Even with a shortage of rental opportunities, it is key for landlords to ensure their properties are always earning income to ensure maximum revenue.
An increase in the buy-to-let landlord sector means it is vital for investment owners to do all they can to make their property attractive to prospective tenants.
Showcase the benefits
Potential tenants tend to only look quickly at properties, especially if they are planning a day of viewing. Therefore, landlords should take steps to make sure their property has that instant “wow factor”.
For example, by having as little furniture as possible in the house or flat, landlords can maximise floor space and make the property appear bigger, which will help with the appeal to interested parties.
Opt for neutral decor
In many cases, it pays to keep any décor subtle and neutral, otherwise it could deter potential renters. Many tenants do not want garish or bright colours, because it may be hard to imagine their possessions in the property or they could feel they may not be able to make it feel like their home.
Landlords should also consider opting for hardwood floors rather than carpets. They often give a more spacious feel to a space, plus tenants prefer them as they are easier to clean, and they are less likely to need to be replaced at the end of a tenancy.
Take time to market correctly
Obviously, landlords are keen to avoid any periods of inoccupancy, but it is vital investors do not rush into putting a property on the rental market without doing the correct research.
In terms of monthly rental cost, it is important to strike a good balance. Aiming too high could lead to pricing people who would live in the area out of the market, while setting too low could mean attracting the wrong kind of tenant, as well as losing out on revenue.
Looking at the cost of neighbouring properties is a good way to ensure the rent is competitive and it is vital landlords are flexible if it means securing a long-term tenant.
Some landlords may also want to think about adding in other costs to their monthly rental price, especially on short-term lets. Variable costs such as gas, electricity and water can be included and could appeal to those tenants who prefer to know their outgoings upfront.