We're often asked by our clients what it takes to become successful at letting a property out. T...
We’re often asked by our clients what it takes to become successful at letting a property out.
The short answer is to have realistic expectations!
The most common mistake landlords make we find is expecting an unrealistic rental return on their property. Yes we’d all like to maximise our income on our prized possessions but is holding out for that extra few pounds in rent really worth it?
Making your property stand out from the crowd rests on two concepts: price and presentation. Lets have a look at these two concepts in a little more detail. The amount of rent we can expect from a property is dictated by the law of demand and supply, a law of economics that has been around for centuries and is not going to become outdated anytime soon. No matter how fancy a property is tenants are only willing to pay up to a certain amount per month for it, particularly when living costs are on the up. Having a handle on the local rental market is key.
Next is the twin ingredient of a successful property rental which is presentation. Doing a little homework here can pay dividends. As renting is now becoming a lifestyle choice for some, tenants are inclined to shop around more for their next home. It is therefore wise to make sure the rental property is up to standard. Dated looking fixtures and fittings will just not cut it. Tenants want modern kitchens and bathrooms with neutral decor and flooring throughout as a minimum these days.
At Belvoir we pride ourselves in giving our clients the best up-todate advice on becoming a successful landlord, helping to set clear objectives for a sound working relationship. Not only can we help find the right tenant for your property but can arrange renovation work from kitchen and bathroom re-fits to general maintenance.