How to Advertise and Market Your Property (Video)

Robin Pilley from CXG Property Services gives his advice on how to advertise and market your property to prospective tenants.

Robin discusses the importance of making sure that the property is presentable, advertising the property yourself and HMOs (houses of multiple occupation).
  • If you advertise yourself, you save on costs – but you need to consider if you’re going to do it to the same standard as an agent
  • You can consider an HMO (house of multiple occupation) you can measure demand with a newspaper advert
For more information visit: http://cxginvest.co.uk/

Transcription

My first tip for a landlord letting their property is to establish whether there is a demand for tenants in that area. Another tip would be the standard of the property that you're offering to tenants (ie. if you're putting them into a house that you haven't spent any money on or you've neglected then your tenants are going to treat it in the same way, whereas if you've put in new carpet or you've laminated the floor, you've made it nice and clean and tidy, you're much more likely to get it back in that condition).

Things to be aware of if you're going to go to advertise it yourself is obviously you're saving yourself the cost whereas if you're going over to an agent then he will charge you a finder's fee. But one thing that people don't sometimes appreciate is that when they are actually getting the tenant themselves, are they doing the same credit checks, the same references? Are they securing their deposit on the deposit scheme? So they can create themselves a bigger problem if they're not aware of the legislation that is changing all the time now, whereas obviously if you go through an agent, he will be aware of those things and so I actually think it gives you peace of mind if you go with an agent.

If they're wanting to do an HMO which is the sort of buzzword at the show today (I did a seminar on that earlier), which stands for 'house with multiple occupation', you need to establish that again there's quite a number of single people for example, who will want to let rooms. An easy way to establish that is just a simple little newsagents ad where you say £75 for a room and see the response that you get. If you've got 4 rooms then you're generating over £1000 a month which could be double the rent that you'd get from a family let so obviously it's quite an attractive return for an investor to consider that option. The pitfalls are that they do need a lot more managing, you do need to be aware of the area that you're going to be offering this facility in because some neighbours don't like the fact that 4 or 5 people are moving into the house next door, but the benefit is obviously the additional rent and you get less voids and the reason for that is it's very unlikely that all 4 of your rooms will be empty whereas if you've got a family let of course then once they move out, you have a void until you replace them. So with HMO's you're always keeping income coming into the property, and we've actually found that again if you put things in like broadband, offer Sky TV, you laminate the floor, that you can actually get up to £100 per week per room and again there's a lot of people now who are getting up to 30 or even older who are still living with their mum and dad because they can't get out and get the deposits to buy a house so that market is just growing all the time.