Sometimes the best of tenancy applications don’t go to plan – even for highly desirable properties in sought-after areas like Dunvant.
At the start of March, we began marketing a superb 3 bedroom semi-detached family home on Derlwyn, Dunvant. The property had been lovingly renovated for the rental market, was immaculately clean and extremely well presented. We knew straight away that it would be a hit with tenants, and we were able to take some great photos for marketing.
Within 24 hours of receiving the instruction to start marketing, we were advertising the property on all the property portal giants (Rightmove, Zoopla, and OntheMarket), as well as our own website, and our social media pages.
Interest was high. The landlord’s greatest concern was that we find the right tenant for the property; we received lots of enquiries for viewings, and after vetting them carefully, booked viewings for the first available date.
We were pleased to be able to report to the landlord that we had let it on the first viewing – and the applicants wanted to move in the following week.
We processed their application, sent for and received back satisfactory references, and drew up the tenancy start paperwork.
However, an hour before the tenancy was due to start, the applicants called to let us know that, due to circumstances out of their control, they weren’t going to be able to complete on the let.
A Landlords’ Worst Nightmare
Whilst their reasons were genuine, having a tenant pull-out of a tenancy on the day they were supposed to move in is a landlord’s worst nightmare. All applications are subject to contract, so if the contract isn’t signed, there is no tenancy.
Taking immediate action to mitigate the landlord’s loss was key.
Within 10 minutes of getting the call from the applicants, we had begun re-advertising for let. Though we don’t book viewings once a property is reserved, we will continue to vet and take contact details for people who enquire about viewings right up until the tenant moves in, just in case something should go sour. We were thus able to contact potential applicants that day and get another batch of viewings booked in.
We immediately started receiving new interest, too.
The landlord was informed of the loss of their tenancy within the hour, but also reassured by the swift, positive action we had taken to secure a new tenancy as quickly as possible for them.
Once again, we were pleased to be able to report that the property was let on first (since re-marketing) viewing – with more applicants that wanted to move the following week!
Why Presenting Your Property to Attract Your Ideal Market is so Important
It might seem obvious, but if you know who your ideal tenants are, you need to ensure you’re presenting your property in the best way to attract them.
If you’re working with a letting agent, you need to make sure they have a good, coherent marketing plan – and that the agent knows how to adapt if the market is slow, or over-saturated, or if a particular method isn’t working as well as another.
A well-presented property will photograph well; good marketing photos paired with correct pricing should generate enquiries – from your ideal tenants – thick and fast.
In the unusual circumstance, then, that the proposed tenancy doesn’t quite make it to fruition, new viewers will still be lining up to take the property, reducing any possible void period.
When Things Don’t Go to Plan
No matter how perfect an application may seem (or even how good your agent!), things don’t always go to plan. It isn’t something to fear; it’s part and parcel of the risks involved in being a landlord in the first place. What matters is how you – and your agent – can prepare for them.
Aligning our core values with our landlords’ means that when things don’t go to plan, we are able to communicate clearly and action plans to resolve the issue. In this case, acting quickly, taking good photos, keeping proper records, and proactively contacting suitable applicants helped us to let this property for our landlord on the first viewing – twice.