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How Do I Attract Tenants to My Property?
For both new and experienced landlords, finding tenants is certainly no easy task. Many owners choose to turn to high street or online letting agents to help them attract quality tenants, but is there a better way?
- Where Can I Advertise My Property for Rent for Free?
- What Is the Best Way to Find Tenants?
- How Far in Advance Should I Advertise My Rental?
- How Do You Write a Rental Property Description?
- Make the Most of Viewings
- Negotiating Offers
- Referencing Your Tenants
- Right to Rent Checks
- Broaden Your Appeal
- Furnished or Unfurnished?
Where Can I Advertise My Property for Rent for Free?
When advertising your rental opportunity with PropertyLoop landlords pay zero commission. Owners can finally stop paying to letting agents thousands each year for an impersonal service that sees a commission-hungry agent rush a tenant through the door of your rental.
PropertyLoop have also done away with the outdated practices that see landlords pay for the bare essentials at each step of the letting process. Owners are able to not only advertise their rental property for free, but reference tenants, register the deposit, curate an agreement and collect rent without paying a penny.
There are no hidden fees or upfront costs and unlike letting agents we won’t take a percentage of your rental income, Simply just a new, better way to showcase your rental and maintain a tenancy.
What Is the Best Way to Find Tenants?
Below we share some advice on how to attract tenants to your rental property, helping you to find your ideal tenant quickly!
How Far in Advance Should I Advertise My Rental?
Timing is crucial when attracting tenants to your rental property. Far too often landlords fall into the trap of listing their rental opportunity too late, exposing them to void periods once their existing tenants move out and their rental income runs dry. Although the ideal time to last your rental property will vary depending on the depend for rentals not the area, seeing landlords that let to full-time students enjoy complete predictability as to when a new wave of prospective tenants arrive at the start of a new year, it is typically advised to advertise your rental property around six weeks before the current tenancy comes to an end.
This will not only afford the owner ample time to advertise their rental property, but reference potential tenants, collect deposits and finalise the terms of the agreement. Landlords should also note that allowing themselves additional time could allow them to navigate any offers that fall through, without affecting the transition between tenancies.
How Do You Write a Rental Property Description?
Similarly, to curb appeal, your online listing must make a great first impression with interested renters, the key to which is writing a compelling description and taking quality photographs of your property. It is essential to remember that tenants will need this rental to complement their lifestyle, how do not only the amenities you provide within the property do that, and how well the surrounding area add to their experience? Make renters abundantly aware of the unique characteristics of your property, is it furnished? Will you allow pets? These are all key considerations in attracting a tenant What Is the Best Way to Find Tenants? and making these clear within the description can make a significant impact during a renter’s search for their next home.
The same can be said for the images that will accompany the listing. Ensure that all photographs that are being listed have been taken recently and accurately depict the space that you are offering. It goes without saying that with many tenants starting the search for their next home online, having high-quality images of your rental will be essential in capturing their interest and securing a viewing.
Make the Most of Viewings
Of course, in person viewings are a fantastic way to speak to the potential tenants and learn not only about what attracted them to your property but whether or not you would like to enter into a tenancy with them. Naturally, the tenant referencing process will highlight any red flags such as outstanding debts, but if landlords don’t get a good impression of the renters as this stage, they are unlikely to proceed.
Landlords are able to use any feedback given by tenants to perhaps make their rental opportunity more appealing and attract new tenants. If many aspiring tenants are requesting more in your partly furnished rental, going the whole way and offering a fully furnished opportunity could be the key to securing your next tenancy!
It is common for tenants to try and negotiate the amount of rent they are expected to pay over the course of the tenancy. Although landlords are under no obligation to accept these lower offers as they could simply wait for another offer, doing so will typically secure a longer tenancy and in turn financial predictably for the landlord; saving them the costs of relisting the property with an agent and referencing a wave of new applicants.
Referencing Your Tenants
Ideally, once the rental opportunity has been presented to renters, aspiring tenants will be making applications to enter into a tenancy with the landlord. However, with in-person property viewings only giving owners a finite period in which to gather an impression of the person that could be occupying their property for the next six months, landlords will undoubtedly reference each of their applicants to evaluate their fit for the rental.
The referencing process will see the tenants provide the landlord with recent wage slips and bank statements to confirm their current income and employment status, with a credit check also being performed to reveal any outstanding lines of credit. As can be expected these assessments will allow the landlords to determine if the aspiring tenant will be able to meet their obligation to constantly pay rent. Further to this, owners will also receive a character reference from the tenant’s most recent landlord, giving a first-hand account of the renter’s conduct during the last tenancy; an invaluable insight for the new landlord.
Right to Rent Checks
When letting out a property landlords are legally obligated to perform right to rent checks before proceeding into a tenancy with a renter. Such checks must be performed no later than 28 days before the tenancy is intended to commence, and will see the tenant’s right to remain within the UK be scrutinised.
Tenants must provide the landlord with original documents that validate their right to rent within the UK, with copies of these being taken for documentation to provide the checks have been carried out by the landlord. With this being sad tenants are limited to the documentation they are able to provide to the landlord, with acceptable documents comprising:
- A UK or EU/EEA passport
- A Permanent residence card
- A VISA
- Home Office documentation showing Citizenship
Broaden Your Appeal
As can be expected, some landlords can be left underwhelmed with the level of interest their rental opportunity is receiving. Of course, with the property being left vacant owners are unable to generate rental income, leaving them exposed to buy to let mortgage payments and agency fees.
Before marketing a property, landlords will have typically assessed similar rental opportunities in the surrounding area, alongside evaluating the prominence of their chosen rental demographic. However, broadening the appeal of a rental property will help landlords steer clear of void periods, securing a tenancy faster.
Over recent years the number of landlords that are willing to provide tenants with a pet-friendly rental opportunity has dwindled to a mere 7%, and with the number of pet owners soaring over lockdown, and a series of upcoming regulatory reforms; allowing pets could prove lucrative for owners.
Furnished or Unfurnished?
The decision on whether to let out a rental property furnished or unfurnished will largely be dictated by the type of tenant that you are hoping to attract. For those among to let to full time students, furnishing s somewhat essential as in the majority of cases students will not have many belongings to moving into the property, nor will they wish to fully furnish a property, simply to move come the next academic year.
Offering high quality furnishings and appliances will go far in giving your rental the edge over surrounding opportunities, whilst lending itself to a higher rental income for the landlord. However, when providing a furnished rental landlords must ensure that any items of upholstery meets existing fire regulations. With this being said, some demographics such as students may benefit from more cost-effective furnishings as these are likely to be replaced more often due to the high number of tenancies and enviable wear and tear.
Why continue paying thousands each year in commission to let your property? With 97% of landlords recommending our services, and with over 50,000 tenants joining our rental community in the last year alone PropertyLoop is welcoming a new era of renting.
The PropertyLoop platform establishes the trust, transparency and personal service that has been lost from the renting sector. We are anything but another faceless corporation looking to profit from your investment, but a community founded on expertise and ambition.
We offer landlords complete clarity on available specialists through a landlord controlled rating and review system, giving users complete confidence of your PropertyPro’s proven results in finding owner’s ideal tenants faster.
With PropertyLoop landlords will have everything they need to let out their rental from start to finish, with no hidden fees, financial barriers or catches; only a revolutionary new way to let.