Finding Tenants in December – Why it’s Not All Bad News
Every letting agent and landlord dread that phone call, letter or email from a tenant, giving notice that they will be moving out in December. At a time when many people are concentrating on buying gifts, decorating their homes and making magical memories for their families, moving house is low down the priority list.
However, finding tenants in December is not impossible, and this article explains why you shouldn’t panic, how to entice the available house hunters and how to avoid the situation arising again in the future.
No one wants a property empty, known as a void period, losing money whilst everyone is busy enjoying the festivities, so keep reading to find out what to do.
How to Find Tenants in December
Advertise its availability
There are some tenants looking around for properties in December, so make sure you let them know that you have a place for them that is available immediately. Unless you explicitly point out that they can move in before Christmas or even over the holiday period, they might assume that you are looking to fill the vacancy in the new year. This makes finding tenants who are ready to move much easier.
On the listings, adverts and in the office, make a virtue of the fact that it is available now. Anyone looking for a new property in December will be as keen as you are to wrap everything up as soon as possible so they can relax and enjoy Christmas.
Incentivize a quick deal
You do not want to go into the break worrying about what will happen with the empty property. In order to get the deal done in good time to be able to enjoy your mince pies and mulled wine in peace, why not offer incentives to encourage the tenants to sign on the dotted line?
This could be a reduction in rent, an agreement to cover some of the utilities, a free Christmas tree or anything that will get you over the line before Yuletide. However, make sure that you don’t skimp on the necessary background checks and references. Without that protection when finding tenants in December, you might solve one problem but you could be setting yourself up for another headache once the decorations come down.
Offer a short-term let instead
Maybe you can shift your focus for the property at this time of year. If you are struggling to find a long-term tenant, why not provide a short-term contract to cover Christmas and New Year? It is a time of year when people are moving around the country, visiting relatives and having to put up with temporary sleeping arrangements in tiny box rooms and on lumpy sofa beds.
Renting a nearby property for a short time over Christmas is the perfect solution to many visitors’ problems, so look into advertising on websites that offer short term lets and see if you have any luck there.
Why You Shouldn’t Panic About Finding Tenants in December
The positive spin on finding tenants in December is that there is less competition, as other letting agents and landlords take time off. In addition, anyone looking at rental properties in December is likely to be very serious about finding a place quickly. Otherwise, they would have probably put off their search until everything opens up again.
You might also find that tenants have a bit more cash in their pocket, having received their annual bonus. This allows them to afford the deposit for your property without having to scrabble around to make it up.
How to Avoid Renting a Property in December
If you do rent a property in December, you should consider offering an 11, 13 or 18-month contract so that the same situation does not occur every year. Although there are many reasons not to panic about December rentals, it is not an ideal situation and if you can avoid it, that might be beneficial.
Onboarding Tenants, Whatever the Time of Year
Allen Residential's full property management service helps you onboard your tenants whatever the time of year. From collecting references to drawing up tenancy agreements, we take care of it all, allowing you to focus on bringing in more properties and tenants. Contact us today to talk about how we can help you.
