The lettings market is forever changing, and we are not just talking about the wealth of regulations and legislation that you need to abide by. Renting a property is now the norm for many, with the private rental sector continues to grow, yet it is estimated that landlords will be leaving the sector at just as rapid a rate. Tenants’ expectations are high. They are seeking a home and are willing to pay for the style and quality of property that matches their lifestyle. Even the student lettings market has upped its game. Gone are the dingy properties with dated decor and poor amenities and in their place, trendy apartments with fun features, such as a cinema room. With tenants wanting quality, properties being in demand, and fewer of them available, if you’re struggling to find a tenant, you need to be asking yourself: is your rental property what tenants really want?
Quality Attracts Quality
The foundation of a successful tenancy starts with finding you the right tenant, not just any tenant. The right tenant will respect your property and take care of it during their tenancy. They will pay on time, every time, and keep you or your managing agent informed of any maintenance issues that may arise. If you wish to attract a quality tenant, then you have to provide them with a quality home. They will be looking for high standards of kitchens and bathrooms, evidence of regular maintenance and a property that is stylishly presented, safe and clean. This may be the minimum you provide in your properties for rent, but we often find as the years pass by a level of apathy can take hold and slowly the quality of your property can decline.
Location Is Still Important
The daily commute to work can be arduous for many and the last thing tenants want to do is add to their suffering. When you are seeking to extend your portfolio, think about the location and not just the deal. Yes, commutability is essential, but so is access to local amenities. People don’t want to have to commute to live as well as work. They want to know they can easily stroll to grab a coffee with a friend, will be able to buy those last-minute essentials close to their home, and can even enjoy some leisure activities without driving a great distance. It’s not just commuting that is a priority for those families that are renting for the long term, being within a preferred catchment area is also a must. Getting into their chosen school can be decided by a matter of just a few steps, so it’s worth doing your research should you be seeking to attract the family market.
Your Choice Matters
If you ask a tenant what they fear most about renting a property, the majority will give an answer that emphasises the way they are treated. How your property is managed reflects directly on you as a landlord and also impacts on how your property performs. Things happen during tenancies; washing machines break, window locks may fail, but tenants will judge you on how you react. Repairs need to happen swiftly and professionally. One quick way to strength your relationship between you and your tenant and to give them peace of mind is to show that you care.
Winter Is Coming
You have to admit, it’s not fun to be cold in your own home during the winter. Failing to ensure your property is warm and the heating is working properly is a very quick way of turning a wonderful tenant into a very unhappy one. So make sure you undertake the annual checks and regular maintenance so you know your property is ready for when winter comes.
Food For Thought
The number of landlords that allow pets in their properties is low, which you could say is surprising in a country of animal lovers. There continues to be a growing need for rental properties that are willing to allow tenants and their pets. There are the obvious physical benefits of owning a dog, but have you thought about the psychological benefits pets can have on your tenants? According to the Mental Health Foundation, pets are comforting and help us lead happier and healthier lives. They are a great motivator and can help those suffering from depression as they have a calming effect, giving us a chance to relax. They are a companion to the lonely, and give people the opportunity to connect with the outside world. Savvy tenants understand your worries, they appreciate your concerns and therefore always willing to provide proof that their pet should be trusted. In general, tenants with pets are looking for stability, and so are more likely to renew, giving you more security by avoiding void periods.
Has one of your properties been underperforming? Have you considered if your property is giving today’s tenants what they really want? I want to ensure all of your portfolio is performing at its best. Call me today for a free assessment on 01895527116 or email me [email protected]