The secrets of the most successful private landlords
Making your property appealing to your target audience
Whatever business you’re in, it’s wise to know your target market and present your offering according to their needs. Being a landlord is no different. So if you have a property in a popular student area, it pays to make it appealing to that particular group. They’re likely to want a furnished house or flat that’s pretty much a blank canvas, giving them the opportunity to make it feel like home for the period that they’re living there. Similarly, if you have an apartment that you’d like to market to young professionals in an up and coming business area, they’re going to be looking for a trendy feel.
It might seem like a lot of effort if the property is currently completely empty, but it’ll make what you have much more attractive to potential renters. Remember that it doesn’t have to be particularly expensive, either. You can pick up modern, durable furniture in places like Ikea for a relatively small sum. It’s often a very wise investment.
Using the services of an inventory company
If a landlord is going to experience problems, it’s likely to happen when the tenant moves on. If there’s damage to the property or its contents, this can cause all kinds of difficulties. There might be disputes about whether it was actually caused by the tenant, and when you’re busy sorting it out, you’re losing rental income.
The answer here is to use the services of an inventory company in London if you are based in the capital, or a local service anywhere else in the country. You’ll be assigned a clerk who will make a detailed report of the state of the property at the beginning and the end of the lease. This gives you that extra peace of mind when you’re renting your property, and helps to avoid any problems. It’s an investment that could save you masses of time, money, and hassle.
Caring about your tenants
Your property will be ‘home’ for your tenants for a period of time, so never forget just how much it’ll mean to them. From time to time, problems can occur, and that’s to be expected, but you need to ensure that you take the time to deal with them in a speedy and sensitive manner. So if there’s a leak in the middle of the night, it’s your job to make sure that it’s dealt with quickly and by a professional.
Keeping the same tenants in a property for a prolonged period makes the whole process much easier, but they’re much more likely to move on if they feel that their concerns aren’t taken seriously. Give them an emergency number to contact you on, and make yourself available whenever it’s possible and reasonable. Some landlords go a step further with little touches like welcoming their tenants to the property with a bottle of wine and some fresh flowers.
Renting property isn’t rocket science, but it does require a considered and carefully planned approach. Are you using these tactics to make the most of your rental business?