As rental yields increase, more and more people are being lured into letting out properties. So for all the beginners out there, here are some tips on how to make the first step into property letting in the UK.
Step 1: Make a fool proof marketing plan and stick to it
The best property renting advice I could give amateurs is to treat their marketing plans like a make-up foundation. Without a good foundation, your entire make up would just melt away during the course of the day. The same applies when creating a marketing plan for private renting.
This is the time when you have to figure what kind of tenants you want to attract, how you’re going to send or advertise your message to them, the qualities of your property that you want to highlight, and how people can contact you if they’re interested in renting your place.
For the past years, technology has been a great marketing tool to attract potential renters. Listing sites, like Gumtree, has been successful in connecting tenants directly with landlords, but traditional modes of advertisement like the local paper and poster ads still work.
The only thing you have to remember is that you’re not gonna get an immediate response to every ad all the time. So be sure to stick to your plan, and keep on looking for other venues on how to advertise your property.
Step 2: Invite your potential tenants for a viewing
When you finally get some people interested with your property, you can ask them to take a look at the place for an inspection. If you have many tenants vying for the place, it’s advisable to conduct the viewing in groups.
Never forget that there are other places being let out in the area. So do everything to make it stand out from the competition. Draw the tenants’ attention to the best features of the property. Tidying up the place before everyone arrives or switching on some ambient lighting, the heating, or air conditioner, could give the place plus points to your potential renters.
You don’t really need to dress up for these inspections, but it never hurt anyone to look smart and presentable.
Step 3: Weed out the good tenants from the bad
When I say “good” tenants, they are those who tidy up the place, pay the rent on time, never complain, don’t have noisy parties, and don’t have any trouble with the neighbours. Believe it or not, these people exists. Nothing beats experience in weeding out the good tenants from the bad, but a good place to start is through checking their credit records. If they have a history of not paying their bills on time, then there’s a big chance that they’re going to pull the same trick on you. Private renting with bad credit history never mix well, after all.
Step 4: Move them in!
Before giving the keys of the property to your chosen tenant, make an inventory of the state of the place before he moves in. This is important so that when the lease expires or decides to moves out, you can charge him for any damage done to the private renting properties.