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 – The more tenants that know about your property, the better chance you have of a suitable tenant making an inquiry and seeking a viewing.
- Holding viewings – Very few tenants will rent a property without viewing it first, so you should make sure you are prepared for the questions that will be asked. The previous section gives you some advice on preparing your property.
- Administration – 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. (more about this in ‘Checking your tenant’)
This may seem time consuming, especially if you have lots of properties but it can also speed things along if you do it yourself. You are then in control of your own destiny and using letting agents offers no guarantee that the process will speed up. In many cases, the letting agent will attract tenants through internet advertising. Essentially you are paying for their time to handle this for you but in reality, if you know which websites to go through (Find a list of these websites in the ‘Advertising Your Rental Property’ category) this can be a relatively simple task.
How Long will it take to find a tenant?
The length of time it will take to find a tenant depends entirely on the market and the demand for the type of property you are letting. Of course, a major factor will be the price at which you are offering it. Two to six weeks is a normal length of time. Many properties are let much more quickly than this, some almost overnight, but you should neither expect this, nor depend on it financially. If you have bought your property off-plan, you should know the completion date. It may be worth offering external viewings or a viewing of the show flat so that tenants can get excited about moving into a new property. This can give you decent lead time to find a tenant prior to your payments starting and in time for the completion of the sale on the property.
If you are efficient and follow the guidelines in this KIT, you can master the process easily enough. Once you have taken care of your first property, you will find it much easier and less of a daunting task as time goes on. And, you will become far quicker at achieving all of the processes involved.
Where to advertise your rental property
This is the big one! The key here is knowing the best places to promote your rental property. If you can get this right, all other aspects will fall in place – trust me! If you can get viewings, you will have the opportunity to get the property tenanted. After-all, the tenant knows how much the property is available to rent for and a little basic information from the advertisement in the first place.
There are 2 types of websites you can advertise your property – general property websites and specialist landlord/tenant letting sites. Some cost money to use and some are FREE for landlords. Below are the links to the websites that can help you advertise your rental property.