Have an existing property that isn’t getting much attention from potential tenants? Rentals, apartments and flats, especially near the city, are always in high demand, although there is still a lot of competition. For those looking for ways to make a property more marketable, why not look at some of these tips on how to help make yours stand out above the rest?
1. Consider your Tenant
Perhaps the most important factor to consider in making a property appealing to a tenant is to understand what they need it for and why they’re moving there. For example, Estate & Letting Agents East London might focus on student accommodation by highlighting the property’s proximity to educational facilities, surrounding bars and restaurants, and excellent internet speed, ensuring students can complete work when not on campus studying.
A great way of covering all bases, while also saving some money, is to go for a sleek, minimalist look in your property, prioritising function and giving tenants the maximum amount of space to get on with their day-to-day. You can achieve this by clearing out clutter, keeping colours bright and uniform, and furnishing with tables and chairs that aren’t overstuffed or unneeded.
When comparing rental prices in your area, utilising platforms like Rentola can provide valuable insights. Begin by inputting specific details about your property, such as location, size, and amenities, to generate accurate comparisons with similar listings. Pay attention to the range of prices within your neighborhood to gauge the market’s pulse. Take note of any seasonal fluctuations or local trends that might impact pricing. Rnentola’s user-friendly interface and comprehensive data allow you to refine your understanding of the rental landscape, empowering you to set a competitive rate that aligns with the current market conditions. Click here for more information on Rentola’s market in the London area.
2. Give it a Fresh Coat of Paint
Often, simple steps such as painting and decorating can rejuvenate a property, giving it a new lease of life (and hopefully a new lease as a result), but remember to keep it simple for both yours and the tenant’s benefit. Simple, clean colours such as white can give a room a bright and serene vibe, or if that’s a bit boring for you, then you can also add a contrasting feature wall to make the space pop a bit more.
Remember: When painting and decorating, or doing any sort of DIY, make sure you know what you’re doing, and you have the right equipment. If you’re not confident, get a professional in to help, as you’ll probably end up calling them down the line anyway, so you might as well get the job done correctly from the beginning saving time and money.
Want to switch up the feeling of a room but without the mess of painting and decorating? Why not keep it simple and game the system with some smart technology. Coloured light bulbs can be a great way of changing the mood of a room in an instant, either via control on an accompanying smartphone app or even voice control if you have a paired smart speaker. Modern flairs such as these make the space more memorable as a by-product, and thus again more likely to attract potential tenants.
3. Maintain the Outside
If your property has an accompanying garden or balcony, a nice way of making it look attractive to tenants would be to prim on the outside by, for example, planting some colourful flowers or pressure washing old flagging. This could help to set a good example on a viewing before the tenant has event stepped inside the property itself.
For any landlord or potential investor living a fair distance away from their property, or wanting to take more of a hands-off approach, maintaining a garden can be difficult with flowers and plants that need watering constantly. Have a look at some low-effort plants that can be left to survive on their own, with minimal intervention required.
More Ideas
Armed with the three most crucial and budget-friendly solutions, you might be contemplating additional strategies to effectively market your property and secure the best rates and tenants. Here are some rapid-fire considerations:
- Curb Appeal:
- Maintain a well-manicured lawn.
- Plant flowers or add potted plants to enhance the exterior.
- Ensure that the exterior is clean and well-painted.
- Clean and Well-Maintained Interior:
- Thoroughly clean the property before showings.
- Repair any visible damages, such as leaky faucets or cracked tiles.
- Fresh coat of paint can make a significant difference.
- Modernise Appliances and Fixtures:
- Update kitchen appliances to more energy-efficient models.
- Install modern fixtures and lighting.
- Consider upgrading the bathroom fixtures.
- Energy Efficiency:
- Install energy-efficient windows and doors.
- Consider adding insulation to improve energy efficiency.
- Use energy-efficient appliances and lighting.
- Security Features:
- Highlight security features such as alarm systems or secure locks.
- Install motion sensor lights around the property.
- Consider a video doorbell or security cameras.
- High-Speed Internet and Tech Features:
- Offer high-speed internet as part of the rental package.
- Consider smart home features like thermostats, locks, or lighting.
- Storage Solutions:
- Ensure ample storage space in kitchens, bedrooms, and bathrooms.
- Consider adding built-in shelves or closets.
- Pet-Friendly Amenities:
- If possible, make the property pet-friendly.
- Add features like a fenced backyard or a designated pet area.
- Flexible Lease Terms:
- Offer flexible lease terms to attract a wider range of tenants.
- Consider month-to-month or short-term leases.
- Professional Photography:
- Use high-quality, professional photos for online listings.
- Highlight the best features of the property through visuals.
- Effective Online Presence:
- Utilise various online platforms for advertising.
- Craft a compelling and detailed listing description.
- Local Amenities:
- Emphasise nearby attractions, parks, schools, and shopping centres.
- Provide information on public transportation options.
- Responsive Property Management:
- Be responsive to inquiries and schedule showings promptly.
- Show a commitment to tenant satisfaction and property maintenance.
- Competitive Pricing:
- Research local rental market rates and set competitive pricing.
- Consider offering incentives like a move-in special or discounts.
- Well-Designed Spaces:
- Ensure that each room is well-designed and functional.
- Consider staging to showcase the potential of the living spaces.
- Regular Maintenance:
- Implement a regular maintenance schedule for the property.
- Proactively address any issues to prevent major problems.
Conclusion
Enhancing the marketability of your property involves a strategic blend of visual appeal, modern amenities, and practical considerations. By implementing the aforementioned tips, from maintaining a well-groomed exterior to embracing energy-efficient features, you can create a desirable living space that attracts quality tenants. Stay responsive to market trends, maintain flexibility in lease terms, and leverage online platforms to effectively showcase your property. A well-maintained, technologically equipped, and thoughtfully presented property not only commands competitive rates but also fosters lasting tenant satisfaction. Ultimately, investing time and effort into these strategies can make a significant difference in positioning your property as a sought-after and valuable rental in the market.
