To be a successful landlord, you need to find good tenants- that much is clear. But how exactly do you go about finding tenants, who will look after a property, pay rent on time and promptly report any issues? Here are our top tips on attracting 'cream of the crop' tenants, for a hassle free tenancy.
Do you know your market?
If you’ve got a 1 bed flat in the middle of a student town then you’ll struggle to find a nice professional couple to let to. Know the area around your buy-to-let investment because it could be the difference between a quick let or long voids.
Also be aware of the local amenities, restaurants and attractions in the property area. pubs and trendy restaurants will attract young singles and professionals, whilst schools, park and family restaurants will attract families.
It can be a tricky decision anyway, but consider what you provide in the let may be influenced by the tenant demographic you’re trying to attract. For example, students would prefer part furnished accommodation whilst families may expect only white goods because they have amassed their own furniture.
How are your tenants searching?
It’s really important to know how and when tenants search for their next rental. It’s no good using classified ads or Gumtree if your tenants aren't looking there. Prospective tenants now go online to look for properties and Rightmove and Zoopla are the number one property sites for tenants.
Don’t always go for the free or cheapest options of advertising a property, if you want quality tenants you’re going to have to pay a little more to reach them. It may seem counter-intuitive to pay more but for a quick let to good tenants, it's worthwhile.
In a survey of Upad tenants, the overwhelming majority placed property photos as the most important aspect of an online ad- so don’t skimp on these and get professional photos.
Are you keeping up appearances?
You could have the most competitive rent and the lowest tenancy set up charges but if your property isn’t well presented or clean, it won’t matter. Set high standards from the outset with a professional clean.
And it’s not just cleaning, if you want the best tenants; don’t let your property become worn down and in need of some TLC. Good tenants want a nice property so take care of the small jobs that keep it looking fresh- like a lick of paint or adding some houseplants.
Are you acting professionally?
Always remember that first and foremost, however you became a landlord, you are running a business. Just as you may be put off by a prospective tenant who rolls up to a viewing in a car full of rubbish, good tenants will be put off if you seem disorganized or unprofessional.
Tenants are looking or somewhere to live, but with renting becoming a long-term choice for many tenants, they are also looking for a good relationship with their landlord. Make it clear you have a plan in place for general repairs, emergencies and are approachable when there are problems.
Upad offers a cheaper alternative to high street agents, get your property advertised to the best tenants from as little as £120.