The headline this morning in the industry news tells us what we already know: that rental property demand is ever increasing. With recent changes from the Government, many landlords are not increasing their portfolios and amateurs are not trying their hand at buy-to-lets. This is creating a shortage in the market. Therefore, how can you ensure you are attracting the highest quality tenants who are prepared to pay a premium price?
Here are five simple ways that don’t break the bank and eat into your yield.
Prospective tenants on average view 6 homes before they choose one. If yours presents as well cared for, they are more often tempted to pay a premium for a well maintained home. It suggests the future there will be more settled and hassle-free.
If skirting boards are scuffed, taps drip, paint flaking or drawers that are broken, it suggests problems will mount up if they take the property. When it presents well, they can just take time to imagine themselves and their belongings settling in.
Orchards Estates Management Service ensures everything works perfectly. This then gives you an advantage over the competition and you can afford to increase the rent.
Kitchens & Bathrooms
Adding value between tenants can be done with a full redecorate. This however would be a costly route to take. Instead, focus on these two main rooms.
Tenants like to bring their own items, like pictures or furniture, but bathrooms and kitchens don’t change from the first day of their tenancy. Cracked tiles and tired/marked work surfaces can’t be hidden.
Don’t let other rooms deteriorate but just ensure the main share of the budget goes on both bathroom and kitchen. The appeal of these rooms can’t be underestimated, nor can the value they will add to the home.
It has become a bit of a cliché over the years but neutral tones are the best way to increase the value to a renter. You might be a fan of wallpaper and bright colours but everyone is different. The universality means higher appeal to more people and that leads to added value.
In our relatively rural area, pets are huge part of many people’s lives. A lot of landlords shudder at the thought but with the correct tenancy agreement in place and regular property inspections, there is very little financial risk. Tenants often expect to pay more to be able to keep their family together. An increased deposit, or rent payment if partway through a tenancy, and the correct paperwork keeps your asset protected and opens the property up to another section of the market.
Ask Orchards Estates Lettings about this and our other property management services.
What other things could you offer that could also broaden the appeal of the property? Perhaps including internet access to the package, even a little thing like that makes a tenant’s life easier and so increase the appeal.
Further Added Value
For more help, get in touch. We can offer as much or as little in the way of management of your properties as you prefer. Any specific requirements? Just ask.