For landlords, finding good tenants for their property is one of the biggest challenges they face. But it’s one they need to overcome, because having good tenants is one of the main parts of making their business work. And while it’s certainly true that the meaning of the term ‘best tenants’ is subjective, finding the right tenant for any investment property follows the same formula. One that we’re going to share with you today.
Marketing
Taking things step by step, the first hurdle for landlords to overcome is getting prospective tenants to know your property is there, and to get them through the door. This means you need to market your property. Of course, you can do that on your own, but we would recommend using an estate agent to do that for you. Estate agents have access to a wide range of marketing networks and recourses that individual landlords often struggle with, and they can help cast the net wider to find those ideal tenants. They are also perfectly placed to design adverts that will attract renters for you. From the copywriting to the pictures, the portals you use to the good old fashioned high street adverts. So you can have your pick of the litter, so to speak.
Viewings
Before they rent a property, prospective tenants like to see it. But landlords are busy people who are often time poor, so saving a few hours, and even a few days on viewings can be attractive. But viewings are essential to get serious tenants through the door, and while the idea of a single open day sounds great, the reality is that you may struggle to find high quality tenants this way. Instead, open days should be mixed in with individual viewings, to give you time to build a rapport with the tenant, and allow them to get a better feel for the property. You should also bear in mind that the drop-out rate for rental open days is incredibly high, which makes individual viewings a more productive use of your time. Again, an estate agent can help you manage all of them for you, so that you don’t need to worry about it. Another point to consider, especially if lockdown restrictions are still playing a part, is virtual viewings. These are a great way of allowing tenants to see the property initially without physically visiting, thereby saving time and keeping everyone safe. The physical viewings can then be done only for those that are keen to proceed. Ask your Estate Agent if they offer virtual viewings as part of their package.
Presentation
Finally, in terms of being able to find good tenants, the way you present your property really matters. Gone are the days when absolutely any property could attract a tenant and the landlord could get away with not doing a lot to it. Now, the better condition your property is in, the better quality of tenant you’re going to attract. So before you open up your property for viewings, consider:
Repair: Go through the property and do any minor repairs that need seeing to. These little things might not seem like a big deal to you, but your tenants will have to live with them every day, so it’s worth fixing them up now. That way your property will be in better condition, and you’re likely to keep the great tenants you find.
Freshen: Is the paint in the living room starting to look a little tired? Kitchen cupboards starting to lose their finish? Some of the wood in the house starting to yellow? These are all things that can be taken care of in no time, and spending the time to freshen up your investment can really make a difference to your tenants.
Declutter: Landlords who offer their properties furnished often forget that their tenants will still probably arrive with a lot of possessions of their own. So be ruthless about decluttering – not only to free up space for those items, but to make the properties look bigger and more inviting.
Clean: Last, but definitely not least, is cleaning. Your property needs to start each new tenancy sparkling – and if the thought of a top-to-bottom clean fills you with dread, then pay someone to do it for you. Clean properties are easier to market and will attract better tenants – period.
How to Keep Your Tenants
This section really needs a blog to itself (and we might do that later on), but for now we’re going to share 9 things you can do as a landlord to make your tenants happy, and keep them renewing their lease year after year. These are all simple things and will ensure you make the most of your investment going forward.
- Be honest and fair
- Communicate well and be clear about your expectations
- Make sure the tenancy agreement is explained thoroughly to avoid nasty surprises
- Allow tenants to settle and treat the property as their home
- Interfere as little as possible
- Aim to answer any and all questions and requests in a timely fashion
- Resolve any problems the tenants may have quickly
- Replace faulty fixtures or fittings quickly
- Be prepared to incentivise tenancy renewal before the old contract finishes
We’ll be honest, there’s nothing ground-breaking in the advice above, but it won’t cost a fortune to carry out, and it can make a huge difference to your prospects of finding new tenants. If you would like to know more or get some tips on finding the right tenants for you, just get in touch with us today.
