We all want the perfect tenant and your choice of tenant can make your life as a landlord whole lot easier if you get it right.
To help you on your journey, our team have put together five top tips to help you secure the dream tenant;
1. Establish a fair price
Finding the right tenant for your property begins by establishing a fair price for the rental of the property.
Take a sample of five or six properties with the same characteristics as yours in your area, and work out an average. If you price your property on the average, but it is in a better condition than most, you are almost sure to have constant tenants, even when the market might seem slow.
2. Find the most appropriate tenant
Once you have ensured your property is clean, tidy and meets with regulatory requirements, and you have priced it correctly, you will need to start searching for the most appropriate tenant for the property. Give some thought regarding to whom you would like to let the property. Take the time to consider the environment where the property is located and assess who might be the best tenant for the area. You will need to take the following into consideration when looking for a tenant. Once you know who you are looking for, it will be much easier to understand “where” to find them. Don’t just assume you know who might want your property. The rental market has expanded dramatically and all types of people are now looking. So choose your target market carefully.
3. Where will it be advertised?
Finding the right advertising medium is key to getting the right tenant. Previously, properties were advertised in local newspapers, but today more and more properties are being sought online. Online advertising does not only have the advantage of being free, or almost free, but also allows a prospective tenant to instantaneously compare properties over several areas.
4. How will it be advertised?
How you describe your property will inform tenants of what is available. When you know who your tenant is likely to be it is easier to target that specific niche. For instance, if you think tenants are most likely to be a young family, you will make sure to include the garden (if appropriate) and the third bedroom, and mention the proximity to schools. If however, the property is located in the city centre and would be better suited to young professionals, the third bedroom can rather be referred to as a study or home office.
5. Letting rooms or the whole property to one tenant?
If you are letting rooms in a property, be sure to understand who else is already in the property. Students might not be the best housemates for a retired couple, for instance. This will also have an influence on where to advertise the property. Remember to check with your Local Council if your arrangement qualifies as a HMO (Houses in Multiple Occupation). If it does, you need to comply with additional regulations. You should also check that the local authority does not license all landlords in your area. Not having a license is a serious offence with an unlimited fine.