Buy-To-Let Tips

Practical Advice To Help You Profit From Rental Property

 


Finding Tenants

To maximise your return on investment, it is important to find a tenant quickly and at the right price. There are three stages which are normally involved in finding a tenant: advertising, holding viewings and selecting the tenant. You can handle these yourself or allow a letting agent to handle all these activities on your behalf. A good letting agent will have have considerable expertise and experience that allows them to carry out the activities more efficiently than you would be able to although this comes at a price.

 Three Stages in Finding a Tenant:

  • Advertising. Advertise for tenants as widely as possible. The more potential tenants that know about your property, the more inquiries and viewings you will get, and the better chance you have of finding a suitable tenant.

  • Holding viewings. Make sure your property is prepared and that you have ready answers to likely questions that will be asked by potential tenants.

  • Choosing the tenant. To minimise the chance of your tenant turning out to be a complete nightmare and to give yourself the maximum legal and financial protection if they do, there is a reasonably exhaustive administration process which it is recommended you follow, before your prospective tenant has access to the property. Don't forget that referencing can take up to a week, even when you've found a tenant that seems suitable. It is possible to fast track the process, which means you should have them back within 48 hours, but this will cost you extra.

Do not expect to let overnight.
How long it will take to find a tenant depends entirely on the market, the demand for the type of property you are letting, its condition and the price at which you are offering it. You may be lucky and let within days but it can take a month or so. As a rule, you will usually find a tenant more quickly using a letting agent than you would on your own, as they will spend more on marketing than you would if you were letting privately. For the quickest result look for a tenant yourself at the same time as retaining the services of an agent.