Finding the right tenants is key to making sure your property is looked after. But there is a balance between making sure you’re not missing rental payments because your property is empty and dealing with troublemakers.
Here are our tips to making sure you attract the right tenants for your property, so you can receive a stable rental income.
Tip 1: Figure Out Who You Want to Rent to
You need to first think about who your ideal tenant is so you can appeal to them. For example, there is always a high demand for rental properties that allow students and has communal shared spaces.
This not only reduces the rental amount for students, but it also serves as a social outlet.
Tip 2: Get your property “rent-ready”
Before you 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.
Tip 3: Pet-Friendly
Consider allowing pets to stay in your property. Even if your new tenants don’t have a pet when they move in, the chances are that if they’re looking for long-term rental, providing a pet-friendly property is a bonus if they decide to get pets later.
What’s more, if you allow pets in your property, then renters will be happier to pay a higher rent in return.
Tip 4: Furnished or unfurnished
Consider if you want to rent your property furnished, unfurnished or partially furnished.
Typically, renters who want to avoid the cost of moving items around too often seek properties that furnished. However, this may also lead to your tenants only staying short-term.
Tip 5: Attractive Property Features
Most renters want a modern, clean and practical design using quality features. Before you rent your property, consider if you can include some of the following:
- functional kitchen(s)
- new paint – typically neutral colours are best
- modern bathroom, or ensuite
- storage space
- matching fixtures and fittings
- lots of natural light
- providing fast Wi-Fi
- garden maintenance (if you have a garden)
- all bills included
- off-street parking (if available)
Tip 6: Choose the right letting agent
The next critical decision is deciding if you will 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 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.
Tip 7: Prepare for Viewings
To make a good first impression, ensure your property is clean and tidy. Make sure you know key information like local bin collection days, internet and energy providers.
Investing in the Right Property
Ultimately, you’ll attract better tenants if your property has features that are in high demand and if the property is in the right areas and near public transport.
First, start by researching the local property market. And then 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 to 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, call us on +44 (0) 203 286 6468 or email us at Admin@RekaProperty.co.uk