Demand for rental homes is soaring, meaning that there is unprecedented demand for every single home that is put on the market. This in turn increases the number of applications that landlords need to filter through to select a tenant. In this blog, I'll look at seven practical strategies that landlords can use to speed up the tenant selection process, increase their chances of finding their ideal tenant, and cut down on the time and work required to find them.
The time when images were enough to attract potential tenants is long gone. Video tours are becoming a very useful tool for landlords. A quick smartphone video tour of a property can be made to provide prospective tenants with a comprehensive viewing without them needing to leave their own homes. This gives them an understanding of the layout, size, and general appeal of the property and results in self-filtering, as unsuitable applicants exclude themselves at an early stage of the process.
Detailed Property Listings
It's crucial to create comprehensive property listings when letting your property. Take some time to research the most common queries regarding comparable rental properties in Martock, Crewkerne, Stoke sub Hamdon, South Petherton and Yeovil, and include the answers in your property description. By outlining every relevant detail up front, such as the number of bedrooms, amenities, and local transport links, you can help potential tenants determine whether the property meets their needs before they even express interest. By doing this, you can make sure that prospective tenants are ready for viewings and save valuable time for both parties.
The tenant selection process can be streamlined by pre-qualifying applicants. Before scheduling viewings, have potential tenants fill out a pre-qualification form so you can evaluate their suitability for the property and determine whether they are ready to pass the reference check. This approach minimises the possibility of wasting time on applicants who might not fulfil your requirements while allowing you to concentrate your efforts on those who are genuinely interested and likely to pass the reference checks.
Organise Block Viewings
Individual viewings for each applicant can be time-consuming and inefficient when a property attracts a lot of interest. Instead, think about setting up group viewings, where several potential tenants are shown the property simultaneously every 10-15 minutes. This strategy not only saves time for both sides, but it also creates a sense of competition among applicants, motivating them to make quicker decisions and apply promptly.
Concentrate on confirmed viewings only in order to minimise no-shows and make the most of your time. Before the scheduled viewing, send applicants a reminder and request confirmation of their attendance. You can lessen the possibility of last-minute cancellations and make sure you are maximising your time during each viewing by doing this.
Maximise Your Time with Technology
There is frequent downtime during property viewings while waiting for potential tenants to show up or finish their viewings. Use technology to your advantage during this period. Use your mobile device to check the status of references, send out details to interested potential tenants, and manage other important paperwork. By doing this, you can make sure that the letting process keeps moving forward efficiently.
Prepare Tenants for Check-In
Once you have successfully whittled down your list of potential tenants, help your chosen applicants get ready for the next stage of the letting process by sharing comprehensive advice, such as a step-by-step guide, with them to help them understand what is necessary for a smooth check-in. This proactive approach will not only reduce the time spent on back-and-forth correspondence but will also demonstrate your commitment to providing a positive rental experience.
For landlords, the current rise in tenant demand offers both benefits and challenges. If you are feeling overwhelmed by the idea of having to find a new tenant or would like to know more about our full property management options in Martock, Crewkerne, Stoke sub Hamdon, South Petherton and Yeovil please give us a call on 01935 277977 or send an email to [email protected].