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How to secure a tenant quickly in a tenants market. Supply Vs Demand

Finding London tenants, quickly

Being proactive is crucial. In a tenant's market, there is more leverage for those looking for properties than those who are letting. So, the emphasis is on landlords to be proactive. That means responding swiftly to contact requests, providing information and arranging viewings quickly, and being able to process all the key stages involved (e.g. referencing and producing contracts) before your potential tenants are pulled away by another property with a more efficient landlord.

  • Try to streamline the costs. You don't need to pay extortionate fees to a high street letting agent, especially if you're going to then try and pass the expense on to potential tenants (who may walk away as a result). High street agencies have big overheads to cover, hence the size of the fees. If you want to keep your costs down but you're still looking for an expert service, choose a more agile agent - such as Storeys. If you have zero budget then you can use property listings websites but be warned that this means you'll end up doing a lot of additional work yourself.

Getting the word out will be essential

There are two elements to marketing a property in a tenant's market - making sure your property is seen by the broadest swathe of your target audience and that it's marketed as attractively as possible. Concise and informative descriptions, fantastic photos and ensuring that you include all the relevant information to enable tenants to make an informed choice will be key.

Don't neglect the small things

Tenants are hyper observant when it comes to making judgments about properties. Especially if they've had a bad experience with a landlord in the past, any sign of careless management or property neglect may be off-putting. For example, one common mistake landlords make is to forget about the garden. If the home itself is spotless and well maintained but the garden is a tip tenants may suddenly be less keen.

Interiors speak volumes

You don't have to spend a fortune on interiors to give your property an upgrade. Even a minimal budget can make a significant difference to how successful you are when it comes to attracting tenants. Storeys offers a furnishings service that can transform any property for around £2,000. Is it worth the spend? Our clients have found that they can charge an extra 10% in rent and find tenants within the week as a result.

Be professional

Many tenants, especially in the busy London market, expect some negotiation on the rent. Approaching negotiations professionally can secure a positive outcome for everyone involve. Tenants also expect to have references checked, to pay a deposit, sign a tenancy agreement and provide information for processes such as Right to Rent. In fact, if you're not organised enough to ensure all these elements are covered this lack of professionalism may put tenants off.

A tenant's market can still be incredibly profitable for landlords. With the right agency support, the process of finding tenants for your property can be simple, and fast.

To find out how Storeys can help you acheive these goals -, get in touch with us today.

20 February 2019Written by Andrew Blythe

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Residential lettings
We pride ourselves on being genuine industry experts, providing a positive experience, from enquiry to after care. Storeys focuses exclusively on lettings, and we value properties, we don’t just list them. Knowledge and innovation mean we can be competitive on costs while also delivering an individually tailored service.
Property management
Storeys is a bespoke offering based on the fundamental principle of value for money – we want happy customers. Paperless tech and eSigning deliver efficiency and convenience, no high street office minimises costs. The result is a streamlined service nimble enough to tailor what we do to suit your needs.
Valuation
Aesthetics, natural light, building quality, and overall finish – these aren’t ‘extras’ in a Storeys valuation, they’re as much a part of the process as size, condition and location. We look at individual property potential, not generic criteria. Factors like space for modern living arrangements, such as flexible working, are incorporated too. Our valuations are all the more accurate and successful for it. There is a perfect tenant for every property if you know how to find them.
Short-term lettings
Providing value for tenants and continuity for landlords, Storeys short-term lets run from 4 weeks to 6 months. We work with major London relocation teams and a global contacts network to match international tenants to perfect London properties.
Vacant property Management
We can manage your vacant property in-between tenancies or refurbishment, giving you peace of mind that the property is being looked after and inspected on a regular basis.
Superior Marketing
There is just no comparison between static photos and VR when it comes to property marketing. VR allows tenants to do a virtual walk around and get a realistic feel for the property - their expectations are grounded in reality, and properly managed. This makes VR a very effective tool, not just for generating interest and viewings but also converting those to offers. That’s why we partner with VRPM to create a virtual reality perspective for every property we handle.
Airbnb Management
We can manage your Airbnb account and make sure each booking runs smoothly, keys are always available for handover and the property is ready for the next occupation. This can run very well alongside our short-term corporate letting service.
Rent Protection
If your tenant defaults on the rent, Storeys have you covered. We also cover your legal expsenses and pay you rental income if your property is vacant whilst we remarket for new tenants. Don’t worry Storeys have your back.*ask a member of the team for more info. This service is included for every Storeys managed property.
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