If you are a buy-to-let landlord, you want to ensure you get the most out of your investment – and that means achieving the best possible rental income from your property. However, it can be difficult to attract new tenants at the rent rate that you want. With over four million properties being rented in the UK, you have a lot of competition on your hands.
So, how do you make sure that you are getting the maximum rental value for your property? As an experienced letting agent in Croydon, we have put together a guide on how to help your property stand out from the crowd, and how to add value and appeal to potential tenants
Invest in areas that will appeal to tenants
Since the pandemic, more people have taken the time to consider exactly what they want from their homes. Rented or mortgaged homes and properties are no longer simply a base to leave your belongings – people truly want to focus on making their homes feel cosy, practical, and modern.
For renters, space has become one of the must-have aspects of any rental property that they are viewing. If you want to attract a higher rental rate, then you need to consider how you can maximise the space in your property. You can consider:
- A multi-functional garden with space for entertaining
- Larger bedroom spaces with ensuites
- Open plan kitchens and living rooms
- A home office, either in the property itself or in the garden
- Improved and more modern bathroom spaces
If you have a budget set aside for property improvements, then try to focus on the areas that will be important to any potential tenants.
Renters don’t simply want to settle anymore – with the high number of properties on the rental market, they have the luxury of being able to choose the right space that suits their needs.
Use a professional cleaner
Obviously, all tenants will expect their new rental property to be clean when they first move in, and having a professional cleaner come in and deep clean the property in between tenants is commonplace. However, more landlords are going the extra mile when it comes to cleaning, and they will have a contract with a local, professional cleaner to come in and clean a few hours a week, or do a one-off deep clean once a month. If you want to attract a better calibre of tenants and make your property really stand out, then having a contract with a professional cleaner will certainly be appealing – and it will help your property to justify slightly higher rental rates than others in the same area:
Invest in storage solutions
One of the first things that many tenants will look for when viewing a property is how much storage space there is available. This is a simple change that is easy to make and will highlight to any potential tenants that your property is a home and not simply somewhere to stay for a few months. There are several ways that you can consider adding storage to your property, and most of it doesn’t eat into valuable storage space! You could look at:
- Installing fitted wardrobes into awkward rooms with space that is usually considered ‘dead’. Chances are a tenant won’t want to fork out for special-sized wardrobes, and having this space already filled with storage will be extremely appealing.
- Adding fixed shelves to rooms with high ceilings will give you more storage space and will take away the risk of tenants performing dodgy DIY and potentially ruining your walls.
- Allowing tenants to utilise the loft space, or adding shelves into any empty eaves that would potentially not be able to hold any furniture at all.
As an experienced lettings agent in London, we can confirm that properties which maximise the storage spaces available will have a greater rental value – and won’t be on the rental market for long! By investing a little bit more you will be able to see a higher return with not a lot of effort.
Offer additional extras
Another easy way to increase your rental value is to offer additional extras over and above what your competition will offer. There are lots of little ways you can add extras, and some larger ways if you are willing to invest a little bit more! Some ideas include.
- Adding a private driveway – if parking is a premium or it is difficult to find a parking space in your area, consider adding a private drive if possible.
- High-speed fibre optic – with homeworking becoming more and more popular since the pandemic, you could consider installing better broadband to stand out from the crowd.
- If there is space, consider providing white appliances such as a dishwasher, washing machine and tumble dryer. Tenants are often willing to pay more rent due to the convenience of having these items already in situ rather than trying to find and move them themselves.
- If your property is in a block of flats that doesn’t have a communal door entry system, then try and arrange with the other flat owners to get one installed. Many people will be prepared to pay a higher rental price for the security and peace of mind this system brings.
- Install new floors such as laminate, stone, tile, or hardwood in the rooms with the heaviest foot traffic as this will significantly reduce the cleaning costs in comparison to carpets, not to mention the increase in rental value that comes with the more stylish décor!
As you can see, there are lots of large and small ideas that you can consider to help increase the rental value of your property – and many of them don’t require much effort at all!
Use a letting agent
While you might think handing control over to a letting agent means paying out more money, this couldn’t be further from the truth in this day and age! These are turbulent times for landlords, and in the face of tighter margins and more regulations, losing a small amount of your rent each month is an attractive and cost-effective solution for many landlords. By employing a letting agent such as Denhan, we can ensure timely payment of the rent in full each month, help you to enjoy minimal empty periods, and help to deal with any customer disputes so you don’t have to. We can use our extensive network to ensure that your property is getting the maximum rent possible for your area and is getting the exposure required to attract the right tenants. While properties rented through agents are generally priced higher, we will use our local knowledge and expertise to keep an eye on other properties in the area to help you maximise your profit. We will maintain constant communication with you from start to finish and do most of the work for you – what is not to love?
Of course, it is possible to benefit from your rental property without using a guaranteed rent letting agents, but is it really worth the hassle? Why not simply enjoy all of the perks of being a landlord without all the stress – all you need to do is sit back and let us handle the rest.