Idle properties put financial strain on landlords because there’s no income to justify the outgoings. It’s an expensive time and needs to be investigated.
To help pique tenant interest, read on for our tips to get properties viewed with the right type of renter likely to put a deposit down and set a move-in date.
Pricing First
Tenants will only pay what they can justify. They can instantly see the average rates for properties using any of property listing websites. So can landlords.
Check to see that your price is worth considering from a tenant perspective. If someone can rent a similar property for £100 pcm less, they’re likely to favour lower… unless there’s a really good and justifiable reason to pay more.
When comparing property prices online, don’t just check large property sites. Also check private rates by searching on Facebook Marketplace and Gumtree.
Marketing Methods and Demographics
Researching demographics for your area online alone isn’t always effective. A few years back, most demographic data for landlords would reveal private tenants to be under 30.
Things change. Today’s demographics of private tenants include older renters. Some people feel that due to rising property prices, they’ve aged themselves out of being mortgageable. You have single parents, people fresh out of a relationship, those divorced with kids needing to rent a two-bedroom property, and there’s accidental renters possibly because of redundancy. The age demographics for private tenants are from student age to mid-50’s.
Marketing without Visuals
People don’t need to view a property to see what it looks like inside. All modern property websites provide photographs. If your listing doesn’t, your property will take longer to rent. For best results, use professional photographs taken with a wide camera lens to capture more space.
When photographing…
- Don’t have clutter visible in photos
- Use plenty of lighting to make it look airy and inviting
- Home-staging, like estate agents help with to sell a property is just as effective for increasing rental inquiries.
- For maximum appeal of upmarket properties, consider hiring a videographer to do a walkaround, taking viewers through your property, room by room.
Limiting Rental Appeal with Policy Restrictions
Policies can help or hinder. Some examples are:
- Excluding pet-owners
- Excluding smokers
- Excluding potential tenants who need financial help to pay their rent.
Some policies are essential, such as a no smokers policy, which reduces landlord insurance, or if you’re leasing a furnished flat, a no pets policy would safeguard against your furnishings being destroyed. Are your policies necessary?
The Property Doesn’t Appeal
It may not be the entire property, but rather, one area. Like a kitchen that’s too narrow to move around, let alone function as somewhere to cook a family meal. Or a wet room that’d be useful to someone disabled, but unappealing to anyone who wants a bathroom. A bath with an overhead shower would cater to both tastes.
The above four tips will help get more interest in your property. Then, when people come around, listen to their feedback as it may be just one area in your property that needs tweaking. Like adding a shower to a bath, or upgrading appliances.
To Summarise:
For landlords with properties gaining few inquiries:
- Check your price is competitive
- That you're using the right marketing channels to reach renters
- Use professional photos for visual appeal
- Reconsider any policies you have
- Consider if improving the property would be beneficial and within budget.
If you’re struggling to get your property rented, call us on 01925 499599, or drop into our office for a chat. We know the Warrington property market and can advise on potential problems tenants spot that landlords don’t.
