What Makes A Property Let Fast? And Why Do Some Properties Stay On The Market Longer Than Others?
Updated: Dec 4, 2020
In this post, I will go into detail on why some properties let faster than others.
For a property to let quickly these four steps must be completed. If one of these steps isn't completed or if any are carried out incorrectly, it could result in the property not being let as quickly as it should.
Step One Marketing Correctly
Nowadays where everything is at a click of a button, the same applies when advertising your property for rent.
In the year 2000 a study was carried out to find out how long the average persons attention span was, the result was an average of 12 seconds. 20 years later and the same test was carried out, attention span of the average person went down, to an average of 8 seconds. With this in mind, when approaching to market your property we have an average of 8 seconds to convince a potential tenant to enquire about your rental property, before they continue on their search.
At Hathaway's we have professional photography and floor plans carried out at all properties we advertise (free of charge to our landlords), the reason behind this it shows the property in the best way so it increases the chance of a potential tenant enquiring.
In November 2020 it was recorded that 2,029 properties were listed to rent on Zoopla in Oxfordshire, so it is crucial that any property advertised stands out for the right reasons.
If the property isn't being marketed correctly the enquiries will not materialize, hence viewings won't follow resulting in the property remaining on the market for longer.
We have lots of ways which we market properties, if you would like to find out get in touch.
Step Two Price Of The Property
Being online everything is transparent, so making sure the price is correct is extremely important. There are so many options out there and it's become easy for extremely any potential tenant to compare prices, so it's vital to get it right from the start.
The market will always show you the price of the property. If the property is on for too much money, less enquires will occur and the asking rent of the property will have to be reduced to market value for the enquires to come in. In addition, if the property is marketed for lower than market value, a larger amount of potential tenants will offer, usually resulting in a bidding war and the price being brought back up to market value.
If a property was marketed for £1200.00 PCM and the market value was £1100.00 PCM and the price was not dropped the property would eventually enter a void period, which would mean no rent is coming in as the property was not let before the previous tenants left. Every month the property is empty the landlord will be losing out on the monthly rent, in this case £1100.00 council tax and utilities would be due as well.
If you would like an accurate rental valuation on your property, we would be happy to help.
Step Three Condition Of The Property
If Step one and two have been carried out correctly, the property should be generating lots of interested and viewings. However the cleanliness and condition of a property will put some potential tenants off, so it is best to have the property cleaned and well kept.
If the property needs a freshen up and updating, I would strongly recommend having some work carried out, as you are competing with 1000s of other rental properties on the market at one time. At Hathaway's we have our own in house maintenance team so we provide our landlords with redecorating quotes at a good price.
On the viewings we want to attract the right sort of tenant to make an offer. The property's condition will tend to reflect the kind of tenant it attracts. If a potential tenant is happy to take a property that is not well presented, they will most likely keep the property in the same state throughout the tenancy.
Step Four Registering & Refencing Potential Tenants Correctly.
So, after all the viewings, you get an offer which is great news! However, once you've committed to a potential tenant you are no longer allowed to market the property until you know they are unsuitable. Most refencing companies can take up 7-14 days to find out if they are suitable, if the potential tenant refences come back as unsuitable you've got to start all over again and while waiting for this process you have lost up to 14 days in marketing. So it is important to make sure you register a tenant correctly.
At Hathaway's we have done everything possible to make sure we waste little to no time on unsuitable tenants, how do we do this? Every potential tenant is pre checked by one of our referencing companies (free of charge to our landlords) before they even view the property. This isn't a reference but it does cut out most of the unsuitable tenants. Once we have an offer we can carry out a full reference check within 24 Hours so if the potential tenant is unsuitable the property goes straight back on the market wasting no time at all! This is instead of the conventional 7-14 days other Letting Agents spend on refencing potential tenants.
If you would like to know more, please contact either the team or myself on 01865 684022 or call my mobile 07711054193