you can make it to your audience, the greater the rental value you could expect to receive. For instance, a large 3-bed house would suit a growing family – so aim to attract that audience. When describing your property, highlight the main points of interest. For example, are there local schools, good transport links? Does the property have lots of convenient storage space?
Ensure any advert has a concise and appealing title, high-resolution pictures and describes all the property’s features accurately. Digital promotion is key these days and you only have a second to make an impression. Pictures are absolutely vital so lead with the best one, not just a ‘default’ view of the front of the property. If you are aiming at the family market, how about showing that lovely large garden and not the front door?! Enticing advertising should attract the viewers that are also best suited to your property – and won’t disappoint those viewers who arrive only to discover the property is not what they thought it was.
Make sure that your property lives up to the promises made in your description. So, taking the above example, have you provided that convenient storage space you’ve mentioned for a family? If not, can you make a simple change such as adding an extra wardrobe or two? Don’t let your audience down by getting carried away with property promotion that doesn’t live up to reality.
How much should rent be?
The price is all-important when advertising your property. Make sure you have a good knowledge of rental prices in your area. Keep an eye on the main property websites and what similar properties are charging. The market can change quickly, with areas suddenly becoming more in demand, with dramatic rental value movements. At least every quarter it would pay to keep your knowledge up to date. Don’t price yourself out of the market!
Allowing flexible options for your audience, such as allowing pets, could offer more opportunity to attract tenants. And the greater the number of people you can attract, the higher the potential rental income.
Keep your property up to date
Have the best ‘product’ you can to attract the widest audience suitable. It’s not just about advertising, the property itself can do all the work needed to get eager tenants competing for it. Perhaps like your own home, keeping your rental property up to date and modern, with a simple paint job or newly decorated rooms will only make it more attractive and increase your rental value opportunity. ‘Going green’ through clean energy use or improved insulation can also have similar benefits. Have what is now essential tech – good wi-fi, plenty of power points. These are all selling points.
There comes a time when your existing tenant will move on. Make sure you know far enough ahead about this so you can make plans to find your next tenant. It can take time to go through the advertising process again, and even perhaps make any reparations/improvements needed since the last time you advertised.
Have an understanding of how long it may take to fill a property and plan accordingly. Consider the length of agreements and renewal dates – try and avoid ‘down’ months such as December and have your agreements run on into times when there is more demand and hence when it is easier to find new tenants
Stay on top of legal requirements
There is a constant stream of legislation affecting landlords – staying on top of this though will also help mean that your property is well looked after and enhance your reputation, which will help you find new tenants through recommendations.
Letting agents can make the tenant finding process much simpler. A good agent will have a database of potential tenants to find you the right one quickly. And if there isn’t a tenant ‘to hand’ they have tools to attract tenants that landlords won’t have such cost-effective access to – for example, promotional advertising on the largest websites such as Rightmove and Zoopla. Their experience and expertise will also help qualify tenants and make sure compliance requirements such as ‘Right to Rent’ are met.