January is a great time to find new tenants. Lots of people on the move, and in particular many young professional seem to be starting new jobs. This is great for me, as most of the tenants in my Multi let properties are young professionals. I thought you might like some tips on how to save yourself time, and stress when looking for new tenants.
At the beginning of this month, I found myself with a few rooms empty in a few of my multi lets. I wasn’t particularly worried by this as I know that January is a great time to find tenants. However, as I have learnt over the past few weeks potential tenants seemed to be in the increasingly unreliable. I find most of my tenants by advertising on the Internet as this seems to be preferred method for most young professionals to find new accommodation. As soon as I get notification of any potential tenants I email them straight away to get them interested in my property. Anyone who responds to your advert will probably have responded to a number of other adverts so you need to be quick. The communication starts by e-mail and we exchanged details about the property and arrange a viewing at a mutually convenient time. Unfortunately some potential tenants don’t bother to turn up for their appointments. So I’ve learned a few lessons: Always get a contact phone number from them and then the call them on the day about hour before the viewing just to make sure they’re still coming
I ask all potential tenants to bring proof of identity with them, such as a passport, and also a recent wage slip no older than two months. Occasionally this doesn’t seem to put some tenants off but that is good as far as I’m concerned, because if they can’t prove who they are there is no way I want them moving into one of my houses.
Wherever possible I arrange for several potential tenants to view the property at the same time. This does two things:
1) It helps create some scarcity and shows that my rooms are very popular which suggests that I should easily rent them out.
2) If anyone doesn’t turn up despite the reminder phone call I don’t have wasted trip.
The good news for all of us landlords is that rental rates are at last starting to rise. Over the last few years we’ve all had fantastic capital growth on our properties but rents have not kept up. Now that the housing market is slowing and house prices are falling rental rates be of go up. If you are struggling to find tenants for your property then there are three things you can do:
1) Increase your advertising
2) Reduce the rent to slightly below the market average
3) Dress the property, so it looks really attractive
If you have good quality accommodation, at an affordable price, in the right location you should never be short of tenants.