What are the quiet times of year to get tenants?

by Readers Question

4 years ago

What are the quiet times of year to get tenants?

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What are the quiet times of year to get tenants?

I have a small HMO which I only let rooms to professional/working tenants. Just recently the enquiries to my ads have dried up.

I find this strange because the location is nice and central and the rooms are priced competitively. The house is in good order and has recently been redecorated with all new appliances and furniture.

I advertise on all the spareroom/houseshare sites, but things have dried up. I only have one tenant in at the moment who is more then happy living there and wishes to stay.

The thing is that bills are stacking up monthly and I need to make the house pay, so if I can’t turn things around I might be forced to sell. Has anybody else had quiet months? If so what months are they and when did things pick up?

Any suggestions will be great.

CarlHoliday



Comments

Neil Patterson

4 years ago

Hi Carl,

If you are talking about the last couple of weeks many industries find that the Summer Holidays and August in particular are their quietest times of year. It obviously depends on how long you have been looking for.

Yvette Newbury

4 years ago

I always find July and first 2 weeks of August quiet in London. Once the exam results are out in 3rd/ 4th week of August.it goes crazy! I often rent to professional sharers too, not just students but I think with people on holiday around this time it all adds up to being quiet. Same seems to go on property for sale too.

Sam Cowen

4 years ago

That's strange as it's certainly not quiet on SpareRoom just now - we had our busiest day ever yesterday! This is the start of our busiest season which stretches into September and October. Have you taken advantage of all the tools available to SpareRoom advertisers to push your ad to get the best visibiility? ie Refreshing your ad, subscribing to Bold, proactively searching and contacting Room Wanted advertisers, trialling Featured Ads? There are lots of ways to increase your exposure.

Jill Lucas

4 years ago

Agree with all the above comments. Plus have you checked out what else is being marketed in your area. In am nr Brighton every now and then there is an influx of newly converted HMO properties (not my market) and it certainly has an impact. At present with the pension changes there are still a lot of new people entering the Buy to Let market. Perhaps you should do a general review and step up the marketing of your property consider some new options. In the past I have used SpareRoom and have found it v beneficial. In the past I have gone direct to the local HR department at the hospital and also to the major companies in the area! and this has worked as they are often looking for places for their staff - and very low cost marketing!

Dee Mc

4 years ago

Definitely agree with being proactive. I've found that some prospective tenants place ads and just wait for a response. When I've used sparerooms I have actively sought out tenants (remember to add the link to your ad when contacting tenants). Also, I don't just look for tenants looking in my area, I contact tenants looking in surrounding areas, When I contact people outside my search area, I look at their ad and see what I can add to attract them to my property. They may be looking in a surrounding area but they have added their preferred journey time to work. Would my property give them a shorter journey. If you haven't already done so, take the best pictures possible. Tenants tend to like pictures. If you have a free ad tenants can't contact you straight away and by the time they can your ad can be on page 2! I refresh my ad every morning and again during the day to ensure my ad stays at the top.

Good luck.

Carl whitlam

4 years ago

Reply to the comment left by "Jill Lucas" at "07/08/2014 - 17:21":

Hi Jill some helpful advice thanks.Ive approached the local hospital as my property is 5 mins away but Ive not had any leads out of it as yet.Your right in reviewing my options and marketing and there does seem to be a increase of rooms available.

Carl whitlam

4 years ago

Reply to the comment left by "Yvette Newbury " at "07/08/2014 - 16:54":

That kind of mirrors what I'm finding atm.The last 2 weeks in July and Aug has dried up.I might just have to ride it out and hope things pick up.Thanks.

Carl whitlam

4 years ago

Reply to the comment left by "Sam Cowen" at "07/08/2014 - 17:02":

Hi Sam is that busiest for rooms wanted or rooms offered?If its the latter then there might be a temporary over supply?if such a situation can exist.TBH I never tried all the options you suggested but there again I never needed to as leads came through on a regular basis....confused

Carl whitlam

4 years ago

Reply to the comment left by "Anonymous " at "07/08/2014 - 17:22":

Thats fantastic advice.Thanks very much.

Yvette Newbury

4 years ago

Carl, I use Spareroom too. Whatever the reason is that it has gone quiet in your area or in response to your ad then if you refresh your ad regularly and/or subscribe to bold you will get a better response. Double check your price is about right too.

Otherwise, you can always drop the price slightly into the next category and then be overwhelmed with the response.

I have tried all these tactics in the past and have been very pleased with the results from Spareroom compared to other similar rivals. It may just depend on the area though.

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