The good news is that the fall in demand has rebounded, and the increase in demand is consistent across the market.
What’s more, the annual rental growth is expected to grow more than last year.
With a potential second wave of coronavirus, it is important that you focus on attracting your ideal prospective renters, in case there is a decline in rental demand.
This article looks at some ways you can attract tenants to rent your home, and hopefully, keep them long-term.
Step 1: Get your property “rent-ready”
Before you start to list your property, make sure it is ready for potential renters. This means making sure it is safe, well-maintained, and clean.
Now is the time to tidy up, declutter and fix the handyman items.
Also consider if you want to rent your property furnished, unfurnished or partially furnished.
Step 2: Choose the right letting agent
The next critical decision is deciding if you are going to be the landlord and be on hand to deal with maintenance and repairs (as well as finding tenants). Or if you will appoint an agent to do this on your behalf.
If you decide to find an agent, make sure you find someone reputable that you talk to. You want to be able to build a strong working relationship with them and make sure they can help look after your tenants and your investment.
Find out what their property management service includes and excludes, so you know what your time commitment will need to be.
Step 3: Include attractive incentives for your tenants
Consider offering prospective tenant’s incentives that will be attractive to them. This may include:
- Accepting pets – if you’re tenants want long-term rental, then offering a pet-friendly property is a bonus if they decide to get pets later. On the plus side, if you allow pets in your property, renters will expect to pay a higher rent.
- Provide fast Wi-Fi – High-speed internet is becoming more and more important for renters for work, study or fun. Tenants want a fast internet and will pay more to have this included.
- Garden maintenance – if your property has a garden, consider including garden maintenance as an incentive. Not only will your property be guaranteed to be looked after, it is a bonus for your tenants to have a garden that they don’t need to look after.
- All bills included – An attractive feature for renters is having all bills included, such as electricity and gas, so that they can budget easier. As an added incentive, you may consider offering a short-term reduction as an incentive.
- A homely communal area – An attractive feature, especially for millennials, is a rental a property that has communal shared spaces. If your property is an HMO, it is idea to ensure that the communal areas are inviting, attractive and functional, as tenants, especially students, will use these areas as a social outlet.
- Modernising the property – a final incentive for new tenants is to provide a modernised property. You can achieve this by applying fresh neutral coloured paint, updating the bathroom(s) or ensuites, installing convenient storage spaces and matching fixtures and fittings.
Investing in the Right Property
Maximising your appeal to tenants starts with buying the right property in the right location.
Before you narrow down your search, write a list of the essential criteria. Be clear on what type of tenant you want and what is important to them… but don’t overspend.
We recommend that if you are thinking about buying a property to let that you first start by getting professional advice, so you can make a considered decision.
At REKA Property Management, we give our clients the facts about the property industry.
If you want to know how to achieve solid rental returns and have peace of mind with your property, then call us on +44 (0) 203 286 6468 or email us at Admin@RekaProperty.co.uk