Renting out any property is extremely competitive, particularly in large cities such as London where there are often hundreds of properties on the rental market in just one area at the same time. It is also important to find the best tenant who you can also trust with your property, and you can be confident they would look after your property as if it was their own. Therefore, it is vital to present your rental property in the best possible way to stand out from the competition and secure the best possible tenants.
So, here our Portico’s top tips to ensure your rental property stays ahead of the competition.
First Impressions Count
Initially, the ‘kerb appeal’ is the first impression prospective tenants focus on when they view your property. An immaculate façade draws in tenants, so make sure the garden, (lawn, borders, path, and fencing) are all well maintained. If your property is a flat in a shared building, having discussions with your neighbours or the building maintenance department will help to ensure communal areas such as stairwells, lifts and parking bays are well-maintained.
Focus On The Property’s Best Features
Make sure you decide what your properties key features are to be included in the property advert. If your property has been recently renovated, if any of the appliances are brand new or if you have access to communal gardens, make sure this is included in your advertisement. Also, make sure your chosen property agent produces an accurate description including the number of rooms, the dimensions of the rooms, any specific period features, and of course the correct rental amount. You can also highlight lifestyle amenities – such as public transport, schools, shops and hospitals and their proximity to the property to attract the right tenants.
Check The Property’s Condition
Prospective tenants are attracted to a pristine property so double check the property is spruce and sparkling during viewing days. A well-kept property also demonstrates to renters that you are willing to carry out the necessary repairs and maintenance and more importantly sets the standard on how the property should looked after during the tenancy. Make sure the property is tidy and clutter free when the photographs are taken so you property looks attractive and appealing.
Research Your Local Area
It is beneficial to carry out your own research on similar properties available on the rental market in your neighbourhood to establish common key features and rental prices. For example, if your property has a private garden and a similar property on the same road only has access to communal gardens, make sure this is prioritized in your key features and your private garden adds worth to your monthly rental income. This also makes your property stand out from your competition.
Ensure The Property Meets Relevant Safety Regulations
As a landlord, it is your responsibility to ensure that your property meets relevant safety guidelines. Verify that the plumbing and electrical systems are working efficiently and make sure any repairs are carried out before accepting new tenants. Before the tenants move in, completing any repairs, even minor ones, can prevent these issues from becoming more costly in the longer term. Read our landlord compliance checklist to determine if you are compliant with applicable UK laws and regulations.
Get A Property Manager
A property manager is entrusted to take care of your property on your behalf, so locating a trustworthy and dedicated individual is vital in securing the best tenants. Aside from the routine management for your rental property, they can assist in securing potential tenants, advise on the latest regulations, and determine ways to increase your property’s rental value. If you’d rather outsource some or all of the workload, check out our Concierge, Comprehensive or Essential letting packages, providing you with cost-effective property management services which can take all the hassle out of being a landlord or help with just the bare bones of finding a tenant and getting your property let.
If you are considering becoming a Landlord, use our rent calculator tool to get an accurate idea of what your property is currently worth on the rental market or find out everything you need to know about becoming a Landlord for the first time here.