Blog
Mind the gap: Tips for finding new tenants
Thursday, September 1, 2016
No landlord wants the expense of lengthy void periods between tenancies. And, in theory, it should be easy enough to find new tenants with the current shortage of properties. It’s not always easy, however, to find tenants that match your requirements, so here are some tips for finding your ideal tenant. For most landlords, the perfect tenant is one that pays their rent on schedule, looks after the property and wants a medium to long-term tenancy, giving you smooth cash flow, minimal maintenance issues and no void period. So how do you go about attracting the right tenants?
Firstly it’s vital to ensure that you comply with all legal, health and safety requirements. Then check what else is on the market and what competition you have. Don’t price yourself out of the market or sell yourself short. A local ARLA letting agent will give you an honest opinion; even if you subsequently decide to let the property yourself, they should offer you a FREE market appraisal.
First impressions count so give your property the broadest possible appeal with a neutral colour scheme. Consider what tenants your property will attract and aim to cater for their needs. Some included extras such as cable or satellite TV, could make all the difference.
Appointing a local letting agent is a good idea as they can sort everything from finding new tenants to ‘Right to Rent’ checks and property management, saving you a lot of stress and time. Before instructing an agent, check they are a member of a professional body, such as ARLA and what services they offer. At viewings, a good, local agent should be able to handle questions about the tenancy, council tax, current utility suppliers and local amenities like schools, doctors and transport.
Chris Cotton, Lettings Manager for Middlesex at The Frost Partnership says, “Once you’ve found good tenants, keep them happy with quality service and communication. Keep on top of any necessary maintenance, or ask your letting agent to handle it. Property Management can achieve a higher rental value for you; some tenants insist on renting managed properties and are prepared to pay a premium for this. As a landlord you benefit from day-to-day management, emergency repairs, collection of rent, transfer of utilities and a stress free let. For added peace of mind, The Frost Partnership offers a FREE 12 month rent guarantee and deposit protection scheme, providing financial protection and a smooth deposit release at the end of the tenancy.”
If you’re ready to let, contact your local Frost office for a free, no-obligation appraisal or have a look at our comprehensive lettings guide.
