As a landlord your priority is to keep your property occupied, empty house equals empty pockets! No one can afford to have untenanted properties, the biggest fear of most landlords is having their property vacant for months on end, paying the mortgage but never bringing in any rent. This scenario can be avoided or at least kept to a minimum by following the ideas below to reduce the gap between tenancies and secure new tenants quickly.
Social Media
Make the most of social media which offers you free advertising and a huge reach. Keep a page of your properties regularly updated or share the advert for your property. You can also share your advert to relevant pages like student union groups. Giving your property as a great a reach as possible but also a targeted reach is a great way to ensure you attract new tenants quickly.
Online Advertising
Online advertising is the main place potential tenants will search for properties. Make sure you have your property listed on reputable property advertising sites. Internet advertising is easily and readily accessible to all kinds of people from any location so get a good advert with quality photos and get your property vacancy out there!
Word of Mouth
Ask around in the neighbourhood and talk to your friends about the vacancy, word of mouth is still a useful tool when it comes to filling a property. You can even speak to the vacating tenants as they may know of people interested in the renting your property.
Rental Value
Pricing a property too high or even too low can put off prospective tenants. Make sure you take time to study the market in the area before putting the property up to rent to ensure it is competitively priced.
Property Condition
Keep the property up to date in terms of décor and repairs. Potential tenants will only view properties that look right for the money and are in a good, well maintained condition. Whilst it can be more challenging trying to decorating and complete repairs with tenants in situe, leaving all repairs until gaps in tenancies can extend these periods longer than necessary.
Although having your property occupied is a priority, you also need to make sure you get the right tenants so once you have applications, make sure follow all due process including references, application, interview and right to rent checks before going ahead with the tenancy.
For more advice on how to succeed as a landlord in any area please contact the team at Nick Fox Property Mentoring Services.
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