…and securing higher rents and securing ‘better’ Tenants for your Investment
We at Martin and Co Blackpool, St Annes and Lancaster LET properties quicker then any other agent across our offices. In this post we share some techniques for you to Let your property quicker, secure higher rent and make your property appeal to a wider range of tenants.
Works and modernise
Yes, finances is a hurdle. As a Landlord you don’t want to spend too much doing up your property, which exceed the potential long term returns and as a Landlord due to the high demand, with doing very little work you will most likely secure a Tenant (chances are not to a great tenant). Hence, there is a fine line we need to work with. Either when you are getting are Property to Let for the first time or getting it ready form a tenant Vacating I would suggest you have a clear list of improvements and always look to try and add value every time. Personally I always re-decorate, tidy up external areas and arrange a professional clean regardless. If you can try and make your property stand out, I always check other properties in the area on the market now and look at how I can make my property stand out and this will mean my Property will be at the forefront when prospective tenants are looking.
Are you over looking marketing? Are you thinking how you can make your property look more attractive? As mentioned earlier, it is vital the property is in a suitable condition and then the next stage you present the property in its best light. Professional photography is standard at our Agency and I would highly recommend this. We have done more lets then previous years and during the last year we have been battling with lockdown restrictions, we put this down to a significant push from our side ins regards to videos and virtual tours. Both options are quite simple to do, please see example of both below:
Getting your property out
Now we have a great looking property and great marketing, now its time to get your property out there. A good Agent, will be getting the property out to their applicants, marketing on Propety Portals, social media etc. Below are the main portals we would suggest:
- Property Portals – Rightmove, Zoopla and OnTheMarket
- Facebook – you can do a post on your wall, share in local property groups and there is also the Facebook Market place where you can advertise houses for sale or for rent
- Your network
Closing the Deal
I would suggest you have a couple of viewing slots in mind prior to listing property, so you know when the Property goes live and the interest starts to come in you have a few slots you can offer prospective tenants to Let them know when you have availability to show them around. You will be surprised how easy it is to Let your property with out a physical viewing, if you have a good virtual tour or video walk through.
Now the enquiries are coming through, ensure you are responsive in dealing with the enquiries. Follow up all parties after viewings and ensure you are some commitment from interested parties. Please ensure you are compliant with Tenant Fee Ban Act, which restricts the amount you can take as a holding deposit (one weeks rent) and the restrictions to marketing and considering other applications when a party has expressed interest. Pre-qualify your interested party before any viewing, key points to establish is if this tenant is suitable for this property you have available, if they can afford the rent and if there provisional target move in date fits with what you are looking for.
Follow these steps and you will Let your properties quicker, secure higher rents and hopefully manage to get the best tenant for your property. Martin and Co secure 30% of our Lets within 24 hours, we attribute this success towards through this process we follow.