Perhaps your current tenants have just handed in their notice or maybe you’ve recently completed the purchase of a buy-to-let property. Either way, you’re a landlord with a home to fill. An empty property means a loss of income, so no doubt you’re wondering how to find tenants fast. Fortunately, help is at hand.
Read our in-depth guide for all the practical advice you need on finding new renters quickly and with as little hassle as possible.
How easy is it to find tenants fast?
The good news is that the property market is currently in landlords’ favour, with plenty of demand in the UK for rental homes..
According to research from CBRE, rent in the UK is set to rise by 11.4% between 2019 and 2023, driven by a drop in housing supply within the private rented sector and ever-growing demand for rental properties – particularly among younger, lower-earning individuals.
In other words, if you need to find tenants in a hurry, there are plenty of renters looking for houses or apartments just like yours. The challenge however comes in ensuring that enough prospective tenants actually see your property.
Chancellors’ top tips for finding tenants quickly
By promoting your property in the right way – and in the right places – there’s no reason why it should be difficult to secure new tenants in a hurry. Follow our top tips to give yourself the best chance.
1. Get your property online
If you don’t promote your property online, you risk missing out on a huge number of potential renters. Indeed, two-thirds of tenants first saw their property on either Rightmove or Zoopla, according to research from tenant referencing specialist HomeLet.
That’s why we ensure that all rented homes on our books receive additional online exposure, as well as advertising houses on all four major portals, we promote them on more than 40 other websites.
2. Take quality photos
Even if your property offers excellent broadband speed and is stylishly decorated, beautifully furnished and superbly located, you can’t expect tenants to make an offer – or even book a viewing – without first seeing quality photographs that show it in a good light.
Whilst modern smartphone cameras mean it is easier to take pictures of your property, it is still difficult to do your accommodation justice, particularly with smaller spaces such as kitchens and bathrooms. As a landlord, you simply can’t afford to promote your listing with poor images in the hope that would-be renters will be prepared to give you the benefit of the doubt. When you rent your property out through Chancellors, we ensure you have access to our unique marketing package for landlords, which includes multiple high-resolution, professionally-taken photographs as standard.
3. Set a competitive rental price
Renters have a wide range of priorities when it comes to finding the ideal property, but the most important single factor is undoubtedly price. If you’re asking for an unrealistically high monthly rent, don’t expect to find tenants quickly (or at all).
According to the Valuation Office Agency, the median monthly rent between 1st October 2017 and 30th September 2018 stood at £690. However, this standalone statistic fails to take into account the vast range of rental prices across the UK, with a difference of almost £1,000 per month recorded between the region with the lowest and highest median rents being:
- Lowest: North-East, £495 per calendar month
- Highest: London, £1,473 per calendar month
As such, it’s vitally important that you understand the rental market in your area before setting your rental price. At Chancellors, we recommend the best rental we can achieve for your property as part of our free market appraisal service.
4. Consider promoting your property as pet-friendly
Unless you’ve never been on the internet until this moment, it’ll probably have come to your attention that people like pets.
According to the PDSA, 49% of UK adults own a pet, with 25% owning a cat, 24% a dog and 2% a rabbit – and that’s a significant quantity of potential tenants for your property. You can’t expect renters to choose between your property and their beloved pet, so consider making your rental property pet-friendly. Chancellors is part of the Dogs Trust’s Lets With Pets scheme, so we can advise you on the various considerations of allowing pets in your property.
5. Offering parking and a garage? Make sure people know about it
According to a study by Zoopla, parking is what renters want most in a home, followed by a garage. So, if your property offers one or both, you’ll want to ensure that you highlight these elements it in your listing.
Annabel Dixon of Zoopla noted: “While this may not be the most exciting feature of a home, our research clearly shows that landlords can make their properties much more attractive by creating or enhancing existing parking. Whether landlords re-landscape their garden to include a driveway or apply to drop the kerb outside their house, these changes can pay dividends.”
6. Furnish your property
Similarly, furnished housing is a major plus for tenants. Zoopla found that the word “furnished” is currently its fourth-most searched keyword, up from fifth place in 2018. If your property isn’t currently furnished, it may be worth considering a longer tenancy period – one year rather than six months, for instance – in return for fitting it out with furniture.
7. Draw attention to outdoor space
Gardens are also high up on renters’ wish lists, according to the Zoopla research. Obviously, tenants understand that not every property boasts a garden; this is typically a trade-off for living in, or near, a city centre. But if your house does have its own green space, make sure this comes across in your property listing – especially in the pictures!
Chancellors makes it easier to let your property and find tenants fast. Once you’ve agreed an offer, we can help you secure the tenancy within five days, so you’ll be earning money on your rental property in no time. For more information on our services for landlords, get in contact now.