Letting out property appears to be a great way to make a lot of money, here are some tips on how to get your property rented out as quickly as possible.
Get a Good Property
If you are buying a property to rent, choose one with square or rectangular rooms. Oddly shaped rooms can make a property feel small or cluttered. The key bait for finding a tenant is en suite with a decent living space, even if bedrooms are a little on the small side.
Choose a good letting agent
Selecting the right agent is essential if you want to rent out your property quickly. Find out which local letting agent generates the most inquiries from potential tenants, and consider agents with a good high street location, or good online marketing presence. Search online for properties such as yours, and the top hits in search engines are probably the best bet since likely tenants are likely to be using the same search terms as you. Make sure the agent you pick is established and rents out the property on a regular basis, thus securing a stream of new tenants.
Decent furniture and a sophisticated interior designed look is a great way of securing higher rent and a speedy let. Furniture and interior design can make a big difference, and attract more favorable tenants who intend to look after the property.
Many landlords ruin the return on their investment by skimping on furnishings and fittings, but these can greatly increase the return. Consider employing an interior designer or specialist furniture supplier who can give your property a sophisticated look. It’s worth paying more for things like three-piece suites and dining tables since these are core pieces of furniture. Consider hiring a photographer to make sure your property looks truly amazing, photos are a great tool to set your property apart from the pack.
Keep in touch with your agent
Keep in regular contact with your letting agent and enquire about the number of viewings. If your property is slow to rent, you must ask the agent to confirm any problems with the property as soon as possible so you can address those issues. Discuss the problems with the agent and decrease the rent if this is the best option. Remember it’s better to rent quickly at a reduced rate than lose months’ worth of rent while you struggle to find a tenant.
Say No to Greed
Many landlords overprice properties and try to hold out for months to find a tenant willing to pay. If your rent is unrealistic, you will not rent the property no matter how long you wait. Price just below the market as waiting around losing prospective rent for months before realizing you need to drop the rent will mean a severe loss of income.
Make Sure They Pay
Accept rent payments only on a standing order basis, as this reduces hassle later chasing around cash and cheques. Check the bank account and make sure the standing orders go in, as soon as you get a late payment, advise them in writing that you are not happy with the situation. Make an issue of the late payment and ask them not to repeat it. Ask for six weeks deposit instead of four, as tenants tend to withhold their last months’ rent as a way of getting their deposit back. This way, you at least have 2 weeks’ worth of deposit available to compensate for property damage.