7 Smart ways to maximise your rental property listing
There are excellent chances for landlords despite the fact that the rental market is getting more and more competitive every year. Two important questions asked by every investor/landlord is how to sell a house and how to rent the property profitably. We’ve come up with seven quick ideas to increase your rental return and distinguish your property to offer you an edge.
Making it suitable for home office
There has been an increase in people working from home, as we have all observed over the past year. People who might want to work from home for at least some of the workweek will be drawn to properties with fast Wi-Fi and designated work spaces that are pleasant.
If you’re a landlord, you know that one of the most important parts of your business is making sure that your properties are desirable to potential tenants. And if you want to attract tenants who will be willing to pay top dollar for your property, you need to make sure that it’s got everything they need to feel comfortable.
One of the most important things for many people is having a fast Wi-Fi connection, as well as a comfortable space where they can work from home when they need or want to. Having these amenities in your property will help attract potential tenants who may want to work from home for at least part of their working week.
Pet-friendly properties are a great way to attract a wider range of tenants, including people who might otherwise not have been able to afford the rent. If you have a pet-friendly property, you may be able to get a better tenant who is exactly what you’re looking for.
Since the majority of people today have pets (particularly now more than ever), allowing pets will offer you a distinct advantage since most landlords forbid them. It might be a risk, but if you use smart fencing and keep an eye out for damage when you inspect, the risks can be reduced and are more than offset by the potential increase in rental income.
A fast and inexpensive approach to increase your home’s appeal to tenants is to repaint it and take care of any minor maintenance issues. First impressions are essential because they will determine how tenants will feel about a potential new home and, more significantly, how much they will be prepared to pay to make it happen.
A well-designed interior can be the difference between a tenant’s decision to sign on the dotted line and their decision to move in. A good interior is like a good memory: it’s bright, it’s full of life, and it makes you happy. That’s why it’s so important to create a space that reflects who your tenants are and makes them feel like they’re home—because when they feel at home, they’ll be happy to stay there for years to come.
Most tenants are focussed on reducing their negative impact on the environment. Your tenants’ energy expenses will go down if you make your property more environmentally friendly by improving the insulation or installing a smart energy metre, which will increase your rental income thanks to your property’s green credentials.
Storage space is a precious commodity in any home, and it’s especially important if you’re trying to attract new tenants. If your current kitchen is cluttered and disorganized and you don’t have the time or energy to revamp the space before your next rental period begins, try installing cupboards and installing space-saving solutions like spice or knife racks in your current spaces to maximise your storage space. Space-saving solutions like these can help you make the most of what little space you have available so that you can attract more tenants.
Pick up a dishwasher.
The rent you may charge for your property may go up if you install a dishwasher. Everyone despises cleaning the dishes, yet for some tenants it may be necessary. For smaller properties, slimline dishwashers are also an option.
To increase your yield, cut back on the money you’re spending. To be sure you are not better off refinancing your mortgage, keep an eye out for new insurance deals, evaluate your utility contracts, and consider a financial review.
These straightforward strategies ought to get you thinking and help you increase the yield on your buy-to-let property, benefiting both your tenants and your portfolio.