When you first buy a rental property, you need to factor in that you won’t get the keys and then find a tenant to move in the following day.
It is likely that you’ll need some time to undertake some maintenance or refurbishment to the property. You will also need time to advertise the property, conduct viewings, reference the chosen tenants and complete all of the relevant paperwork and safety checks before finally moving them in.
Being pro-active can help to minimise this initial void period. I try to advertise the property as soon as I am allowed to by the seller, have confirmed the ‘earliest move-in date’ and can take representative photographs that show the property off well.
Ideally you would conduct viewings at this stage too i.e. between exchange and completion. If that’s not possible, marketing it early still enables you to take prospective tenants names, numbers and details so that once you are in a position to conduct viewings you have a shortlist of interested parties ready to go on day one.
Letting agents or landlords with multiple properties may also have a head-start as they will often have tenants on a waiting list or who ‘missed out’ on a previous property but may find yours of interest.
It is also important to advertise the property at the correct rental price. You may even consider offering the property below the ‘going rate’ so as to attract more interest, rent the property quicker and thus minimise your initial void period (when the property is earning you nothing).
Ideally the first batch of viewings will lead to suitable tenants who wish to rent the property. The next issue then becomes when they can move-in. It’s unusual for someone to be able to move-in immediately, as they generally need to give their current landlord a notice period.
Property type can play a part here - smaller properties may be filled quicker as the tenants are naturally of a more transient nature, whereas larger family homes often come with tenants that have more commitments (and stuff to pack!) before they can move.
In normal circumstances, if a property is advertised and a tenant is not found within a few weeks (not necessarily moved in but scheduled to do so) then I would say something is wrong - normally the price, property or marketing. One key proviso for a landlord is that the objective should always be to get the best tenants possible, not necessarily the first ones that come along.
If you are buying a rental property and would like someone to help you find the right tenants as quickly as possible, please get in touch.
(This article was featured in the Chichester Observer's property section on September 27, 2018)
Clive Janes, CRJ Lettings
If you are looking for an agent that is well established, professional and communicative in Chichester, then contact us to find out how we can get the best out of your investment property.
E-mail me on clive@crjlettings.co.uk or call 01243 624 599.
Don't forget to visit the links below to view my previous buy-to-let deals and Chichester Property News articles:
c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP
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