Current tenant moving out? Unless you’ve opted for a Fully Managed Service from your letting agent, you’ll have to spend time getting your rental property ready to attract new tenants – though if you’re not prepared, the void between tenants can hit your income…
While the key to successful renting is meeting the demand of your prospective tenants, minimising downtime between tenants will ensure you’re getting the most financially from your property. To help guide you through the re-let process, we’ve put together a checklist of points to remember when getting your property ready for new tenants:
Freshen up - make a good first impression
First impressions are everything, especially for prospective tenants looking for a new home. Freshly decorating your property with neutral décor will not only make it feel light, clean and spacious, but could also attract more tenants.
Your property may need a little TLC following your last tenancy, especially if your previous tenants occupied it for a long time. Therefore, it’s important your property is professionally cleaned and any small cosmetic fixes completed ahead of viewings with new tenants.
Fix up – complete maintenance works
There’s nothing more off-putting for potential tenants than unfinished maintenance works.
Whether the boiler needs servicing before the winter months, or you want to install a new one altogether, make sure any key maintenance works are completed in good time, so that your letting agent’s able to show prospective tenants around without disruption. This not only demonstrates that you’re an organised landlord, but one who maintains a well-looked after property.
Tidy up - boost your kerb appeal
Before your letting agent comes to photograph your property, spend time making sure it looks as inviting on the outside as it does inside. Sweeping away autumnal leaves or dead-heading flower beds could be all that’s needed to give your property an instant boost and attract even more prospective tenants once your home goes online.
Offer – No Deposit Option
Tenants require more flexible renting options these days to overcome the financial burden on them each time they wish to move.
Leaders’ No Deposit Option makes renting a property more affordable for first time renters (who no longer need to save to raise an initial deposit) and for existing tenants (who do not have to raise a new deposit while their previous one is tied up in their current home).
The scheme increases tenant demand (13% more property views on Rightmove compared to traditional properties), so can speed up the re-let process. An added perk is that the No Deposit Option provides 40% more protection than a standard deposit, indemnifying landlords for the equivalent of seven weeks rent.
Advertise - consider a ‘To Let’ board
In addition to online advertising, a ‘To Let’ board is key if your property is situated in a busy or popular area. It will help catch the attention of both local tenants and visitors to the area who might be considering a move.
Update – get a compliant EPC, gas safety certificate and electrical safety report
It’s compulsory to have an EPC with a minimum rating of ‘E’, and you must provide your tenant with a copy. Though the certificates are valid for 10 years, it’s worth checking if yours is still in date.
Also, ensure that all gas and electrical appliances are in good working order. Your letting agent must have a copy of your gas safety certificate before allowing new tenants to move in. Likewise, it’s good practice to provide an electrical safety certificate, too. Under Leaders’ Fully Managed Service, your dedicated Property Manager will notify you when your EPC or gas safety certificate are close to running out.
If you rent out a furnished property, then a Furniture and Furnishings Fire Safety Regulations label must be in place on all furniture, so check the labels are still intact.
Set up - arrange landlord insurance
Standard home insurance won’t cover you if you need to claim for an accident or damage to the property once it’s been let. As soon as you have agreed a new tenancy and obtained your gas and energy certificates, then you should arrange landlord insurance.
If you’re not sure where to start, our carefully selected specialist insurance providers can help guide you, so you have the right cover for your property, at a great price.