"New year, new start" might just be one of the most used marketing slogans come January. Every year and without fail, we see it written across multiple adverts and brochures, in all possible variations. Whilst somewhat overused, the slogan does reflect some truth about this time of the year - it is a popular time for change, be it a new job, a new hobby or a new home. So we answer the question, when should I put my rental property on the market.
New year, new home
Some would say that the best time of year to put a rental property on the market is during summer. Whilst it is true that tenant demand peaks in line with the start of the academic year, one of the most common misconceptions about the rental market is that the winter months should be avoided when it comes to making a property available. In fact, the start of the year happens to be one of the busiest periods for rental searches with move in dates in February and March.
Corporate tenants and those deciding to start afresh with a new job are looking at this time, as well as many students taking advantage of London universities' secondary academic entry point. It is also a popular time to look for those executing their New Year's resolution to find a new home, so having a property made available in this time of year might prove to be crucial in order to avoid the dreaded void period.
Here are a few more reasons why putting your property on the market now could be beneficial.
The property search is changing
Long gone are the days of tenants spending their Saturdays trawling around local estate agents looking at vacant properties to pick the best of what is available 3-4 weeks prior to the move in date. Today, most start their search around 6-8 weeks ahead of a planned move date to avoid a rushed last-minute decision. Initial stages of the property search are now spent from the comfort of a tenant's sofa, researching a location, viewing virtual tours, floorplans and photos of the property online first, and getting a clear picture of rental prices in their target area. Therefore, getting ahead of the curve with marketing is vital to ensure the property is let to a high quality tenant with minimal void time between tenancies.
Time to act
It is important to check your property regularly but it is even more essential if your current tenant has served notice. A thorough inspection of the property and arrangements made for any necessary repairs or redecoration as soon as possible are recommended, as this will prepare the property for potential viewings and new tenants in advance, speeding up the process. If you do plan to refresh the paintwork or replace any furniture, make sure you communicate this clearly to your letting agent who will relay this to prospective tenants during viewings - details like this can at times make all the difference.
When the notice is served, aim to have agents primed and ready to take the listing within 48 hours. During a valuation appointment, a photo ID (e.g. passport) and proof of address (e.g. utility bill) are required as part of legally required Anti-Money Laundering checks - so make sure to have those to hand. It might also be a good idea to consider providing a further set of keys for each of the instructed agent's local branches as this will maximise the potential for viewings.
Request a free valuation today to find out the value of your rental property, or discover the answers to our other frequently asked questions from landlords.
