If you’ve just completed on your first rental property or you have existing tenants due to leave imminently, it is likely that you’ll thinking about the best and quickest way to get it let (or relet).
Every day that your property is void (ie. empty of tenants) it will be costing you money. We can offer you some tips on finding new renters with as little hassle as possible and outline the options you have for property management.
Find tenants for your buy-to-let quickly
There are a few things you can do to give yourself the best chance of getting a contract signed quickly.
- Choose a local, highly regarded agent to source tenants for you. Yes, it is possible to source tenants by advertising locally and then managing it yourself. However, it is only advisable to go down this route if you are very local (so can pop in easily) and are either pretty handy at maintenance yourself or are on good terms with local tradespeople who you can call on when the inevitable issues crop up. Using an agent will allow you to sign tenants up with a watertight legal contract and allow you to easily get them referenced, credit checked and have their deposit independently managed. More about the different management packages offered later.
- Make sure your agent offers professional marketing services. Using an agency who will promote your property on all the key portals, on their website and social media channels will be the quickest way to get your home let. Make sure your agent offers professional photography and ideally also the option to have a 3D virtual scan done of your home. High-quality photography that shows your home in the most flattering light will help your property get noticed when you have split seconds to make an impression. A 3D scan can also be a valuable marketing asset. It allows a prospective tenant to virtually walk-through your property and can be an excellent way to cast the net wider. Anyone looking to relocate or can’t easily get to a physical viewing can do a virtual tour and for many tenants this will be enough to get them signing on the dotted line. Find out more about how Michael Hardy will market your property.
- Consider allowing children and pets. Think about your target market. Are you aiming to let to young professionals or a family? If you have a (minimum 2-bed) flat or house to let, you will extend the appeal if you allow tenants with children. Once a family are settled within your home, they are more likely to stay longer than a couple or single occupant, especially if they have a child/or children attending a local school. Statistics show that a whopping 60% of us now own a pet, with 33% having a dog and 27%, a cat. Since the start of 2021, in order to help pet owners find a suitable place to live, tenants have had the right to request their pet be accommodated. If you can advertise a property as pet-friendly from the outset, you will broaden the appeal to owners of (hopefully!) well-behaved pets.
- Price the rent competitively. Price too high and it’s a guaranteed way to reduce the level of interest and miss out on potential viewings. You’ll certainly struggle to find tenants quickly if you don’t set a realistic figure from the start. It’s useful to have a look at what similar properties to yours are being advertised for by local agents. We would also be happy to offer you a free market appraisal to give you an idea of the rent you could achieve in this area. Get a lettings valuation.
What are the options for managing your buy-to-let
Most agents offer a few different packages dependent on the level of involvement you want to have and whether you will be living nearby. For example, someone living overseas and letting their Wokingham property would have no choice but to opt for a fully managed service, unless they happened to have local relatives or friends willing to help out.
Michael Hardy has been in the lettings business (as well as sales) for over 20 years, offering landlords a complete service and the peace of mind that every detail is taken care of. We can source your ideal type of tenant, ensure they pass all the necessary credit checks and referencing, manage the tenancy and offer suitable insurance products for protecting your home.
We offer a ‘rent collection’ package that will involve managing the rent payments, but some other services will be individually costed. For example, if maintenance is required, a landlord will be liable for the cost of arranging a contractor to visit.
If you don’t want to have to worry about dealing with day-to day-issues, our ‘fully managed’ service, as you would expect, covers all aspects of setting up and managing a tenancy.
Find out more about all our letting services and the insurances that we can offer landlords.
It’s useful to remember that agent’s fees can be offset against your income tax liability. Property management expenses can be deducted from your gross rental income along with other permittable costs, allowing you to pay less tax on the remainder.
Please do not hesitate to get in touch if you would like a no-obligation market appraisal or if you would like more information about our lettings services. Contact us on Wokingham 0118 977 6776 or Crowthorne 01344 779 999.