How to Maximise Your Rent
It’s important for Landlords to reach their full financial potential when it comes to renting out their property. At Parks, we recognise the significance of the investment our Landlords have made and want to ensure they secure the very best potential outcome. Read on to learn how our Landlords ensure that their investment reaps prosperous and successful results.
Let’s begin with some fundamentals: the finish of the property. This umbrella term accounts for a variety of elements including property refurbishment, reliable and working appliances, decorative order and attention to detail. It’s no lie that spending a little bit more money ensuring your property has been refurbed in a quality fashion and completed with good looking (and working!) appliances, goes a long way to maximising your rent. Prospective tenants viewing the property will be checking various equipment as they travel though, alongside noticing the finer details such as contemporary bathroom tiling or flawless bedroom paintwork. Tenants are far more likely to pay a higher rent when decorative factors and domestic devices have been carefully considered and presented in a professional and appealing manner. Don’t forget, a property that stands out can always expect to receive a higher rent.
Moving towards the media side of things,both the quality of marketing and time of year in which you are advertising the property has a significant impact on rent price. During the new digital era, the best exposure you can ask for is via online professional photography, contemporary videos and detailed floorplans. Not only showcasing your property in the best most luxurious light, but the quality of your marketing can help generate mass interest, competition and maximised rental prices. Make sure your marketing strategy has had time, effort and thought put into the process and you will quickly notice the impact. For a more in-depth analysis of the advantages and processes of marketing, find out more via ‘our marketing’ located under the Landlords tab on the Parks website.
As mentioned, carefully timing when to release your marketing portfolio is another component to consider. At Parks, we suggest trying to keep your property coming up for relet in the summer months (July, August and September). During these months we see a substantial increase in demand, and consequently, heightened competition for property naturally entails elevated rental prices. This is not to say a winter market doesn’t exist, because it certainly does – this suggestion is purely based upon observing common market trends. At Parks, we pander towards such trends by offering Landlords and tenants varying contracts which ensure their property is up for relet when the demand is at its highest.
Another element to consider is your current tenant(s) and how they are living. Are they treating the property right? Do they efficiently address maintenance issues? Is the property clean and tidy whenever new applicants have a viewing? The best way to combat this potential issue is only accept responsible and carefully referenced tenants in the first place. It’s imperative to recognise that applicants find it much easier to visualise their new home, and agree to the requested rent, when the current tenants are living well. An apartment with a broken fridge, peeling wallpaper and a kitchen overflowing with rubbish makes it much harder to envisage. What’s more, appropriately referenced and reliable tenants will have nothing to hide, and therefore have no qualms allowing you access to the property to conduct viewings when their tenancy agreement is coming to an end.
Finally, we encourage Landlords to be cautious of course, but also flexible when you need to be. If you limit the pool of people who can reside in your property to medical doctors alone, or full rent in advance, it’s going to be more difficult to find tenants. Have some faith in the rigorous referencing system put in place by letting agencies, such as Parks, who will ensure only genuine and quality applicants will be accepted.
Here at Parks, we offer our Landlords advice and a number of different services including a property refurbishment package to help facilitate those maximised rent figures our clients deserve. Our aim is to support our Landlords in achieving the best financial value and investment security. Whether you are seeking particular services, a free property valuation or more information on what we can offer, our experienced team of letting professionals are always ready to assist you. To find out more, kindly call us on 01273 202089, or email email@example.com.