How Long Will it Take to Find a Tenant?17 Sep 2017
“How long will it take to find a tenant?” – Why do some properties let more quickly than others?
Some properties rent really quickly, whereas others can sit on the market for a while, and often landlords will ask me the million dollar question: how long will it take to find a tenant?
That can be a difficult question to answer because I don’t have a crystal ball, and setting rents on properties is not an exact science, but often we can give a vague idea if we know the market well! Different things impact on how long a property will take to let – time of year, availability of other properties in the area, presentation of your property and demand levels. The most important of these is probably demand levels and that’s why I bang on about location, location when you are thinking about a buy to let property.
Demand can go up and down dependent on the time of the year – think academic year, school year. But generally if your property is well positioned near a train station, subway station with good access into the city, in an area popular with the type of tenant you are focusing on, there should always be demand.
If there is a flood of properties the same as yours on when you are trying to find a tenant, it can be hard to differentiate your property from the competition so rent value is vital as its presentation. How can you make your property better than the others? Is the décor better, furnishings? Is your rent lower? Can you include a TV package- think of ways to make your more attractive to tenants.
Presentation – I cannot stress enough how much quicker a well presented and looked after property goes than one which is a little more rough around the edges? If you think it could probably do with a paint, then paint it, if the sofa looks ancient, replace it, you don’t have to spend a fortune but remember, a property lying empty for 4 weeks has cost you 1 months rent – if you had spent that £600 last month it would probably be tenanted by now, bringing you in your much needed rent!
Take this little 1 bed flat in Partick – it looks fantastic in the photos and in reality, its clean, tidy and well presented. It was marketed at the right rent for the area and as a result had a lot of interest. It rented on the first viewing with the landlord having her pick of multiple tenants. A little bit of elbow grease sprucing up a property always helps!