If you’re an investor with rental property in Ilford, finding reliable tenants is essential to ensuring steady income from your buy-to-let investment. As experienced Ilford letting agents, we understand the challenges of keeping your property occupied and maintaining regular rental payments. This guide will walk you through some crucial steps to attract the right tenants for your property, from effective advertising to thorough tenant vetting.
Get Your Property Online
In today’s digital age, the majority of renters begin their property search online. Property portals like Rightmove and Zoopla are the go-to platforms where potential tenants browse listings. If you’re working with an Ilford letting agent, they’ll have access to these high-traffic sites to showcase your property. Beyond the big property portals, make sure your property is listed on social media channels, local Facebook groups, and other community-based websites to increase its visibility.
Take Quality Photos
The first impression a potential tenant has of your property is likely to be based on your photos, so make sure they stand out. Blurry or poorly lit photos can easily deter renters, as they give the impression that the property isn’t well-maintained. High-resolution images showcasing the property’s best features are essential. For example, highlight spacious rooms, well-maintained fixtures, and any special features such as period features or updated appliances.
Set a Competitive Rental Price
Pricing your property competitively in the Ilford rental market is key to attracting tenants. To set the right price, research the local market thoroughly. Compare your property to similar listings in the area and take into consideration factors such as location, size, amenities, and condition. If your rental price is too high, you risk discouraging potential tenants, while setting it too low may lead to concerns about the property’s condition or result in lost rental income.
Consider Pet-Friendly Policies
Pets are an important consideration for many tenants. With an increasing number of UK households owning pets, many renters are looking for properties that will allow them to bring their furry companions along. According to the Pet Food Manufacturers’ Association, 3.2 million pets were bought during the UK lockdown. In Ilford, where families and young professionals make up a significant portion of the rental market, allowing pets can increase your pool of potential tenants. While not yet law, the Renters Reform Bill proposes that tenants should have the right to request to keep a pet, and landlords must provide reasonable grounds for refusal. Offering a pet-friendly policy could make your property stand out in a competitive market.
Highlight Available Parking
Ilford has many areas where parking can be a challenge. If your property includes parking space, such as a driveway, garage, or dedicated parking spot, make sure to mention it in your listing. In a bustling area like Ilford, the convenience of parking can make your property far more attractive to renters who rely on a vehicle for commuting or daily errands.
Furnish Your Property
In a competitive rental market like Ilford, providing a furnished property can be a big draw. Many tenants—especially young professionals or couples—prefer properties that come furnished so they don’t have to buy their own furniture. Even in areas with higher demand for family-sized homes, providing some essential furniture can give your property a competitive edge. Zoopla statistics from 2019 revealed that the word “furnished” was the fourth most searched term by renters.
Draw Attention to Outdoor Space
The importance of outdoor space has increased in recent years, especially after the pandemic. Many people in Ilford are seeking properties with gardens, balconies, or terraces where they can relax outdoors. If your property has any form of outdoor space, be sure to highlight it in your listing. A well-kept garden or balcony can be a major selling point, particularly for families or people working from home who value outdoor areas.
Leverage Word-of-mouth
If you already have a good tenant in place, don’t be afraid to ask them for referrals. Happy tenants are often willing to recommend your property to friends or colleagues, particularly if they are leaving due to personal reasons rather than dissatisfaction. Word of mouth can be an incredibly effective and cost-free way of filling your vacancy.
Know the Best Time to Advertise
Timing plays a crucial role in securing tenants quickly. Generally, the rental market in Ilford is fast-moving, but if you’re targeting students or those looking for short-term leases, you should start advertising a few months before the desired move-in date. For young professionals or families, it’s typically a good idea to start your search about six weeks before the tenant is needed.
Perform Thorough Checks
Once you’ve attracted potential tenants, the next step is to conduct thorough screening to ensure that they are reliable and trustworthy. This includes:
Reference Checks: Speak to the applicant’s previous landlords to confirm their reliability in paying rent and looking after the property.
Verify Income: Check that the tenant’s income aligns with your rental price to ensure they can afford the rent.
Credit Checks: Run a credit check to assess their financial history and ensure they don’t have any outstanding debts that could impact their ability to pay rent.
Right to Rent Checks: Make sure your tenant has the legal right to rent in the UK, as failing to conduct this check could lead to fines.
Meet Your Prospective Tenants
It’s always a good idea to meet your potential tenants face-to-face before making any agreements. This allows you to get a sense of their character, ask important questions, and gauge whether they would be a good fit for your property. Asking about their reasons for moving, when they plan to move, and whether they have a good relationship with their previous landlord can help you make a more informed decision.
Think Long-Term
If you’re looking to minimise turnover and maintain a consistent rental income, try to secure long-term tenants. Long-term tenants are less likely to cause wear and tear on your property and will save you time and money on advertising and re-letting the property.
Let’s conclude
Finding reliable tenants for your rental property in Ilford doesn’t have to be a daunting task. By following the steps outlined above, you can ensure that your property is marketed effectively, attract the right tenants, and protect your investment. If you’re looking for assistance, Oakland Estates—your trusted letting agents—can help guide you through the entire process, from pricing and advertising to tenant vetting and management. Get in touch with us today to see how we can help you find the best tenants for your property in Ilford.
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Meanwhile, if you’d like to find your dream home or properties to rent in Ilford, wanstead, Newbury Park, Barkingside and surrounding areas, why not give us a call at 0203 972 7341 or email info@oaklandestates.co.uk?
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