How can landlords save money?
Leasing a property is an expensive process and costs quickly mount up. You know letting agents are expensive but without one how would you cope? You’re so damn busy you haven’t got time to manage the process of advertising your property and finding tenants on your own. It may not be the most affordable option, but it’s certainly the easiest and least stressful way, isn’t it?
Perhaps. But then again, perhaps not.
Certain fees and costs included in the services provided by traditional letting agents are very high and can be avoided. You just need to take a little time to explore a few alternative options.
These five tips will help you significantly reduce the cost of letting your property:
1. Advertise on a Landlord Portal
Gone are the days letting agents held all the cards. The industry is innovating and now landlords are able to directly advertise through a variety of landlord portals for free.
Some of the most popular portal websites are:
- Gumtree – Popular portal for traditional home lets, as well as additional listings for commercial property, parking and holiday rentals.
- Rent Direct UK – Online matchmaking service for landlords and credit-checked tenants.
- Ezylet – Portal including a choice of advertising packages that are scalable with multiple properties.
- Craigslist – Probably the world’s largest classified ad site where you can advertise both residential and commercial property.
2. Make Use of Social Media
Social media is a great selling tool if you know what makes people tick. For example, why not create a Facebook page for your property? With the right messaging, photos and marketing strategy you could gain a lot of valuable attention. Posting links to your page in location-specific Facebook groups where prospective tenants might be looking is a great way to generate interest.
If you’re tech savvy and don’t mind being on camera then you could even make a video tour of your property and upload it to YouTube. Nothing holds someone’s attention like a video; it’s the easiest way to consume information after all. Make a good job of it though – filming your property on smartphone is unlikely to impress potential tenants, so consider hiring a professional or asking a friend if you don’t have your own camera!
Another way to leverage social media is through paid advertising. Networks like Facebook and Twitter now have extremely granular targeting, meaning your ads reach exactly the right audience. You can create your ad according to criteria such as location, gender, age, education, and workplaces and even relationship status.
3. Double Check Your Agent’s Contract
If you decide to hire a letting agent, always make sure you read through your contract as carefully as possible. Think of it as an ancient manuscript that has just been recovered in an archeological excavation. Raise questions about any grey areas regarding fees. For instance, is a renewal fee for both you and your tenants included?
Any modifications or negotiations should be added to the contract in writing. If you’re already contracted to a letting agent, it makes sense to revisit your contract and remind yourself exactly what fees are included. By law, fees cannot be hidden away in the fine print.
4. Roll Over Into Periodic Tenancy
Once a fixed-term tenancy has expired, you have every right to let that tenancy become a periodic tenancy. This is based on the rent payment period – weekly or monthly etc – and continues like this until either the landlord or tenant gives notice. This is just another way for landlords to save money.
As a contract approaches its expiry date, some agents find it befitting to send tenants an eviction notice, with or without your consent. So to avoid any misunderstandings make sure your tenant knows about the new arrangement after the contract expires.
5. Consider an Online Letting Agent or No Agent At All
Here’s where landlords can really save money on letting their properties: online agents.
By using purely online agents, without overheads of their own, many of the fees a high-street agent might typically charge are cut out.
They will advertise your property on portals like Zoopla and Rightmove – sites which only agents have access to – for a much lower cost and remove a lot of the paperwork. Startups like No Agent are fast becoming the market leaders in this new, innovative wing of the industry. Unlike its competitors, No Agent utilises technology to provide a highly personalised customer experience and create a far simpler way to manage the entire rental process from start to finish.
It’s this level of personalised service that we also endeavour to provide to our clients at Tunji & Adebayo Ltd. We specialise in sourcing commercial property suitable for places of worship. This is a relatively untapped area of the commercial property market and a very safe bet for longstanding tenancy agreements. If you’re a London-based commercial property owner and are looking to occupy your premises then don’t hesitate to get in touch via our contact page. We’d love to help you out.Tags: property advice