One of the biggest fears you will have when letting your property, is it being empty with no rent coming in – if you have no tenants then it is going to start costing you money, particularly if you have a mortgage to repay.
The most common question that we are asked when out on a property marketing consultation is “how long will it take to find a tenant”?
Although this question is a bit like asking, how long is a piece of string? You may also wonder why some properties rent very quickly while others can sit on the market for a while. The reason behind this is there are some contributing factors for this which can impact how fast you can find a new tenant.
So, let’s examine these different types of factors that may affect you when letting your property.
I am sure you have heard when purchasing a property, it is mainly about location, location, location. If your property is well positioned near to town, train station or in a popular residential area then you will more likely find tenants quickly. If you are looking to purchase a buy-to-let investment property, bear this in mind as it will help tremendously when it comes to putting the property on the rental market.
Presentation is another huge factor! I cannot stress enough how much quicker and easier a well-presented property is to let compared to one that is tired and in need of updating. If you think it could probably do with redecorating, then paint it, if the carpets are stained and worn, replace them, you do not have to spend a fortune but remember, a property left empty for 4 weeks has cost you one month’s rent – where as if you gave the property some TLC then it would probably have rented bringing in the much needed rent!
Over the course of the year there are always peaks and dips. If there are a lot of similar properties like yours, on the market then it can be hard to differentiate your property from the competition. Rent value will then be vital and a good way to help it stand out on property portals such as Rightmove and Zoopla. Which leads us on to the next factor:
Do your research and see what price similar properties to yours are letting for. If you market it too high then you are not going to get any response and the property will sit empty, if too little you will find a tenant quickly, but you might be losing out on money and not attracting the right type of tenant.
Whether it be you or an agent marketing the property, make sure there are lots of photographs, the advert is written in a way that makes a prospective tenant feel “I must view this property”, prospective tenant also like a floor plan as well to help them visualise the layout of the property and where their furniture could go.
6. Type of tenant
You need to think carefully on the type of tenant that you will accept, are you happy to receive housing benefit, will you accept a tenant with pets? If your criteria is to narrow, this can impact the amount of tenants your property will be available to. If for example there are 30 people looking for your type of property yet 20 of them have pets but you will not accept pets then it will only be suitable for 10. If you are happy to accept pets with a larger deposit, you are then fully maximising your property exposure.
Hopefully, this has given you an insight into what will help you find a new tenant quickly and therefore shorten the time your property will be empty for.
At PMS Lettings, we can provide you with all the services you will need. We have extensive knowledge of Chichester and surrounding villages and of looking after rental properties on behalf of their owners.
We have created a definitive guide “10 Things you should know before you rent out your property” which we think will also help you.