As a landlord you expect your properties to be rented out constantly and for you to be enjoying the maximum return on your investments.
At times you may not be experiencing this in which case some simple income boosting tips could help. Whether you’re looking to increase your rental income or just generate a little extra income take a look at our tips for getting the most out of your property.
Go for the Fresh, Clean and Neutral look
Your property value rental price could be disappointing if the décor is in ‘bad taste’. Most tenants are looking for properties that are neutral so it’s easier to add their own personal touches and make it their own while they are renting your property.
Making sure your property has had a fresh lick of paint on the walls (even if it’s just a touch-up), has had any repairs made where necessary and has been cleaned top to toe between tenants will help to keep it rented on a rolling basis.
Fully or Part-Furnished
Look at what’s in demand on the rental market in your own area to get an idea of how you should offer your property.
If the demand for fully furnished is more desirable consider adding in everyday furniture like sofas, a table and chairs, beds and wardrobes, along with some pots and pans and kitchen utensils in order to command a higher rental price.
According to the Association of Residential Letting Agents (ARLA), a ‘fully furnished’ property should include ‘everything that a reasonable tenant would normally use on a day to day basis’.
Make sure to create a stylish aspirational property by adding accessories and dressing the house in order to get desirable photos of your property while it’s being marketed.
Invest in a quality kitchen and bathroom
According to a recent survey conducted by the estate agency group Spicerhaart, kitchens and bathrooms are the most important areas in a home and are the most important to invest in.
If you are looking to replace them, look at quality products and get the best you can for your budget. If your budget doesn’t enable you to purchase a new full kitchen or bathroom consider replacing unit doors or updating old tiles for a cheap and cheerful transformation of a room.
Very few tenants are interested in spending time maintaining a garden so by providing an outdoor area that requires little maintenance maximises your property’s appeal to tenants. Consider reducing or replacing your lawn area with paving slabs and gravel, while maintaining greenness with shrubs in planters or border areas.
Review your rent on a regular basis
Set yourself yearly reminders to check your rent against others in your area. If the average rate has been increasing, increase yours accordingly but don’t over price yourself – doing this will risk you will being left with an empty property on your hands.
Empty rental properties
As soon as a tenant gives you notice of leaving your property begin contacting agencies to market your property as available within the next month as well as starting to advertise it yourself too on free sites such as Gumtree. Effective management can help to keep your property empty to a minimum.