The UK’s rental market has always been competitive, but after the effects of Covid-19 and the latest price hikes, this has become more of an issue for both renters and landlords. With renters having to think more carefully about the price of properties and finding the right property in a safe and convenient area, landlords are under more pressure than ever before to provide a quality property that can stand out in a crowded and often challenging market.
From producing good adverts from the offset to pre-screening interested parties to prevent wasted time, here are our tips for advertising your rental property in today’s market.
A Good Listing
First things first, creating a good listing should be one of the first and most important steps that you take when it comes to advertising your property. Even when selling through an estate agent, it’s always best to write your own high-quality advert to avoid otherwise stale copy-and-paste alternatives. The description and pictures of your property are often the first things that a potential tenant will see and will ultimately be the difference between them making a call to book a viewing, or scrolling past your property completely. The key things you need to consider for your property listing include:
- High-Quality Photos – The photos will be the first thing potential tenants will see and so it’s crucial that you get the best quality photos that not only showcase the best of the property but show a realistic view that makes sense. Potential renters want a clear-cut view of what they can expect from a viewing before they even book it, so having good high-quality photos to match a high-quality description will offer a snapshot into what life may be like living on your property. Make sure you cover every room, hallway and the front and back of the house – having a comprehensive listing will help to solidify interest.
- Emotive Language – One of the biggest downfalls that estate agents and landlords can make when advertising properties is to come across as too stale in their wording. Having emotive language can really attract attention and play on the emotions of potential tenants. Using ‘you’ and ‘your’ can really help to capture their attention and emotions – for example “You’ll have access to an expansive patio with some of the greatest views in the whole town” offers a personal touch and helps potential tenants get a more detailed and often realistic view of what their life could be like in this property.
- The Right Details – Make sure you’re including all of the right details! You need far more than just “three bedrooms, two bathrooms and a garden”. You should include details about bedroom and bathroom count and sizes, overall square footage, garden details (e.g. fenced, patio, grass area), rental incentives (e.g. included bills, maintenance etc), information about parking, furniture or appliances included, whether pets are welcome, and even how close the property is from key transport, schools, shops and even local sights and attractions.
- Think About Benefits – Similar to the point above, you should be including details about various benefits tenants might get from living on your property. Will you offer any additional benefits as a landlord, such as arranging window cleaning or gardening? Or is the property perfectly located just close enough to local attractions and amenities while being just out of the way enough to avoid the traffic and congestion troubles that come with them? These are all key things that tenants will be eager to know before they ever move in. What kind of internet connections can they expect to find? Does the garden get a lot of sunlight? Is there a recently refurbished ensuite in the master bedroom? Leave no key details left out – you never know what could catch someone’s eye.
Advertise In The Right Places
Once you have the perfect advert written up and ready to go, your next step is to make sure that the advertisement makes it to the right places. Gone are the days when the only place people could find a property was by walking the streets or picking up a newspaper – today’s technological world has made for an ideal setup for landlords. You could use social media to spread the word, post on websites like Zoopla or Rightmove (You may need an estate agent for these), or even take full advantage of the power of word of mouth.
Ask previous tenants for reviews or recommendations, post their testimonials within the product listing or even use your Facebook friends circle to start getting the word out. You could consider hosting an open house viewing too – though this is usually easier for properties that aren’t currently occupied by tenants.
Investigate Rent Prices
While the location and property do matter to tenants, the price of your rent will also play a huge part in who can or will choose your property. It’s important to make sure that the price you’re asking for is not only realistic but is in line with the property that you have on offer. Take time to research the surrounding area and the rental prices for similar properties in your area, as well as the rates that your ideal demographic is likely to be able to afford. The cost of living crisis is, unfortunately, pricing many people out of being able to afford to rent new properties, and so offering a slightly lower, yet realistic and competitive price could set you apart from other properties that are still sitting vacant in the area months after they hit the market.
Pre-Screen Interested Parties
Property viewings are often considered to be the biggest waste of time for landlords, existing tenants and sometimes even potential new tenants. They are an important part of the property rental process, however, it’s far too common for landlords and estate agents to spend a good chunk of their time showing people around a property that was never a right fit in the first place. Pre-screening tenants can not only weed out any of those who are “just looking”, but also provide both you and them with a clearer idea of whether the property is right for them. Pre-screening points can include:
- When they would want to move in (do they need somewhere immediately, or are they casually looking?)
- How many people will move in? Will children be moving in? – if there are no schools nearby, for example, your property may not be suited for all families.
- Will the tenant want pets? – while new renters reform bills may make it difficult for landlords to turn down tenants and their pets, asking about pets can help you determine whether a specific pet would be suited to that property. For example, nearby parks could be good for families with dogs, while busy main roads may be too dangerous for families with cats.
- Inform the tenant of any income requirements early – before they even visit the property, informing potential tenants of any income requirements will help manage their expectations. Rent guarantee insurance will protect you against any missed rent payments, but by setting out expectations early, potential tenants can be clearer on whether they can afford the property at all.
- Inform the tenants of any background or credit checks – if you plan to run background or credit checks, make sure to inform the potential tenants of this early. By doing this during pre-screening, you could cut down the number of timewasters and prevent any issues in the future when the checks need to be run.
From writing up the perfect advert to ensuring that potential tenants are screened before they visit or sign any documents, marketing your rental property can be a complicated but rewarding process. By taking more time during the marketing process, you can create a much smoother rental experience for you and for your tenants in the future. For more information about our Landlord insurance products, feel free to get in touch with a member of Ashburnham Insurance for FREE on 0800 1696137.