It seems the tables have turned and whereas this time last year tenants were complaining that properties were snapped up within minutes of being advertised, now landlords are struggling to fill them.
Who knows the reason why, could it be Brexit, high rents, or too many landlords entering the market? Whatever, landlords need to try harder right now to let their properties.
If you’re one of those struggling to find a tenant, here are some tips:
1: Promote your property better with a Premium ad on Rightmove or Zoopla. If you’re wondering if they work, read this blog on Upad.
2: If you’re trying to market your property yourself, hire a traditional letting agent to look for tenants alongside you. Tell them you’ll pay them commission if they find a tenant first, but you won’t pay if you find someone yourself.
3: Broaden your market by accepting tenants you’ve previously ruled out, such as students and those with pets. If you’re worried about unpaid rent/damage, ask them to provide a higher deposit and/or guarantor.
4: Reduce your minimum letting period. Obviously you want to avoid a high churn rate, but if you can’t find a tenant who wants a long let, it might be worth taking someone for six months or even less rather than leaving the property empty.
5: Make sure your advert is really promoting your property. Good photos are essential and these should focus on your property’s best features. If the photos you’ve taken yourself are a bit rubbish, consider getting some professional pictures taken.
6: Lower the price and keep lowering it until interest picks up. Remember, a tenant paying less rent is better than no tenant at all and the longer the property is empty, the more you’re losing.