These days the rental market is highly competitive and attracting tenants isn’t always immediate. Every day that goes by with your property unoccupied is a day in which you lose money on your investment, ideally you want to move from tenant to tenant with as short a time gap as possible. If your property hasn’t been snapped up by a suitable tenant, then these simple tips and tricks are for you! A few pounds on accessories or a bit of paint can make all the difference between finding a great tenant and having another month with an unoccupied property on your hands.
1. PRICE
Before putting your property on the rental market, do your research. Make sure you look into what other homes of that nature are renting for in the area and set the bar accordingly. One great tip is to do the majority of your research online. If you set search parameters for properties similar to yours in that area you will be likely looking through the same list as your prospective tenants. If you check back daily you will see which properties have gone from the list, indicating prices that are obviously working in the current market.
2. FEEL
Whilst prospective tenants are interested in logistics, room sizes, EPCs and fire safety what they find most memorable after a viewing is the feel of the property. They want to be able to imagine themselves living in the property as their home. They have to feel that it is a good home for them and their family. Bear that in mind as you prepare the property for market, you want it to have some atmosphere, charm and a ‘lived in’ homely feel. It can be the personal touches that make all the difference, adding notes to a chalkboard planner in the kitchen, flowers on the dining table and a few great pictures in the hallway can go towards getting you that quick rental. A nice fragrance can really help too, engaging all of the tenant’s senses as they view the property.
3. LOOK
When prospective tenants look around a property it is difficult for most to envisage the potential of the rooms without help. A completely empty home can look smaller and feel less inviting than one which is set to create a homely environment that best shows off the look and potential of the property. You can really help yourself in this area with a few small costs such as getting carpets, sofas and windows cleaned. Try softening the furnishings with cushions and curtains and try adding some splashes of colour to the rooms with feature walls. These simple, relatively cheap upgrades will not only put you a step ahead in attracting tenants but they will be worth their while in helping you keep tenants too.
Truly, finishing touches in terms of look, feel and condition of the property can make all the difference. They make your property stand out from the rest, giving you the winning edge and ensuring a quick rental.
For more tips and advice on running a successful property investment business contact the team at Nick Fox and take a look at our range of products here.
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