It’s not difficult to find a tenant, but finding the right tenant for you requires a well-planned approach.
Before initiating the process of finding tenants, you should first consider exactly what type of tenant your property is likely to attract.
Take into consideration the location, size and quality of your property before starting the advertising process. For example, if it is situated near a university then you are likely to draw the attention of students.
There are a number of ways in which you can advertise your property to find a tenant:
- Property Management Agencies that specialise in this field are a popular choice for landlords who want to maximise their exposure to potential tenants.
They will examine your property to assess its rental potential and construct a suitable marketing plan. This will include details regarding location, furnishing, number of rooms and overall condition.
They may offer services such as sending mail shots of your property to their entire database of registered tenants. Some may feature your property on the most popular property portals giving your property a wide audience.
The fees due to the agencies vary depending on the company and the level of services that they offer. You should find out about the different offers from different agencies to find the one that suits your needs.
- Newspaper Advertising is a common alternative way of finding tenants for many landlords. You should identify which daily newspapers are most popular with house-hunters in the designated area.
You should then promote the best qualities of your property, remembering what your target market is likely to be most attracted to. For instance, a property with a good size kitchen and a garden will appeal to a family, but not necessarily to a single young professional.
- ‘To Let’ Boards are highly effective ways of finding tenants and are useful in areas with a high student density for instance, since it is something that they will have to consider during their time at university and thus offers a relatively straightforward method of finding a tenant for your property.
Once you have received suitable applications from prospective tenants, it is time for them to view the property. If you are accompanying them, then it is important that you highlight its best qualities.
Conversely, if your property agent is escorting the tenant then they should be well informed of its qualities and any notable features that will boost the overall impression of the property.
This kind of approach will help you find a tenant that fits your criteria sooner rather than later.
Once you have found the ideal candidate it is time to begin tenant referencing. Please refer to the article that covers this stage of the process.