Belvoir News Article
31/03/2008 - Reaping Rental Rewards In A Competitive Market
- Belvoir advises landlords to think outside the box to ensure maximum returns
Struggling to let your three bedroom family home to a family? Concerned that over supply in some cities might leave you with an empty two bedroom flat? Wondering how to guarantee the best returns on your property investment by ensuring that you avoid empty periods with no rental income?
Belvoir, the country’s leading lettings specialist which looks after a property portfolio valued at more than £1 billion, says today’s successful landlords are becoming increasingly savvy at marketing their properties to make sure they enjoy regular rental returns. Take, for example, the traditional three or four bedroom family home. While this might be considered ideal for a professional young family, the smart landlord may increase their chances of letting the property by looking to market it to individuals as part of a multiple occupancy tenancy.
An accommodating approach to short term tenancies can also reap rewards for landlords, who may charge a premium for short term rentals which allow their tenants the flexibility they require. They may consider offering their property as a ‘stop gap’ let to avoid any down periods.
Belvoir advises landlords to consider how they might enhance their property to give it an edge over other similar properties available in the local rental market. “Sometimes the small things can make all the difference,” says the company’s Chief Executive Mike Goddard. “Presentation is, of course everything and we cannot emphasise this enough to landlords. Today’s demanding tenants will simply not accept shabby, outdated décor or second hand furniture and insist on hi spec kitchens and bathrooms with power showers and a full range of appliances, for example.”
“Having made sure your property looks its very best, take another look around and think how else you might be able to give it that extra edge,” suggests Mike. “A barbecue area in the garden might just be the thing that ‘sells’ your property to a potential tenant. It’s the same as when you are selling a house – you want to create an environment where the person viewing it can see themselves and their partner, friends or family living happily in the property.” Other cost effective tips suggested by Belvoir include:
- Invest in attractive, hard wearing garden or patio furniture
- Brighten up outside spaces with low maintenance pots containing shrubs and small trees
- Install wireless broadband in the property
- Make sure the kitchen includes all mod cons including fridge freezer, washer, tumble dryer, dishwasher and microwave
- Create a dedicated recycling area
- Ensure the property is fully insulated and promote this as it will help to reduce tenants’ utility bills during their let. (This will also make the property more energy efficient in line with the Governments new ‘EPC (Energy Performance Certificate)’ legislation)
- Include additional services such as a weekly cleaning service, free window cleaning or garden maintenance as part of the tenancy agreement.
- Install a dedicated work station or office space in the property
- Invest in a garden shed or board out the loft to offer additional storage
“To maximise returns on any rental investment we advise landlords to both think outside the box and do their homework when it comes to preparing their property for market,” says Mike Goddard. “Demand for good quality rental property remains strong but, as with any market, the best returns on investment come to those who are prepared to be flexible, think smart and offer a quality product.”
“Be prepared to market your property in the same way you would if you were selling it,” he continues. “And, like a vendor, if you are really struggling to ‘sell’ your property, I would advise enlisting the help of a lettings specialist such as Belvoir who can give you detailed advice about local rental demand, property presentation or any pitfalls you may have missed`
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