Although there is a high demand for rental properties in south west London areas such as Coombe, New Malden and Wandsworth, there is more to the tenant finding process than simply finding tenants who want to live in your property.
Finding tenants who are looking for a long-term rental can help to minimise void periods, while another priority should be to identify prospective renters who are more likely to be reliable at paying rent and who will be responsible when it comes to looking after your property.
The Renters’ Rights Bill will abolish Section 21 eviction notices, so it will be even more important to thoroughly screen tenants to help avoid the complexities of the new eviction processes. Through our many years of finding ‘good’ tenants for our clients, we have some effective tips that you can apply during the tenant finding process.
According to Zoopla, rental supply is 20% below per-pandemic levels, with mortgage affordability and a lower supply of rental properties driving a high demand for rented properties in the UK. Despite rental inflations slowing down, the number of people looking for rental properties outstrips the number of available properties.
The level of demand varies across different areas, but sought-after locations such as Wimbledon and Mayfair always have a strong level of demand, so finding good tenants for properties in these areas is usually easy.
On average, it takes around two to six weeks to find a tenant but in many cases, it only takes a few weeks. Using estate agents who already have a list of potential tenants can speed the process up and ensuring your property meets the needs of your target tenants will also help reduce the time it takes.
Effective advertising will ensure there is a large pool of prospective tenants to choose from, and prompt tenant screening procedures will prevent unnecessary delays.
How to find a good tenant tips and advice
If you need to find a replacement tenant in your property or are putting it onto the rental market for the first time, these tips will help to find good tenants and speed up the process:
An important aspect of finding the right type of tenant for your property is to fully understand their wants and needs. Consider which type of tenant will be looking for a property like yours. If you have a large number of bedrooms, good local schools and a neighbourhood with a community-feel, your ideal tenant will probably be families looking to settle in the area. Their priorities will usually be having adequate space, an outdoor area for children to play in and a property that is in the catchment area for the best local schools.
If your property is located close to universities, offering student housing may be a better property strategy. In which case, your property will need to accommodate the preferences of students, including reliable broadband, providing a workspace and all the furnishings they need.
Letting agents will be able to guide you on the types of tenants who will be looking to live in your property, based on local demand trends. They will ensure that advertising is focused on appealing to your ideal tenant and they will be able to perform comprehensive tenant screening to find the best calibre of tenants. If you are looking for property managers, a letting agent will also provide this service, so you don’t have to get involved in the day to day management and responsibilities. They will help ensure compliance with regulations and take care of time-consuming work like writing up the tenancy agreement and creating inventories.
It goes without saying that your property should be in the best possible condition to attract tenants, both in the photos used for advertising and during viewings. Make sure that the property isn’t cluttered, see to any minor repairs and tidy up gardens in advance. You might consider applying a fresh coat of paint to improve the appearance of the property or undertake some small renovations to modernise the property.
Offering a rental price that is competitive within the local rental market is also key to finding tenants. As well as attracting a larger pool of tenants, fair rental prices are required under landlord regulations. Maintaining the right rental price throughout tenancies can also prevent tenants from moving out if they can find cheaper alternatives.
Advertising on the popular property portals like Rightmove and Zoopla will give your rental property more exposure. If you are using a letting agent, check which portals they advertise on and ask whether they also promote properties on social media.
Make sure that your property listings include the key information that meets the priorities of your target tenants, such as transport links, schools, amenities, etc. The quality of photos and videos used to advertise your property will have a big impact too, so professional photography is recommended.
One of the benefits of screening tenants is to ensure that they will be able to afford to pay the rent and that they are more likely to be paying rent on time. Credit checks, landlord references and employment references are used to find renters that are at lower risk of missing payments. Letting agents offer this service, either as a one-off process or as part of a full property management service.
Before you start arranging viewings, make sure your property looks clean and tidy and create a spacious and welcoming environment. You may need to move bulky furniture to optimise space and adding some small touches such as displaying fresh flowers can help to make the property feel more homely.
Tenants will want to be sure that landlords will respond promptly if they have any issues during the tenancy, and being responsive throughout their early interactions with you will reassure them. Maintaining professional and polite communications could be a deciding factor for tenants if they have looked at a number of different properties.
There are lots of regulations that you are required to comply with, including providing a valid EPC and gas safety certificate. Landlords must also follow rules around fair rent pricing and the upcoming Renter’s Rights Bill will make it illegal to participate in bidding wars to increase rents. Another important legal requirement is performing Right to Rent checks on prospective tenants.
By following these tips such as using effective advertising, preparing your property and pricing rent correctly, you should be in a good position to find tenants for your property in south west London. Usually, the fastest way to find good tenants who are ready to move into your property will be to use a letting agent.
As an experienced letting agent in areas including Mayfair, Wimbledon Park and Battersea, we have waiting lists of ideally positioned tenants, and we can help with every step of the tenant finding process. Contact our team today to find out how we can help.
Ticking off the items on this list will help you keep track of your legal responsibilities when renting out a property.
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