Finding the right tenant for your property is an important process. It can be broken down into four distinct stages:
1. Advertising the let.
2. Receiving replies.
3. Viewing the property.
4. Securing the tenancy.
Planning Your Advertising
Keep your market in mind when planning your advertising and ask yourself:
• What advertising method is most suited to my market?
• Where will my market see my advertisement?
• What wording is most appropriate to my market?
• Is my timing right?
• How can I draw attention to my property?
Selecting a method of advertising
Your means of advertising will depend on your target market and your budget. Some suggestions are:
• letting web sites on the Internet
• word of mouth
• notices in local shop windows
• contacting your local university, colleges, hospitals, large companies
• newspaper advertisements
• via a letting agent.
Can you think of others?
Drawing attention to your property
Look for any feature which makes your property particularly attractive to the category of tenant you have in mind. Some possibilities are:
• students welcome
• pets welcome
• garage available
• parking available
• on a major bus route
• very secluded
• city centre location
• newly refurbished
• large garden
• no garden
• ground floor accommodation
• location - close to hospital/university/large employer/airport/school.
Your own points can feature in your advertisement and should help to draw the attention of suitable prospective tenants.
Deciding on a budget
Advertising costs can mount alarmingly quickly unless a close check is kept. Establish clearly the total cost of any advertising package you are considering before deciding whether to go ahead. You will often be offered advertising packages in excess of your original enquiry, especially from newspapers.
Assess these carefully and, unless sure you are getting a deal you want, stick to your plan and turn them down.
Some free and very cheap methods of advertising, listed above, can be explored first. Bear in mind, however, that paying to advertise widely can sometimes find a tenant more quickly and the extra rent generated may more than offset an advertising fee.
Advertisements - the key headings
Location of property
Give street name or area only. Avoid identifying your property exactly.
Description of properly
Keep it brief.
Rent
State the payment interval.
Entry date and length of lease
Add any extra major lease details, e.g. guarantor required.
A special feature
Target your intended market.
A means of contact
A telephone contact is the most usual and convenient.
Wording your advertisement
Advertisements should provide the reader with the basic outline of your offer. Figure 5 provides the key headings which can be used as the basis for your advertisement.
Do not include too many details at this stage, whatever your means of advertising. If it is a postcard or poster, get it typed or professionally produced. The quality of your advertisement reflects directly on you and the service you are providing. Aim to create a good impression from the start.
Exact wording will very much depend upon the medium used. Figure 6 shows how to incorporate the key headings into a typical advertisement for a poster, postcard or, possibly, newspaper.
Sample Advert
An advertisement must incorporate instructions on how an interested applicant can contact you. In choosing your method:
• keep your personal safety in mind (avoid giving your own address)
• make it easy for the applicant
• make it convenient for yourself.
Often the simplest means of contact will be by telephone. If you know that you are going to be unavailable for long spells, include times for the caller to expect a reply.