Whether you are an established landlord looking to expand your property portfolio or have taken the decision to invest in your first buy-to-let, the responsibilities of managing and finding the right tenants for your property can be quite stressful.
Our Lettings Manager, Jordan Thompson, understands this feeling too well so has put together a few handy tips to kick-start your search –
- Find the right agent for your requirements
Choosing the letting or managing agent is important. As long as you market your property at the right price then everything else will fall in to place providing you use a reputable, intelligent and established agency. You are trusting them with your investment(s) or home!
- Where to find tenants
Research online to see which agents are letting similar properties to your own. Chances are they will have tenants ready and registered that are looking for a property just like yours.
- Be reassured with independent review sites
- Think local
Shortlist a few local agents and then check out their Rightmove and Zoopla pages to see which letting agencies have the most instructions and which agencies are frequently updating their available list of new properties to let. Lettings agents with a high market share will achieve a high price and source a high quality of tenant as their high number of lettings listings will attract a high number of applicant/tenant registrations.
- Set your sights high – it could pay off
Don’t always go for the lowest fee! London is often a Landlord’s market but if you squeeze the agency on the fee you might end up the lowest fee payer on the agents books at that point in time. The negotiators will focus on the higher fees first on their lists!
- Seek exterior/interior refurbishment advice
Always consult a letting agent about any works you plan to do. The key is do the minimum to get the maximum and to a standard that the profile of tenant you are hoping to secure will enjoy and be happy with. Styling and dressing an apartment goes a very long way. Tenants like to be comfortable, secure and proud of where they live.
- Convenience is the key
If you are considering a management service then make sure that the managing agents and the management department are based locally – ideally on a high street so you or the tenants can pop in at any point to see someone. A local agent with a walk in service is more likely to provide an excellent service to tenants and landlords, as queries or issues are dealt with quickly and efficiently.
We hope these tips help, why not pop in to our Borough office to discuss your requirements and see how we can be of further assistance or call 020 7015 1360 to arrange a property appraisal.