Achieving the Best Rent 1st Sep 2015

In recent newsletters we have talked a lot about rents currently being at a premium. The Key Place carries out regular rent reviews, and if we feel that we can achieve more for your property then we will do this for you. However as a landlord, you need to invest in your property in order to make it attractive to tenants. And if you choose not to put money into maintaining and upgrading your property, then you cannot expect to get the optimum rent for it. The Key Place will advise on what can be done to achieve the best rent. What do tenants expect in 2015?

Externals

• First impressions count.
• The exterior of the building must look good – no flaky paintwork, cracks or holes.
• Do the window frames need to be refurbished or repainted?
• The front and back garden and the driveway must be tidy.
• Unsightly rubbish or recycling bins should be hidden away if possible.

Internals

• The interior fabric of the building must be in good repair – no cracks in the walls, broken tiles, cracked window panes, draughty windows, evidence of damp.
• Minor repairs should be attended to, eg - fix leaky taps, replace the grout and bath/shower seals.
• Redecorate – these days’ tenants expect properties to be freshly painted in neutral décor.
• Re-carpet – carpets should not be worn or dirty but should be of a good standard. Wooden flooring or quality laminate is desirable and so worth consideration.
• Blinds or curtains should match the décor, as should soft furnishings.
• Clean – properties should be clean and odour free.
• Modern matching furniture that meets all safety standards should be provided.
• De-clutter – accentuate light and space as much as possible.
• Consider fitting new appliances – fridge freezers, washing machines etc are expected to be provided. The inclusion of a dishwasher or tumble dryer may make your property stand out from the crowd.
• Do you have double glazing and central heating? If not consider investing in 1 or both.
• All safety certificates must be up-to-date.

If the rental property down the road looks a lot better than yours, then rest assured you will lose out. Tenants are looking for a home, and as such want a good well-presented property in a good location.

We urge you to remember that as your property is likely to be your greatest asset, it is vital that you protect this asset. If your property requires upgrading, or repairs are needed to any of its contents, we encourage you to invest - to keep your tenants happy and to maximize the income from your investment. As you know, we carry out regular inspections of your property and will endeavour to bring any issues we can see during our inspection, to your attention. If you have good tenants, you want to keep them, and they have every right to expect their home to be maintained to a certain standard. If your property is vacant, does it need any upgrading in order for it to let quickly and at a good price? Again, The Key Place is happy to advise. As a landlord, if you invest in your property, you will not only achieve the best rent but you will also attract quality tenants.

The rental market is the strongest it has been for years and this is set to continue. Landlords can get ahead of the game by taking steps to increase the value of the property. Investing time and money will likely see an increase in rental income. However issues need to be addressed regularly in order to maintain the value of the property and keep rent at an optimum level.