Argh my tenant has given notice, how can I make sure I find a new tenant fast?05 Jan 2021
Your tenant has given notice, not ideal timing during these times but how can you make sure that you find a replacement quickly and keep the rental income? Here are our 3 top tips:
1. Plan Ahead – In an ideal world, it can be very useful to arrange a time to visit the property to make sure it’s looking good and check if it needs a freshen up – perhaps a coat of paint is needed, or the grout needs cleaned up or replaced? Covid means it can be more tricky but arranging a Whats App walkthrough is a good workaround. If you know what needs to be done to your property before the tenant leaves, you can pre-arrange the works so any potential void is minimised.
2. Visual Marketing – Do you have good marketing photos which accurately reflect the property as it will be when a new tenant moves in? Photos are key to creating interest and during these lock downtimes, a video walkthrough is a vital tool too. Most tenants are happy to do a short video walkthrough if you ask nicely! If you don’t have decent photos or a video, I would recommend holding off marketing your property until you do. In my experience, bad photos -or worse no photos- can negatively impact your chances of finding a tenant. It’s hard to wait but in the long run, you tend to find a tenant more quickly if you do!
3. Set the Right Rent – Set the rent at the right level. Do your homework – what are similar properties getting, and how does your property compare? If there are 2 similar properties getting £650pcm, then setting your rent at £750pcm because you think your kitchen has a nicer worktop is not a good strategy. Will most tenants pay £100 per month more because you have expensive curtains in the living room or a Miele Washing machine? The answer is no! Set a fair and competitive rent – holding out for £50 per month more and having your property lying empty for 6 weeks extra does not make financial sense!
If your property needs a new tenant, take time to think about the marketing strategy and get it right the first time. It can only go live once!
Need any help? Contact Sally@fineholm.co.uk