Our company Flat Service has been operating in Prague and its immediate surroundings for almost fifteen years. Over that time we have gained plenty of experience and have a very good idea of how quickly and for how much a particular property can be offered to a solid applicant.
Why can't I find tenants?
The property market – and this goes double for investment flats for rent – naturally shifts dynamically along with the economic situation. At the same time, certain unexpected influences have to be taken into account, as they have a fundamental effect on the mobility of the population and on housing demand. We're talking about the recent pandemic, but above all about the ongoing war in Ukraine, which has driven up demand and therefore prices due to the influx of hundreds of thousands of people. So how is it possible that you still can't fill your vacant flat? Below you'll find the 5 most common reasons why it isn't working out yet. And since you're in the Flat Service Advice section, we'll add tips on how to deal with each situation.
1. The price doesn't reflect reality
The first reason we'll discuss is of course the most obvious one – the rent you have set. Some people claim that there's a buyer (or in this case a tenant) for every product at any price, but the truth is that if the price is too high and you've been unable to fill the flat for several months, or in extreme cases even years, you're effectively running a deep loss. In such a case it definitely pays to consult the market situation with an expert, whether that's an agent at an estate agency or a property management company. It's also possible that you're looking for tenants on a platform typically frequented by less solvent applicants who put price ahead of quality and the services on offer. Be where your target group is!
2. The flat is advertised in the wrong way
A common mistake is an advert written very vaguely, offering too little information about the flat itself, its layout, furnishings, available services and so on. All of this is then accompanied by poor-quality photographs, often taken on a mobile phone, giving applicants only a very limited picture of what awaits them in their potential new home. In that case, we can only recommend again the services of people who have long been bringing properties to the rental market. Our company Flat Service, for example, arranges a professional photographer, takes care of home staging (placing furniture and accessories in an empty flat so that it looks cosy and attractive), prepares the advert text, or offers the property directly to pre-registered clients from our internal database.
Transport accessibility is one of the key parameters for most applicants. But there are exceptions too, such as people working 100% from home
3. The stated conditions put applicants off
In recent years, landlords have got used to the idea that “paper will take anything”, and that when looking for tenants they can therefore dictate conditions that are borderline, and often well beyond the limits of our legal system. Yet a solvent tenant from abroad interested in a medium- or long-term stay in the Czech Republic may be exactly the solution to the current shortage of applicants. So bear in mind that although the landlord usually has the final say in choosing tenants, they must never dictate conditions that would be illegal and discriminate against certain applicants, for example on the basis of nationality, skin colour, religion, sexual orientation and the like.
4. The property is in a problematic location
Perhaps you were horrified reading that subheading and asked yourself – are there really problematic locations in Prague? The answer is yes and no – it would be very hard to find places that are genuinely “problem” areas (mind the similarity of the words) because of their residents. Prague has long been ranked in every survey as one of the safest large cities in the world. Problematic locations, however, do exist in numbers. This may be linked, for example, to a lack of educational facilities nearby, poor public transport links or high noise levels from transit traffic. And since we can do a great deal, but certainly can't load your flat onto a lorry and move it to a more attractive location, we'll advise you on what we can manage. We'll find and carefully highlight the strengths of the particular place (this may be excellent access to neighbouring countryside, which is very important to some people), while also talking openly and very fairly with prospective tenants about the shortcomings we're aware of.
5. The necessary investments haven't been made
The last reason certainly worth mentioning is insufficient maintenance of the flat, failure to carry out essential repairs after the previous tenant moved out, or even “merely” neglecting a proper clean before you start inviting people to viewings. Nobody wants to move into dust and dirt. Yet often very little is needed – an investment of a few thousand crowns in repairs and professional cleaning – and you can raise the property's actual market value by several tens of percent. It will all pay for itself within the first months' rent, and later you'll simply reap the rewards of your responsible and far-sighted approach. Would you like more advice on renting out property? Or are you already considering entrusting your flat to an agency that will take care of everything? We'll be happy to prepare a no-obligation calculation of how much we can rent your flat for. And if you're interested, we'll also arrange routine maintenance, cleaning and all the administrative formalities for you. Just get in touch on +420 277 000 330 or at sales@flatservice.cz.
