A 5 step guide to securing quality, paying contract-holders during uncertain times
With the cost of living crisis and economic uncertainty continuing into 2023, reliable, paying contract-holders have never been more valuable. Demand for rental properties is still very high and rents have soared, but you still need to be careful when selecting people that can be counted on to look after your property, treat it as their own home and consistently pay their bills on time.
Step 1: Setting the perfect price point
It's vital to have a thorough understanding of the local market and the type of person suited to your property in order to set the right rent. Simply looking at nearby homes on property portals and pricing accordingly isn't taking into account the full picture, for example, a good agent will look at the nuances and particular features of your property and have the expertise to justify you charging higher rent than a property that appears similar on a portal. You don't want to end up over-estimating either - advertising your property at just £50 per month more than it should be can create a few weeks' void that swallows up more profit than the higher rate will end up bringing in. Working closely with an expert agent where their team have extensive, up-to-the minute knowledge of specific areas ensures you set the price just right to tease the best interest, getting your property rented quicker too.
Step 2: A listing that shines from a savvy, stand-out marketing strategy
It may well be that your agent doesn’t have the best contract-holders available to them and if that's the case, your pool of potential occupants is limited to start with - you’ll only get the pick of the crop if your marketing is at the top level. If your imagery doesn't reflect space the properly, highlighting the key features and lifestyle potential, those browsing the property portals might gravitate towards the alternatives draw them in more effectively. If you look at the way your agent has advertised your property and it doesn't seem as strong as some of the competing listings, don't be afraid to ask them more about their marketing process. Have they had a conversation with you about home staging and presenting your property? Are they producing a professional video tour and photography package to accompany a compelling property description? Are they going the extra mile with paid social media promotion? You only get one opportunity to make a first impression, so work with an agent that makes yours count.
Step 3: Highly efficient systems for funnelling, record-keeping and communication
With the first two steps covered, your property will be in high demand with plenty of quality potential contract-holders (as well as those on your agent's database who can be matched to it accordingly). The next step is funnelling enquiries down, sifting through dozens of them and progressing with the very best handful. Our dominance in the Cardiff lettings market means we register more prospective contract-holders than our competitors, allowing us to make better matches, achieving higher rental values and faster turnarounds between tenancies for our landlords. Our staff are fully trained in experts in knowing which applicants to spend time on screening, saving time and headaches for everyone involved. Once occupants are in situ, keeping them happy starts from their first interaction with your agent and continues through every stage of their tenancy. Everyone appreciates feeling listened to and a contract-holder will place trust in an agent or landlord with strong communication skills. Having us provide one point of contact that deals with their enquiries in a swift and responsive manner is another key part of the customer service we provide.
Step 4: A solid, intelligent vetting process
There is no halfway house when it comes to contract-holder referencing and if your agent does not do it thoroughly with rigorous checks, you could face serious problems further down the line. Your referencing process should be robust with no cut corners, covering pre-screening, income verification, the contract holder's past rental history and financial affordability, along with personal and employment references. Our landlord clients trust that the contract-holders we source for them have undergone rigorous checks and measures to ensure they’re suitable to reside at their property. Our processes also mean that application and signing are straight forward and we can provide a fast turnaround on getting them into your properly securely.
Step 5: An updated, watertight contract that benefits your property and family security
A number of managing agents and self-managing landlords are using Welsh Government's model contract when it comes to changing their clients' Assured Shorthold Tenancies to Occupation Contracts following the implementation of the Renting Homes (Wales) Act 2016 last month. We encourage you to ask your existing agent what changes, if any, they’re intending to make to the contract, as we strongly feel the terms Welsh Gov has included as standard put landlords in a weaker position than they should be in. We strive to be forward-thinking and have our clients' best interests at heart, so with CPS Homes, our professionally drafted, improved Occupation Contract will provide our managed landlord clients with extra layer of much-needed protection.
The bottom line is, not all agents are created equal when it comes to getting the right people in your property and providing a service that's worth the money. Many agents will do the very least that's required for their fee, fighting issues as they come in rather than thinking about how they could have been prevented. Our focus on tenant retention also extends to helping you make the most of your investment. The rationale for ‘future-proofing’ has never been stronger - properties that semi-regularly updated with cost-effective, considered upgrades typically result in happier tenants who stay long-term. You’ll find they’re happy to pay a little more as rent gradually increases in line with the current market, meaning fewer voids for you as a landlord and improved yields as the years go on - it's all about looking at the bigger picture.
We ensure personal service through our client representatives, so contact me today for your free rental property assessment or click here to learn more about our three managed landlord services.
The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.
