When letting a property it’s worth considering that for every week the property remains empty you are reducing your return on capital. If your property usually generates £900 per calendar month, then one month vacant is costing you £900, plus other holding costs such as council tax.
To get that property let quickly, there are a few simple things you can do which will keep your investment generating income.
1: Use an experienced and dynamic local letting agent that specialises in the sector. Needless to say, Duncan Yeardley fit the bill. Our up-to-date list of registered tenants and our years of experience in the sector can save clients hundreds of pounds by speeding up the letting process and securing the right tenants.
2: Make sure the property is thoroughly cleaned before viewings commence. No one wants to live in a grimey property! Buying a property is different. Buyers can do what they want to improve their home when they move in. Tenants want a nice clean, blank canvas.
3: Commission some good quality photographs that make the most of natural light and special features such as fireplaces, fitted wardrobes, fitted kitchens, etc.
4: Redecorate in between tenants. You might not have to do a complete redecoration, but tidy scuffed walls, doors and frames, repaint front doors, fix broken cupboards, etc.
5: Tidy the garden, front path, lawn and external windows, etc. First impressions count. Also, make sure the property is well aired before a viewing, not cold and clammy or stuffy and smelly! Cleaning carpets and investing in pot pourri or some good air fresheners will help.
6: Consider offering a slightly reduced rent to secure a good tenant, or perhaps even a couple of weeks rent free. A week or two of lost rent or a 10% reduction for the first 6-12 months is quickly eaten up if the property stays vacant for a few weeks.
7: Instruct your letting agent early. If you give us early warning that a property is coming to the market we may well be able to secure a new tenant seamlessly after your old tenant has moved out!
- Tips on Preparing Your Home for Estate Agent Photos
- Five Tips to Increase the Rental Income From Your Property
- Property Inspections & Inventories for Letting Explained
- Why use a Lettings Agent?