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Landlord Advice

Maximising your Rental Profits

April 25, 2019

The potential for income in lettings is well documented. But in a crowd of advertisements on Rightmove and Airbnb, what does it take to maximise your income? Maximising your rental return hinges on attracting the right tenants, whether you’re searching for the perfect long-term tenants, or hope to make a bundle from Airbnb. We’ve pulled together a guide to help you attract tenants and maximise profits.

Choose your location carefully

Location is critical to the success of your rental property. However, your strategy will vary depending on the type of tenancy you choose. If you’re interested in long-term tenants, homes with easy access to local schools, transport links, and other amenities will be very popular. However, properties close to tourist attractions are some of the most popular and successful on Airbnb, because they provide easy access to the city that your visitors have come to see. Accommodation near good transport links is always in high demand.

Professional photos

Tenants are looking for properties that are well presented and in a great location. Whether you’re searching for long term tenants or guests for Airbnb, it is the photographs of the property that will engage the potential guest. Ensure you commission professional photography of your property. A photographer will be able to find the right angles and make the most of the lighting to ensure your property look its best.

Make a good first impression

Getting along with the landlord or host is a key factor in many tenants’ decision to stay in a property, whether it’s for the short or the long term. Landlords should respond to any tenant’s requests quickly and empathetically. Airbnb hosts should reply to all enquiries quickly (crucial for keeping your Airbnb ranking high) and make an effort to be pleasant. Guests and tenants want a smooth and efficient process when they choose a place a place to stay.

Pay attention to facilities

Amenities are what sets your property apart from the rest. Take a look at what facilities other listings in your area are offering on Rightmove and Airbnb, and think about what you could do to cater to your tenants. This could be as simple as providing a parking space in a local car park for long term tenants, or an extra air bed and access to laundry equipment for Airbnb guests, and you’d certainly be able to increase the rent accordingly.

Go the extra mile

When you’re setting up your rental property, it’s the little touches that will make your property stand out. A fresh coat of paint and a professional clean works wonders on a property for long-term tenants. For Airbnb guests, consider making books, games, and movies available for entertainment. Many hosts offer complimentary tea and coffee for guests and leave milk in the refrigerator. If you’re really trying to impress, a welcome gift of a bottle of wine, a fruit bowl or chocolates are sure to make you a popular host.

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