Reside’s Toby Martin on how to get to the front of the queue in such a competitive market.
Since the beginning of 2021, the rental market has been overwhelmed by demand from tenants looking for new homes. At the same time, supply of available properties has dwindled, thereby creating a very difficult environment in which to secure your next move.
Here are our top 5 tips to beat the competition and secure that perfect property:
1. Register with the local letting agents
If we have a registered tenant on our books who we think would suit a newly available property, we will share it with them before the property comes onto the open market; our last few properties have all been let in this way, without the need to list them on Rightmove. If you are scanning Rightmove or On The Market on a daily basis, or waiting for their property alerts to arrive in your inbox, you will miss out on a great many properties.
Speak with the local agencies and make sure you are registered and known to them; you might just be given the opportunity to rent a property that never comes to the market.
2. Embrace technology
Video technology has really come to the fore during the pandemic, and our video tours have enabled a great many people to view and rent properties without needing to leave their homes. As we are now emerging from lockdown restrictions, these video tours have taken on a new use – enabling tenants to be the first to view a property, and get ahead of the rush. We are still agreeing many lets without carrying out physical viewings, thanks to our high quality and comprehensive video tours.
3. Be decisive
If you think you have found the right property, don’t waste time in expressing your interest and submitting an offer. If you take too much time to consider your options and view other properties, you may well miss out.
4. Make your first offer your best offer
In a normal market, we are quite accustomed to receiving an ‘initial’ offer from a prospective tenant, who is anticipating a negotiation with the landlord before agreeing terms. In the current climate, we are frequently seeing tenants submit their best and final offer from the outset, in the knowledge that they may face competition to secure the property.
5. Express yourself
Don’t be afraid to let your personality come across to the landlord. Landlords are not purely swayed by the terms of your offer, they are also looking for tenants who come across as friendly, reliable people – someone who will care for the property in which they live.