The key to renting is advertising a property; unless you have a strong network to utilize and can spread the news about your rental properties, you need to maximize advertising. For many landlords, it isn’t easy to know where to start. Advertising a property where and with who? What price should you be charging for rent and deposits? What should you write in your advert to ensure most people are interested? Before you go to the high street, use an online letting agent! I know we are one, and of course, I will always promote our services, but you could save £100s by using the services of an online letting agent when advertising a property you own.
Advertising A Property: Where…
Offline (in news-shop windows, etc.) And Online (using websites advertising your property on major web portals such as Rightmove, Zoopla, etc.) Advertising A Property: Online – what to do and how to do it:
Asking Price:
Start by researching your local area to see what price to rent yours at; look on Rightmove and Zoopla, and compare others advertised and the conditions inside. This will give you a perfect idea of what yours will cost. If you are still unsure, you could call a letting agent and see what they recommend – all letting agents will have access to online searches through Rightmove and Zoopla to look at the surrounding areas and see what has let/ is up for letting that is like yours.
Deposit:
Generally, Landlords ask for one month to six weeks’ rent as a deposit. Be aware that the most you can ask for is two months. I would also suggest being a little cautious about asking for a huge deposit, as this may put your property out of some tenants’ budgets.
What company to use when advertising a property:
Decide what services you require—are you able to conduct the viewings yourself, or would you rather someone else do them for you? Most online letting agents require you to complete the viewings yourself, and wherever possible, I would advise that you do! However, if you can’t, then you may need to look for a local agent.
If you go for a local agent, try to get a few rounds to get their opinion on letting the property and negotiate over their charges!! Research potential websites where you can post your property rental listing – this gives you great control over what is shown to tenants. Check that they advertise on all the major websites and look for ones that are members of the Property Ombudsman, as this will shortly be made law. Ensure the service listed is exactly what you require; for example, if you don’t want to deal with all the inquiries and pre-screen yourself, ensure that the service you pick does that for you.
What to write/ add to your listing:
Create a listing at the website or websites you select. You should complete a form about your property, which will assist you in providing all the information that is needed. However, if you are still unsure, take a look at other properties being advertised. Make the listing descriptive. Think about what is special about the property and what would make you view it if you were a tenant looking.
Please pay particular attention to the summary description, as this is the first thing tenants see in their search results and will entice them to read more. You should include several pictures to give potential renters a good idea of what the property looks like.
This is essential for your listing; not showing images can lead to tenants assuming something is wrong with the property, so there are no pictures. Make sure that you add your EPC details, as all adverts must now display this rating (most agents will be able to organize one for you if you don’t already have one)
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What next when advertising a property?
Sit back and wait for the inquiries to flood in!! Once your advert is live, ensure that you get links sent to you so that you can check how it looks and act on any mistakes immediately to prevent missed opportunities. Your agent should be pre-screening the applicants before they are put forward for viewing, but just in case, ask the agent when they call you all the main questions you want to know if they dont tell you that immediately. This saves you and the tenant time on wasted viewings.
Meet with potential tenants to show the property and discuss the rental agreement. We always suggest meeting the tenants yourself; this way, you can get a feel for them. It also means answering any questions about the property immediately and preventing delays in the offering. Once done, remove or update your online listings as soon as possible after renting the property.
Offline Advertising A Property:
While over 90% of house hunters start their search online, there is no harm in ensuring you have covered all angles to get your property let and avoid! Place a “To Rent” sign with your phone number at the site of your rental property to attract drive-by applicants or order a To-Let Board from your online letting agent.
That they erect and remove for you, depending on your target tenant, it might still be worthwhile placing a classified ad in your local newspaper with your phone number, briefly describing the property’s basic features, monthly rent, any security deposit, and the unit’s availability. ? Prepare and place announcements or flyers about the availability of your rental property on bulletin boards in local shops, businesses, churches, and any local community centers near your property.
If you have more than one rental property, inform your current tenants about the vacancy and ask them to spread the word to friends and family. This is especially useful if you rent to students. Inform your friends and business associates about the availability of the rental property to take advantage of word-of-mouth advertising.
