Struggling to find a tenant?
If there isn’t much interest in your rental, what can you do?
If there isn’t much interest in your rental, what can you do?
If you are struggling to rent out your house and it is sitting lonely and unloved on the market, there is a reason for it. Either the rent you are asking is too high and / or the condition of the property is not attractive to potential tenants.
Is your rent too high?
The asking rent is absolutely critical. A property is only worth (in sales and in rentals) what someone is willing to pay. So in most cases, if there is no interest, then the rent is too high and it needs to be lowered.
Of course, this is easy to say and harder to accept. It is particularly painful when the rent is near the mortgage repayment level and you risk having to top it up each month. However, the harsh reality is that some income is better than none – it is better to lower the rent, accept a 6 or 12-month tenancy and be left with 5% of the mortgage to pay rather than 100%. If a property is £1,000 pcm, a months void period would cost you that full £1,000 whereas if you found a tenant quickly at £950 pcm it would equate to being £600 better off over the course of the year.
Condition
The condition of the property is paramount. Most tenants have high expectations. They want bright, light, clean and modern interiors; and that is why its essential to ensure decoration is at its best, and maintenance is done regularly. Tenants will pay for the best properties and they walk away from tired homes. The properties in the poorest condition let the slowest and generally attract lower quality tenants.
You need to be realistic about the condition of your property. Often, landlords are too close to the property: they like it, so they feel that tenants must like it too.
However, you are not the tenant. You are not the target market. If properties are struggling, you need to be objective. The changes you make could be minor (mowing the lawn, replacing vinyl in a bathroom) or substantial (damp-proofing a basement or re-styling the interior).
Restrictions
10 million households and 77% of families with children have a pet. If you don't allow pets in your property, you are putting off many potential tenants. In fact, the government have said landlords can no longer unreasonably refuse pets in the property because it affects so many tenants and can create problems for them in finding somewhere to live. Being more open to who can rent your property will increase the potential market and ensure that more tenants can consider making your property their home.
Is your property being marketed efficiently?
Is your property standing out? Properties often suffer from a lack of interest due to the marketing. From simple aspects like a To Let sign to marketing photographs these relatively basic elements can mean your home is overlooked by potential tenants.
Many letting agents do not provide quality photographs or even a floor plan, we at Church & Hawes have additional marketing tools which could really boost your property's rental potential from enhanced photographs to virtual viewings and of course floor plans we will make sure that your asset is given the maximum exposure it deserves.
Conclusion: Listen to the feedback from the viewings and take action. The more flexible and decisive you are, the more successful your letting will be.