In order to let your property successfully, strategy is key. Whether you manage the property through an agent or by yourself, here are our best tips for letting your property during Brexit.
Target First-Time Buyers
According to the Financial Reporter 55% of first-time buyers delay purchasing a property because of Brexit. Landlords are in the perfect position to cater to their needs as they wait for more certainty. Most first-time buyers, or would-be first-time buyers, are young professionals. Properties that are furnished with new, modern furniture and fixtures are very appealing to young professional tenants. This means providing white goods, a sofa, chairs, and wardrobe, and decorating in neutral colours for the best results. Typically for commuters, location is critical, so make sure to talk about the excellent transport links near your property.
Carry Out Home Improvements
As the number of tenancies in the UK continues to rise, so does the quality of accommodation. The rise of the build to rent sector has also played a crucial role in the increase in the quality of rental properties. Landlords should take the time to make all necessary repairs before putting their properties on the market, and ensure they are well presented and professionally cleaned between tenancies.
Consider Short-Term Tenancies
Tenants will prioritise flexibility when it comes to rental properties. Consider advertising short term tenancies of three to six months, with options to extend the tenancy. Airbnb is another option for landlords interested in pursuing short-term tenancies. Landlords willing to receive a higher (albeit more sporadic) income are ideal for Airbnb. At Portico, we offer a full property management service for Airbnb hosts called Portico Host. For a monthly fee, we’ll handle everything, from decorating your property, to coordinating the bookings and cleaning in between guests. Get in touch with our Portico Host Account Managers at email@example.com to find out more.
The good news for landlords is that despite a slowing in house prices, average rents continue to rise, due to an increase in the number of tenants in the UK (the number of tenants in the UK has nearly doubled over the past ten years according to Buy Association). Competitive pricing in a competitive market will attract renters, especially if properties are well presented and in a great location.
Are you interested in letting out your property? Why not try our Instant Property Valuation Tool and get the value in 60 seconds. Or give us a call on 0207 099 4000 to book a free face-to-face Valuation. !!