How to find a tenant during a pandemic
It’s IMPOSSIBLE to find a tenant right now ... or is it?
Are tenants even lookingright now?
What can Landlords do NOW to reduce potential void periods!
Some landlords are stuck with empty properties, tenants are in extremely difficult circumstances financially and risk to mortgages not being paid is higher than ever. So, what options do landlords have when trying to find a tenant?
Pandemics have an impact upon the incomes of people from all walks of life and navigating through this time can be very difficult and stressful. Our technology has come a long way since the outbreak of the Spanish Flu Pandemic back in 1918 and the world has changed greatly also, arguably more in the last 6 weeks, how many used Zoom before lockdown.
People still want and need to move!
During these times, there are hundreds of reasons why people would still like to move. From emergency move ins such as key workers in the current Covid-19 pandemic to those who can no longer live in their property as they are a high risk to others in their household.
National figures for this quarters report show a rebound of 30% increase on rental demand in the first two weeks of April compared with a 57% decline in the last two weeks of March. The average rental valuation was £886 with the average days on market at 17.7 days.
Good signs that the market is recovering.👌
Following Government Guidance
With that said, following government guidance is essential if we are going to beat Coronavirus and exploring the different ways you can safely operate during these times can get you ahead of the game as any restrictions begin to relax.
Current government guidance in the Covid-19 pandemic requires all of us to stay home and restrict any travel. This of course means that any physical viewings or move-ins aren’t possible. The Coronovirus Act 2020 is pretty clear and we would encourage ALL landlords and agents alike to follow the law.
So, what can you do?
Keeping up with Technology
The advance in technology is rapidly becoming a part of our day to day lives. Finding a tenant can be tricky in these difficult times. As landlords you can be one step ahead of the game; here are just three useful things to have ready.
- Good quality market ready professional photos
- A detailed floorplan with dimensions, tenants LOVE floorplans.
- A pre-recorded video walk-through showcasing your property and all the features.
If you aren’t able to manage to get these, speak with your local letting agent.
With these in the bank you can conduct virtual viewings giving a tour of your property, discuss potential terms with prospective tenants and have their full details collated ready to reference.
In some cases, taking photos and internal videos might not be possible as you still have your current tenants in situ that are about to leave, so working with them could be the answer. Your tenants could hold a virtual viewing of your property by doing a video call.
If you’re not sure the best way to setup a video call or walkthrough with either an empty property or with your tenant, get in touch and we can show you how!
Minimising your void periods, plan ahead!
Plan, Plan and then plan some more. Waiting till restrictions are lifted could delay any prospective tenant moving in as you will need to start from the beginning of the process, which can set you back weeks, leaving you with an unnecessary void.
Having already potentially lost income due to restrictions it is imperative to think ahead.
People will still WANT and NEED to move, early indications of this have already been seen (read more about it in our blog “373,000 transactions stalled - what's the impact on the housing market”
Our advice would be to start NOW, advertise, take enquiries, make sure you and the tenant are a good fit and then begin referencing. But don’t do any viewings or move the tenant in…just get ready to act quickly with a tenant that you know. That way you will minimise any long void period.
As restrictions get closer to being lifted, everyone is preparing for the re-launch of the rental market. With more details from the Prime Minister and the Housing Minister surely to follow this week and fingers crossed its good news for the battle against the virus, getting your property on the market now could be a good place to start, IF you need to.
If you need any advice or wish to chat through anything we have mentioned in this article, you can contact us on the usual numbers, 01283 537120.
Take Care and Stay Safe 💙