Need to let your property in a hurry? Be smart and check out my top 5 tips to make it let faster below;
1. Décor – Get clever about the décor in your property to entice tenants quickly. Be aware that most tenants looking to rent a property will want to make their own stamp on it as much as they can and they won’t be able to do this if your red and green patterned wall paper and contrasting purple sofas are still hanging about. I would advise the best bet is to always keep the décor and furniture as neutral as possible as this will appeal to a wider audience. However, remember you can sometimes use decor to target the type of tenant you are aiming for; looking for a professional couple in your city centre flat? Then minimalist chrome and leather sofas are your best bet. If it’s an older audience you are looking to attract for a garden flat in a quiet development, then you may wish to consider darker wood furniture with paisley carpets throughout.
2. Clutter – along the same vein as tip 1, your tenants will need to be able to picture how they will fill up the property with their own belongings when they move in. Your ‘stuff’ at the property won’t help tenants visualise during a viewing, and if they are told it must stay, will certainly put them off making an offer. Therefore, removing your belongings and keeping the items provided to a minimum is an absolute must. Tenants don’t move in to a property expecting things like kitchen utensils or cushions either, apart from the fact that these can get damaged or easily lost, they don’t make the tenant feel like they are moving into their own home, more like they are temporarily borrowing yours. Keep the property clutter free, and it will entice faster offers for definite.
3. Price – bit of an obvious one but if you get the right rental price advertised to begin with, the property will let much faster. Ensure you speak to a competent letting agent for their views during a market appraisal of the property and make sure you also do your research online for similar property prices in the same area. Review how long similar properties have been advertised as ‘to-let’ online, if they are sticking, chances are they are priced too high. Also, consider if it’s a flat in a new or big development, are you one of the first landlords to put the flats up for rent? How many other flats are available in that building? New developments can create their own ‘sub-markets’ where buy-to-let landlords race to let their investments out the fastest and end up creating their very own bidding wars. If there are 5 properties up for let in the same development, chances are the lowest price will let first, even though they are all pretty much the same spec. Don’t forget you can always increase the rent after the fixed term has passed so if you do need to offer a lower rent to get the property let faster, there is an option after the first 6 or 12 months. Always ensure you take your letting agent’s advice, the number of landlords that go against their agent’s judgement and price too high is silly. A good agent wont pander to you and will tell you if they think you have set the rent too high, remember they will know their market better than you.
4. Get some professional photos done – always ensure you have clear and bright photographs taken of the rooms you want to show off. Applicants who can’t get any idea of the property in the first instance won’t bother getting in touch for viewings. Most letting agents will ensure their staff are trained to take attractive photographs of the exterior and interior rooms and display several on their website and all portals. CGT Lettings staff undergo regular training with photographers on the best angles of a room to snap. If you are not happy with the photos of your property, get your agent to take new ones or swap agents!
5. Consider allowing pets – this is a bit of an ‘out there’ tip, however you may notice that most available rental properties will state ‘no-pets’. A recent Homelet survey conducted stated that 47% of landlords wouldn’t accept a tenant with pets, despite there being a growing 65 million pet owners in the UK. If you explain that pets are welcome if your tenant signs a pet clause and you take a slightly bigger deposit or agree a clause such as the property must be professionally cleaned when the tenants vacate, you are more likely to attract potential tenants from this expanding market who may have been turned down for rented properties in the past. Furthermore, a tenant who can settle in a property where they know their pet has been accepted is more likely to stay and bring you that guaranteed rental income for longer.
Want more advice? Get in touch: angharad.trueman@cgtlettings.co.uk
Angharad Trueman – Operations Manager