Landlord’s advice: Finding a tenant

As any savvy landlord knows, your buy to let investment is only making you money when it’s occupied. Gaps between tenants can cost you dearly so it’s crucial to ensure a maximum level of occupancy. Here are our top tips on finding a tenant……………………………………………………………………..

• Get the price right – you need to make as much as you can from your investment, but if you push it too far you’ll be left with an empty property. Check similar properties in the area and make sure your rent is in line with the competition. 
• Consider using a lettings agent. They will do the advertising and tenant vetting for you. Although this may make your life easier, it can be expensive.
• If you decide to advertise the property yourself you need to spend some time researching the best publications and websites to advertise with. Be sure to consider your target market when doing this.
• When writing your advert always emphasise the positive. It is good practice to state the three best assets of the property in the first sentence of the advert, e.g. ‘spacious house with two bathrooms and garden, just two minutes walk to the university’.
• Get a To Let board. If you’re using an agent they should provide one, if you’re going private then make or buy one. To Let boards are very useful especially if other properties in the area are available, as potential tenants may be having a look around. Make sure you put your phone number on the board. The board also tells your neighbours there is a property available and they may in turn tell friends or colleagues.
• Once the advert(s) has been placed be available to answer your phone! Have a pen, paper and diary ready to book in viewings. It is also a good idea to write down the best points of the property to reinforce to the potential tenant. 
• When conducting viewings always arrive first and switch on all the lights and make sure the place is clean and tidy. Be friendly and professional – don’t forget the potential tenant will be forming an opinion of you as a landlord. Make sure you point out all the good features of the property and don’t focus on any negative areas. When the viewing is over make sure you have the person’s contact details so you can follow up with a call the next day.

Check back next week for advice on vetting procedures and how to choose the right tenant.

For landlords insurance advice call the experts at Isis Insurance on 01625 539 656

This entry was posted on Thursday, February 4th, 2010 at 3:44 pm and is filed under Landlords. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.