How to speed up the property letting process
Are you looking to maximise your yields and reduce void periods in your rental property? Void periods can cost landlords around 4.9% of the gross annual rental income, but it could be more depending on the average rent charged on a property.
We’ve compiled our top tips for the best ways you can speed up the property letting process and keep those void periods to a minimum.
Advertise your property
Increase your property’s visibility by ensuring it’s advertised on all the major property portals. These portals are usually a tenant’s first port of call when searching for a rental property. Plus, it means you can reach a much wider audience than just being listed on a letting agent’s website. To make your job as a landlord easier, our Good Landlord package includes advertising on RightMove, Zoopla and PrimeLocation.
Tidy your property
Ensure your rental property is clean and tidy so your tenants can see it’s ready to move into straightaway. Keep kitchen counters and tables clear. Make sure to remove any personal items too as this helps prospective tenants to imagine themselves and their belongings in the property when viewing it.
Have professional photographs taken
Showcase the best your property has to offer by having professional photography. While you may be able to take your own photos using your phone, with a professional photographer, they’ll know the best angles and use lighting to best showcase the rooms.
Remember, photos are the first window into your property and this is how tenants will make their first impressions on a property. Bear in mind that dirt can show up quite easily on photos too. Make sure you undertake a deep clean of the property before photos are taken.
Videos give that next level of insight and convenience, enabling prospective tenants to feel in your home, whilst at their home! Record a video so you can filter your in-person viewing enquiries to the prospective tenants most interested. You could consider offering live video calls too where possible to speed up the time required in the viewing process, whilst also giving these prospective tenants the opportunity to ask questions.
Redecorate and upgrade
Take advantage of the property being empty by redecorating or painting walls, modernising and updating any worn furniture or carpets. It’s recommended landlords should redecorate properties every few years or at the end of longer-term tenancies.
Set a competitive rental price
Take a look at the average rental prices for similar properties in the local area. This way you can set a price that undercuts and demonstrates value to attract prospective tenants quickly.
Keep furnishing to a minimum
Make sure you keep furnishing within your property to a minimum. This way tenants can envision themselves and their own belongings in the property when viewing it. If there is an option for the property to be rented fully furnished or unfurnished, make sure to include that in the property description.
Stage the property
If you’ve decided to furnish the property, why not ‘stage’ the furniture to demonstrate the best use of space and showcase how it could look to potential tenants.
Get fast speed internet
Internet connectivity is one of the most important aspects tenants prioritise from a rental property. Why not opt for a fast speed broadband supplier so your tenants can benefit from a fast internet connection right from the tenancy start date. Alternatively, share your recommendations for providers with your prospective tenants.
Factor in time for safety checks
Prior to new tenants moving in, make sure you have covered the required safety checks. These include a gas safety certificate, electrical installation condition reports and checking for working smoke alarms.
Have a reference checks process
Make sure you have a process in place for handling tenant applications quickly. Our Good Landlord package includes comprehensive reference checks with same day turnaround.
Have flexible tenant criteria
Be flexible and transparent with the tenants you’re looking to attract. Be open about whether you allow pets or if you have a minimum income criteria or if your property is aimed at students. However, bear in mind that you cannot exclude tenants who are in receipt of benefits.Looking for support in the management of your rental property? We have a range of packages that can be tailored to your specific needs with features including property advertising, referencing checks, tenant reward schemes, and rent collection. Find out more about our services.