How to let your rental property quickly to tenants & increase your monthly rental payments
Perhaps the most important aspect of being a landlord is ensuring that your property is occupied for as long as possible and by a good quality tenant. Naturally, some properties take longer to let than others, but often this isn’t down to a lack of demand. More-so, either the property is priced out of the market, or the condition of the property simply isn’t up to scratch.
Read on as we take you through the key elements to consider when bringing your property to market….
My rental property needs refurbishing – but my budget is limited?
This will be a common predicament for many landlords. But don’t dismiss the idea completely – you may be surprised to find out that there are various things you can do to make a huge difference and at very little cost. All it takes is a little creativity and some clever tactics.
It has to be said however that a lick of magnolia paint and the cheapest possible floor coverings won’t necessarily cut it with today’s market. As more rental properties come to market in the UK, tenants have more choice and will very quickly pick up on a ‘cheap’ job.
The key is to focus on the smaller details. Anything that can be touched or seen should be prioritised. In most cases this includes sockets, light switches and cupboards. As a minimum, these need to be clean and free from marks. If possible however, spending a little more on chrome switches and sockets instead of standard white fittings will make a big difference. Soft close fittings on kitchen units and drawers also add an air of quality at very little cost. Finally, think about how the floor coverings can complement each room.
Looking for inspiration? A quick google image search of ‘interior trends’ should fill you with ideas. All you have to do is spend some time to source the materials and then copy what you see!
Below are more Important Landlord Top Tops to help you transform your rental property into a perfect home for tenants:
1. First impressions count
The entrance hallway is the first thing prospective tenants will see once they walk through the door. Making sure this space is smartly decorated and clear of any clutter will immediately give the right impression.
Adding mirrors in corridors can make a big difference. This creates the illusion of extra space to viewers. A strategically placed air freshener will also crate a feeling of cleanliness as soon as you walk through the door. This is very cheap thing to do, but will go a long way on viewings.
Sounds simple, right? And surely any landlord worth their salt would take this as a given? Well, you’d be surprised. And whilst a messy property may not always be the landlord’s fault – an untidy tenant can unwittingly sabotage any potential deal – never assume and take the risk. It’s in a landlord’s interest to look after the basics and to check the property is clean and tidy before any viewings take place.
Your letting agent should keep on top of current tenants with regular property inspections – especially when viewings come in thick and fast. We would recommend property inspections are carried out every 3-6 months. As long as a good Property Inventory is in place, you should easily be able to see how your existing tenants are looking after the rental property.
If your rental property is vacant we would always recommend getting it professionally cleaned before viewings take place. Put yourself in the tenants shoes and ask ‘If I were viewing this property for the first time, would I want to rent it in it’s current condition?’. If the answer is yes, then great! You will probably let your rental property quickly.
3. Kitchens and Bathrooms
It’s common knowledge that kitchens and bathrooms are the most appealing rooms to many people viewing a house. Rental properties that have recently refurbished these rooms to a modern standard often get the most interest. Landlords in these circumstances normally have a choice of tenants to chose from at the end of the viewing process.
Kitchens will often play host to social events, and in smaller properties can also act as an extension of the living room. Open plan kitchen / dining spaces are very much in demand too, so look out for properties which are able to offer this when buying.
Cleanliness again plays a big part here – kitchens and bathroom should be the most hygienic spaces in any property. If the bathroom tiles are mouldy or cracked, look at getting these fixed. There is nothing worse than trying to ‘sell’ a smelly or mouldy bathroom!
Add shelving to create extra storage space, increase natural lighting where possible and use artificial flowers or plants to add character and colour to the rooms. All of these things are cheap, quick and easy to do, and will go a long way when it comes to finding good, quality tenants. So what are you waiting for if you want to let your rental property quickly?
4. Make use of mirrors
Mirrors are decorative features but they can also make a space look bigger and more stylish. They are also great because they don’t take up much space and can be placed on various surfaces. They’re ideal for rooms that don’t get much natural light too.
Most importantly, they’re inexpensive additions. If you’re looking for something elegant that can fit within a small budget, this is something to seriously consider.
Glass or mirrored tables can also help brighten up a room and make it feel much less cluttered, whilst also remaining on trend.
When it comes to decor, taste is most definitely subjective.
So whilst you may adore that lime green wall or bold, funky wallpaper on various walls throughout your property, it’s important to remember that everyone’s decor tastes will be different. Create a clean, neutral environment and you’ll cater for the minimalists, while also giving the more extravagant tenants out there a blank canvas.
There are plenty of affordable interior paints to use on your walls, so don’t go splashing out on Farrow and Ball. This will be an effective way to breathe new life into your property. We would always advise you to opt for lighter, neutral or softer colours to make each space look bigger and to promote a more homely, relaxed feel. This is normally very popular with prospective tenants let your rental property quickly.
6. Laminate flooring
Laminate flooring has come a long way since it was first introduced in our homes and the options are now endless. More affordable than solid or hardwood flooring and easier to maintain than carpets, laminate floors are a good, cost-effective option for your rental property and a sure-fire way to make interiors feel more contemporary.
If you fancy rolling up your sleeves and giving laminate a try yourself, it’s fairly easy to install and the range of finishes will suit any taste. It is also more hard-wearing than carpets and most manufacturers offer a guarantee of 10+ years.
Definitely worth considering if you are renting your property out to families or tenants with pets!
7. Turn practical items into design features
Something as simple as installing a new light fitting or even creating a design feature that also doubles as a focal point can instantly update a room and make it look ten times better. Industrial style fittings are very much the on trend currently. These can be anything from exposed lamp filaments to metal caging, shelving and even real wood on the walls!
Features that look unique and different tend to grab attention and give tenants something to think back on when viewing other properties.
Although we wouldn’t recommend installing features that are too design-led due to the fact that they won’t be to everyone’s taste, sometimes a striking feature wall can make a huge difference.
8. Up-cycle your furniture
Buying a new sofa or a dining table can be an expensive task. The thing here though is that you might not need to replace items of furniture altogether. A new sofa could set you back over £500, but new cushions and covers are likely to cost less than half that.
With a bit of time and patience, an out of date cupboard or dining table can easily be spruced up with a fresh coat of paint and this can completely transform the room.
Looking for more inspiration?
Head over to Rightmove now and look for properties showing as ‘let agreed’ in your location. Consider which of those properties are priced highest and you will see that many have been carefully staged and marketed to create the most interest possible. Feel free to copy ideas you think would work for you and see if it helps you to let your rental property quickly.
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