If you’ve ever dipped your toe in the rental property market, you’ll know there are always a range of factors at play, some of which are beyond your control. The economy could boom or bust. Changes to transport routes could dramatically impact demand in your area. And who knows, a global epidemic could hit!
But there are lots of factors that you can control, and these become especially crucial if you’re struggling to find a tenant for your residential property. Every day that your property sits unoccupied costs you money, and this mounting pressure can cause some landlords to make rash decisions like accepting unsuitable tenants or selling when it is unwise to.
So what can you do if you can’t find tenants? Your first step is to identify the issue. This is easier said than done if you’re an inexperienced landlord—or if you’re too experienced, and you haven’t kept up with the times! But don’t worry, we’re here to help. Here’s our list of potential reasons why you can’t find a tenant, and how to fix the problem.
Poor Property Images
Poor quality property images won’t be an issue when there is high demand, but when you’re competing for tenants, photos are the single most important aspect of the marketing process. Price, number of bedrooms and location might get your property onto a potential tenant’s radar, but appealing photos will get them in for a viewing. You may think that your property images are fine—if they display the property inside and out, what more could a tenant want? But property images need to be more than functional.
Effective photographs entice the customer into picking up the phone and arranging a viewing. Hiring a photographer to take your snaps is your best bet. Professional photographs cost in the region of £80, but bear in mind that you can reuse the images if you don’t radically alter the appearance of the property between tenants. If you’re going to take the photographs yourself, there are a few crucial composition elements to think of. You’ll want a wide-angle lens, with plenty of natural light. Thoughtful composition is key. Remember to select a focal point for the image, and arrange the furnishings—if you have them—in a way that compliments the space.
2. Your Current Tenants Are Holding You Back
The ideal scenario for a landlord is to secure new tenants before the current occupants move out, therefore avoiding loss of income. But the success of this approach depends on whether your property looks appealing to prospective tenants when they view it with your current tenants in situ. Nine times out of ten, this will be fine, especially if you’re on good terms with your current tenants and you let them know well in advance of the viewing, so they can spruce the place up a little (thanks, tenants!). But if your current tenants have lower than average standards of cleanliness, the property could register as uninhabitable to visitors expecting a clean, pleasant environment.
In this case, it’s best to wait until your current tenants move out before listing the property. Ideally, your tenant would have left the property in a clean state, but if not, you’ll have time to give it a top-to-bottom clean before showing it to prospective tenants. While you may be reluctant to lose out on a few weeks’ income, the alternative is wasting all the interest generated by your property listing (with those beautiful professional photographs) when people view the property and immediately turn their noses up. Consider that it may be better to wait a while, so you’re ready to capitalise on those leads by presenting a property that lives up to the high expectations set by your listing.
3. Your Property is in Poor Condition
This point is especially relevant to experienced landlords who may have successfully let the same property for many years and then suddenly stopped getting bites. While you may not notice if your property has seen better days, your prospective tenants, who have never seen the place before, certainly will. Don’t underestimate the power of first impressions.
Whether it’s a slightly musty smell, peeling paint, a stain on the carpet, or dated bathroom fittings, signs of age and wear and tear can put a tenant off immediately. Spending a little time and money on the property can breathe new life into the space and act as a draw to prospective tenants. Even if you can’t afford to replace structural features like the bath or loo, a fresh coat of paint and a professional deep-clean can work wonders.
4. Your Decor is too Striking
Landlords should always try to make the property look nice. But, a word of caution: less is more. Sometimes the most well-meaning landlords lose out on prospective tenants because they choose striking decor, or clutter the property with ornaments. What seems welcoming and cosy to you won’t necessarily appeal to the tastes of your prospective tenant, who might have their own plans for how to turn the space into a home.
A property should be like a blank canvas on which the tenant can express their own personal aesthetic. A neutral colour scheme is always best. Try a colour palette composed of whites, creams and earth tones, and choose fittings that are made of—or at least resemble—natural materials like wood or slate.
5. Your Asking Price is too High
Nothing wrong with optimism, but if you set your asking price too high, you might take longer to find a willing tenant and end up losing income anyway. Don’t make the mistake of basing your price on what you think the property is worth. Either get a local property agent to help you make a valuation, or consult a listing of similar properties in your area to see what other landlords are charging. And be careful of outliers—if you see properties advertised for higher than average prices, always check the listing date, and don’t take the property in your calculations if it’s been hanging around on Rightmove for months.
6. Stiff Competition
Now and then, demand for housing in your area might subside, especially if the economy is in a slump. In that case, you need to focus on avoiding unoccupied periods at all costs, and standing out from the competition. While it might not be what you want to do, try lowering your price. Aside from the obvious attraction of a lower asking price, your property listing will rise to the top on the UK’s biggest property sites, Rightmove and Zoopla. This is because most property hunters filter their search by price—lowest to highest—which is good news for landlords who have priced that little bit lower. If you’re not keen to lower your price, another option is to opt for a featured listing, so your property comes up ahead of others in the same price range.
7. You’re Not Listing on Rightmove or Zoopla
This is an obvious one, and do skip this paragraph if you’re already listing on both of the UK’s biggest property sites. But if you’ve been living under a rock, you’ll be interested to learn that Rightmove and Zoopla get more traffic than all other UK property sites combined.
If your property is not listed on one or both of these sites, you are missing out. If you’re renting your property through an agent, insist that they list your property on both of these sites, as some agents tend to favour one, which could cost you a significant amount of leads. And if you’re listing your property yourself, it’s worth listing on both of the UK’s major sites, as your listing might perform better on one site than the other. Next time you list, the other site might serve you better—you simply never know. If you’re accustomed to listing your property on certain websites or message boards that have served you well in the past, there may come a time when these methods aren’t sufficient, and you need to cast a wider net. In which case, Rightmove and Zoopla should be your first port of call.
8. Have a “Plan B”
Sometimes even the most strategic landlords will have trouble renting their properties. If you’ve tried all of the above and you’re still unable to let your property, it may be due to factors outside of your control. When your only option is to wait it out, you may need to implement some damage control measures where financial loss is concerned, just until your prospects start to look up. You will lose out on rental income, but you can take steps to avoid other costs mounting.
There are several additional costs and risks associated with having a vacant property. Security measures can cost thousands of pounds annually, and there’s also property maintenance and vacant property insurance to consider. While the building stands empty, your property will also be at risk of vandalism, theft, arson and squatting.
Until you’re able to find tenants, Blue Door Property Guardians can help you mitigate risks and losses by removing the need for traditional security measures. Our live-in guardians protect vacant property 24/7, 365, at no cost to landlords. If this sounds good to you, get in touch to discuss securing your property.
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