One of the main challenges of being a landlord is having an empty property, as this means a loss of income. Ideally, you’ll have tenants that stay for long periods of time or if they do move on, they are replaced as quickly as possible.
Finding new tenants is a balancing act of making sure that you get the right people but also that you get them quickly so that you don’t lose too much rental income.
Here are some ways to find new people to rent your House of Multiple Occupation (HMO), without compromising on having renters who will look after the property and make their payments on time.
1. Be flexible in how you market your property for rent.
Making use of social media is a wide-reaching and free way to advertise your property and guarantees that your advert will be seen by many people. Targeting your audience by sharing the advert with local colleges and student unions means that you’re more likely to attract the kind of renter that would be interested in living in an HMO.
Taking out an ad with a property advertising website is a great option, as most would-be renters will look online for a place to live. Make sure your advert has good quality photos which have been taken in good light and show the house to its best advantage. Use at least 5-8 photos to give people a feel for the house (using too few can give the impression that you might have something to hide, which can put people off!).
Word-of-mouth is still a very effective way to advertise the vacancy in your property. Asking around the local shops, leisure facilities and mentioning the vacancy to friends is a good start. You could also speak to the tenants that are leaving your property to see if they know of anyone who would be interested.
2. Set your rental price at the right level
The best way to set your rental charge is to take a look at the general prices for renting in the area. Having a price that is too high or too low can put prospective tenants off, so make sure you are competitive. Rental rates that are too high could price people out of the market while having prices that are too low could convey the impression that the property is not a very good quality.
3. Maintain your property to a high standard
It’s wise to protect the investment that you’ve made in your property by keeping on top of repairs and making sure that the décor is clean and tidy-looking. Tenants are more likely to rent a property like this and also look after it more than one that is in a poor state of repair.
4. Always get references
If the person has rented a property before, then it’s advisable to get a reference from their previous landlord. If this is their first-time rental, you could ask for references from their college or place of work.
Investing in an HMO is an exciting journey and offers a high level of reward, so make sure you take the time to decide who will rent this property.
Here at Nick Fox Property Mentoring, we provide mentoring services and other resources to help you when it comes to property investment. Find out more about our property mentoring here and our resources here.
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