A Landlord’s Guide to Finding Tenants

With it now easier for first time buyers to enter the market through various government schemes and the increase in availability of mortgages you may find that there are fewer and fewer tenants coming to the market to look at your property. This isn’t to say that there are people looking for rental properties because there most certainly are it is just declining slightly from the boom we have seen over the last couple of years. As a result there is likely to be more competition from local landlords so you want to make sure yours is the property they want to live in so it isn’t left empty. If this happens you are paying for costs that aren’t being covered such as the mortgage and property insurance fees. Overall, minimising the amount of time your property is empty is essential


The best way of finding tenants is by advertising your property on property portals online. You can do this through letting agents because as a private landlord you don’t have this luxury. This will of course cost you a small fee but it is worth it if it means your property will have a tenant.


When you are taking photos for these portal sites it is important that your property is presented well. Especially for viewings, it goes without saying that the property is at a reasonable temperature, looks and smells clean and the garden, if you have one, is in a good condition. An untidy garden can be off putting for young professionals and families as it means extra work.


Another thing to look at are sites where the tenants sign up and the landlords are expected to contact them. This way you can pick and choose the type of tenant you are looking for in your property. You do need to make sure that your asking price is a reasonable one as no matter who you approach or how clean your property looks; no one will want to live in it if it is overpriced. You don’t want to undercharge either otherwise you are losing precious profit.


You may also want to consider being flexible with the type of tenants you want in your property. For instance there are reports that suggest if you don’t want pets in your property you are actually slicing your target market in half. If you are open to pets in your property this is likely to give you competitive advantage in your area.


If you are struggling to find tenants include an additional extra with your property such as free broadband or a TV included as these tend to be desirable for tenants. Although this is a cost you will have to cover, if it means your property is occupied it may well mean that you save money in the long run.


 


Overall, advertising your property as best you can is essential. You want to show the tenant that they are getting value for money, that you have something to offer that other landlords don’t and hopefully the applications will come flooding in.