Finding the tenants to suit your let
Attracting the ideal tenants infographic
Attracting the ideal tenants summary
Your ideal residential tenant
Finding your ideal tenant may be less about the person, but more to do with how the property will suit them. You may be looking to rent a small apartment to couples, but will they be planning to have a family? In which case, an apartment may be too small and you will be starting the cycle of looking for a tenant all over again.
Your ideal commercial tenant
It is important that you do background checks on potential tenants to find out what they do to make sure the premises is suitable for their business activity. Doing your due diligence checks may also give you a good idea as to whether they will be a viable company who can continue to trade, and pay your rent. It is important to consider the size of the company, as well as whether or not the premises are suitable for their activity. They will need to be able to work comfortably, but if they’re looking to expand then they don’t want to struggle for size. The location is also important, as this could be vital to the company’s survival.
Is there an ideal time of year?
OpenRent found that August is the time of year with the most enquiries for rental properties.
This was attributed to four different reasons:
- Students looking for accommodation before the start of term
- Graduates moving to new areas for work
- Parents waiting for the school holidays
- The weather is better for moving
Is there a time of year to avoid?
Lettingaproperty.com found that October was the month that had the lowest amount of enquiries, but had one of the best rates for people genuinely interested in moving into the properties.
Advertising in the right place
Research from the Office of National Statistics in 2017 found that 90% of the UK population had access to the internet, and with websites dedicated to finding property, such as Zoopla or Rightmove, the internet is a great place to start with your advertising. Websites such as Craigslist or Gumtree are also great places to advertise your listing.
Most estate agents will use social media to advertise the properties that they are looking to fill, so why not do the same? If you are looking for multiple tenants then social media can work well because of the ability for people to share the information with their friends. Social media is also a way of seeing what your potential tenants are like in their personal lives. You could also use LinkedIn which is a social media designed for professionals, so you know your tenant will be able to meet payment commitments and are likely to look after your property.
Different advertising platforms are often more suited to different people. For instance, if you feel that you would find a more mature tenant more responsible, why not look to advertise in a newspaper? InterMedia found that the average age of a newspaper reader was 50 years old, so if you’re looking for someone around this age group, this could be an ideal place to advertise.
Consider using an agent
For those who may not be as experienced or those who may have time constraints, using an agent can take a lot of the work away from you. They will, of course, take a fee for doing background checks or deposits, but it will save you time.
We have special insurance packages for residential landlords, blocks of flats or commercial property, to give you the peace of mind that your property, and your income, will be protected.