In many areas, tenant demand is outstripping supply. Data from Zoopla shows that the number of homes available to rent is 30% below pre-pandemic levels in most regions.
With low supply but high demand, letting agents are under pressure to move new tenants in quickly while ensuring they can afford the property and will be reliable tenants.
As competition for each property intensifies, processing viewings and move-ins efficiently becomes crucial. This means more work for agents as they filter through applicants.
So, what's the solution? Agents who want to stay ahead need to work smarter, ensuring they can dedicate time to the applicants who are most likely to be a good fit for their landlords.
A quick, phone-shot video can make a big difference. Potential tenants can understand the property's size, layout, and overall feel compared to images.
Letting agents can also use property videos on social media platforms to promote a property and reach new landlords and tenants. Video is an eye-catching form of content that can effectively showcase a property before conducting an in-person viewing.
If letting agents want tenants to self-filter, this is an effective first step.
What questions does an agent get most for their rental properties?
If agents notice a pattern and its information, they can share it in the public domain and add it to the property's marketing description.
The marketing for each property—over and above what's required under the material information rules—should be as detailed as possible so potential applicants can check that the property has everything on their list before registering their interest.
Pre-qualifying tenants should always be part of the move-in process, not just during busy periods.
This process is the best way to check if potential tenants are likely to pass referencing before the agency incurs any costs.
Asking tenants to complete a form before viewing a property will test their seriousness about the application and give them the chance to eliminate unqualified candidates before conducting a physical viewing.
It will also speed up the referencing process once an applicant has signed their tenancy agreement.
When a letting agent identifies a serious prospective tenant, Goodlord can process their application swiftly, with one in three applications completed instantly. This allows agents to quickly assure landlords that they've found a suitable tenant.
When a property generates significant interest, letting agents can manage their diary more efficiently with block viewings.
By scheduling viewings every 10-15 minutes, agents can avoid multiple trips to the property for individual appointments.
Applicants will recognise the competition and are more likely to make a quick decision. Additionally, agents may receive a batch of offers to present to the landlord at once, streamlining the entire process.
If applicants cancel or miss their slot, someone else will likely be ready to sign on the dotted line.
If an agent doesn’t organise block appointments, they should make sure they only attend viewings applicants will attend.
Send a reminder on the day of the viewing to potential applicants, and ask them to confirm their attendance.
Agents should then give them a call an hour before the viewing takes place. If they do not receive confirmation of an applicant's attendance or receive no response, agents can get back some time in their day.
The physical viewings take time, but they can still be productive while an agent is there.
Through using technology solutions, such as Goodlord's lettings platform, to help continue to progress lets while at the property.
Agents can check the status of references for alternative properties. Or if an applicant confirms they'd like to take the property on the spot, they can choose to send out the offer details while at the property.
Through various technology solutions, agents won’t need to wait until they’re back in the office to progress an application.
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Following the efficiency of the viewing process, why stop there?
Letting agents can easily start the move-in process by sharing exactly what potential tenants need.
Agents could even create a quick video detailing the information they'll need to provide before they start the referencing process to ensure they have everything to hand.
Using referencing providers that speed through the process can speed through the move-in process and get tenants moved in as soon as possible.
For Goodlord customers, one in three submitted references are completed instantly, meaning that agents and their landlords don’t need to wait around for tenants to be approved.
Also, for Goodlord PRO customers, referencing applications are being completed within 24 hours this summer. These reliable references are verified directly at the source with HMRC and payroll providers as standard.