Finding New Tenants When Your Property Is Empty
Becoming a landlord and letting your property to tenants is the perfect opportunity to generate passive income, make the most of your property and begin managing your own business. One of the most challenging aspects of being a landlord, however, is finding new tenants when your tenancy agreement with your old tenants has come to an end.
Ideally, the period between tenants should be as short as possible to minimise any disruptions to your income stream. One way to prepare for this transitional phase is to ensure that your property is in good condition before the previous tenant moves out. Additionally, advertising your property and identifying the right tenant in advance can help make the transition from one tenant to another as smooth as possible. As a property owner, it is also important to be aware of the potential risks during periods of un-occupation, such as damage from break-ins or weather-related events. That’s why it’s crucial to have adequate unoccupied property insurance coverage in place to protect your investment during these periods.
- Ending A Tenancy Agreement
- End Of Tenancy Checklist
- Advertising Your Property
- Choosing The Right Tenant
- Unoccupied Property Insurance And Landlord Insurance
Ending A Tenancy Agreement
A tenancy agreement is a contract that is signed by the landlord and the tenant at the beginning of the tenancy, and it details the rights and responsibilities of each party. It also explains how to end the tenancy. If either of you want to end the tenancy agreement, you will have to give notice. What steps must be taken to do this will be stipulated in the contact.
As a landlord, the procedure for ending a tenancy agreement will depend on whether the tenancy is an Assured Shorthold Tenancy or an Assured Tenancy. Regardless of the type of tenancy, a notice can only be given with an appropriate explanation, within a reasonable time frame. In the majority of cases, ending a tenancy agreement is a relatively straightforward procedure.
Should your tenant refuse, however, it won’t be possible for you to remove your tenants by force even if the notice period comes to an end. If this happens, then you will have to go through the courts to begin the eviction process.
End Of Tenancy Checklist
Once a tenancy agreement has come to an end with your tenant, it is time to find a new tenant. Managing this transition will probably be the most significant drain on your time and resources as a landlord, but it is essential that everything goes as smoothly as possible so that your affairs can be settled with minimal inconvenience and hassle.
An end of tenancy checklist is a brilliant way for you to ensure that nothing is overlooked. Your checklist should begin with bringing your matters with your old tenant to a close, whether it is returning deposits, collecting the keys, ensuring that the old tenant hasn’t left anything and conducting a property inspection. Once they have gone, it is time to start repairing and upgrading the property if necessary, and investing in a deep clean before the arrival of the new tenants.
By providing the new tenants with an updated inventory, you can keep it in your records as evidence in the event that the property or any furnishings are damaged during the tenancy. It is also important that you provide your tenants with a means to contact you, as well as emergency contacts just in case any utilities or appliances suddenly breakdown.
While you’re looking for a new tenant it’s likely that your property will be empty. If this happens it’s important that you manage the property so it’s maintained to a reasonable standard.
Advertising Your Property
Whilst enlisting in the services of a professional letting agency is always recommended, it is also important that you advertise your property so that your listing can reach as many people as possible. The wider the audience, the most likely it is that you will come across the right tenant.
There are several websites that have been designed specifically to advertise properties that are either on sale or rent, and these property portals receive millions of visitors on a monthly basis.
Of course, actually deciding which website to select can be hard, which is why we have provided a brief overview of a handful of the most well-known websites for advertising your property:
- Rightmove. With more than 120 million people viewing this website every month, Rightmove is the perfect place to connect with eligible tenants. One disadvantage may be that you can’t publish listings directly, and you will be required to go through a lettings agency. With such a strong online presence, however, the advantages are apparent.
- Zoopla. It is a household name with considerable repute, even though it is not necessarily as busy or popular as Rightmove. What’s more, your listings will still have to be published by a lettings agency.
- On The Market. Emerging as a direct competitor to the two aforementioned websites, it has certainly been gaining traction as a reliable property portal. Once again, a lettings agency will have to publish your listings for you. Considering the significant growth this website is experiencing, advertising your property on here is definitely something to consider.
- Facebook. When it comes to marketing, social media is truly unparalleled. Your intended audience is probably using Facebook, which is why publishing your listings on your Facebook account is a great way to connect with tenants.
Choosing The Right Tenant
As a landlord, your property is undoubtedly one of your most valuable possessions and profitable assets. Finding someone who is dependable, reliable and responsible is therefore your foremost priority when it comes to choosing a tenant. Whilst it may seem difficult to judge an individual’s character in such a short period of time, there are some things that you can do differentiate the desirable tenants from the ones who may not be so desirable.
First and foremost, most professional letting agencies should have the authority to conduct extensive background checks by getting in touch with credit reference agencies. They can then collect information on the tenant’s affordability, dependants, previous landlords and residential history.
Ensuring that the tenant has a stable income is also important. References may also be helpful, especially when it comes to assuring you that the tenant is serious about residing in your property and that they are committed to fulfilling the contractual obligations that are established in the tenancy agreement.
Unoccupied Property Insurance And Landlord Insurance
An unoccupied property is always seen as more vulnerable and exposed to risk than a property that is unoccupied. It is for this reason that standard insurance policies will not protect a property that has been unoccupied for more than thirty days, and should anything happen beyond this time then the cover will be invalid. When you are waiting for a new tenant to move into your property, it could take longer than thirty days and it is recommended that you purchase unoccupied property insurance.
Landlord insurance, on the other hand, is a specialist cover that is available to property owners who let their properties to tenants. It is tailored to accommodate the unique requirements of landlords, as well as the associated risks of letting a property. When it comes to business insurance, trust Brisco Business to provide you with tailored solutions.
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