With competition in the lettings market hotting up and tenants increasingly in the driving seat, there are lots of things you can do to make your property stand out.
With years of experience letting homes in Canary Wharf, east London and Docklands, I know what prospective tenants are really looking for.
To help you make the most of your asset, here are five things you can do to maximise the rent you receive as a landlord and to get your property let quickly.
1. Be flexible on price
All tenants have a budget and the price you market your property at can be the difference between a flood of viewings and a complete lack of interest.
With average rents stagnating or falling in much of London there is real competition in the market right now, so it’s essential to advertise your property intelligently and be flexible when it comes to negotiation.
Accepting a lower rent initially is better than having your property stand empty for weeks as tenants opt for savings elsewhere.
Metro 148’s low overhead, low-fee model is designed to offer landlords maximum flexibility to minimise void periods and allow rapid negotiation to sign up tenants fast.
2. Present it properly
You wouldn’t try to sell a car without, at least, giving it a wash first. The same should be true of your property.
My advice is to go the extra mile – having a cleaner run a hoover round won’t do.
Tenants don’t want to walk into a property that looks in any way run down. Would you rent somewhere with a stained carpet?
Spending a little cash on clean, neutral decor is a wise investment.
When I take clients on a viewing they want to see the landlord has cared for the property – freshly painted walls work on a subconscious level, boosting natural light and making otherwise bare rooms appear super clean.
I’m always happy to provide recommendations to landlords for decorators that can help get their properties ready for market.
3. No niggles
Maintenance is key. Dripping taps, lights that don’t work, damp patches on ceilings, a noisy fridge rumbling in the corner.
These are all deal-breakers in tenants’ minds.
Why? They suggest living in the property will be a problem and nobody wants to spend their lives on the phone trying to sort things out.
If there’s a similar home out there where the taps don’t drip, why would a tenant choose yours?
Do a sweep of your property or have your agent do it before you open it up for viewings to make sure there are no obvious pitfalls.
If there are problems, it’s well worth getting them sorted quickly.
It’s also really important you take note of feedback on viewings to see if there is anything further that needs tweaking.
4. Added value
Think about what you as a landlord can do to give something extra.
You are running a business and the best way to view your tenants is as clients.
With the rise of Airbnb and other similar short-let websites, property owners are used to giving something extra and clients are used to receiving it.
That’s why Metro 148 has introduced a Toast Your Tenancy service as standard with a free bottle of Champagne delivered to your tenant at no cost to you when they move in.
But is there something else you could be doing to ensure you let fast and at the right price?
A little added value need not cost much and can go a long way to building a firm, positive relationship with a tenant, making them more likely to renew their contract. Look after your clients and they’ll look after you.
5. Market smart
Location, location, location. That’s nothing new and, of course, you can’t move your property – so what am I talking about. Well, what you can’t change, use.
You may know things about the property that your agent doesn’t – tell them so they can use it to sell to the right tenants.
Don’t assume people have done their research, do it for them. Identify the kind of people you want to let to and play up the benefits of your property for them.
Do they work in Canary Wharf or the City? What are the transport solutions for them? What great amenities does the area offer? The more positive reasons for living in a property that are on the table, the more attractive it is to prospective tenants.
Call Metro 148 director Angelou Beswick direct on 020 7613 4600 or email firstname.lastname@example.org.
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