The number one reason properties sit empty for more than 20 days is because their owners have priced the property incorrectly. The properties are priced either too high or too low compared with similar properties on the market. I often hear Landlords basing the rent of their property on their mortgage and other outgoing property expenses. Whilst I appreciate why landlords think this way, this can be a ‘risky’ (not to mention completely incorrect) way to price your property.
HOW TO LET YOUR PROPERTY IN 20 DAYS OR LESS!
PRESENTING YOUR PROPERTY TO ATTRACT TENANTS!
The key to letting your property within 20 days is to ensure it has some kind of ‘X’ factor about it. For example this could be well looked after feature fireplaces, clean bay windows, a beautiful ‘wow’ garden or simply well decorated rooms with modern light fittings and dressings in a new build property. Regardless of the type of property or it’s age you can do something to give it an ‘X’ factor!
This article on ’Presenting To Let‘ my 3 B’s will show you how to make the most of your properties size, features and the local competition.
USING THE WEB TO FIND TENANTS QUICKLY!
To let your property quickly it’s not enough any more to just place a classified advert in your local paper and wait for the phone to ring. As 90% of tenants start their search online you need to harness the power of the web to move fast and let even faster.
Private Landlords can advertise their properties on a community website called gumtree which does an excellent job of finding tenants due to the large amount of traffic (visitors) it gets every day. At the time of writing this article gumtree allows landlords to advertise two properties FREE a year!
Your property must also be featured on the professional sites which only letting agents can do for you to stand an even better chance of letting quick. The best portals in the business are rightmove, findaproperty and primelocation.
THE QUESTIONS YOU MUST ASK EVERY TENANT?
Okay, you’ve done your market research, set the correct price and presented your property so it catches tenant interest. If you’ve decided to use a letting agent to help you get the best of the market (we can help here) and save your valuable time you will have your property being advertised on the best property portals in the business (i.e rightmove.co.uk – check this with your agent)
Now it’s time to maximise those all important viewings which will LET your property within the 20 day deadline. After all NO viewings and the best looking property on the block priced and presented correctly will sit empty!
When a tenant calls about the property there a few ‘key’ things you must ask them first before rushing off in excitement and taking them to view your property.
THE 9 BIGGEST MISTAKES MADE BY LANDLORDS TO AVOID!
To help you avoid some of the BIGGEST mistakes which landlords make time and time again here is a list of 9 Big mistakes
to avoid or STOP doing which will keep you on the right track when letting your properties!
Big Mistake No.1: Buying investment property on the advice of estate agents.
Your market research should always include talking to a local letting agent. Simply as “what type of properties are you always short of?” to find out the properties and areas that will give you the best yield and let quickly.
