So, you have contacted a company like Yellow Oak Inventories LTD to undertake the most professional check out inventory in London, so that you can be sure of your property having been left in the best possible condition by the departing tenant compared to when they arrived. The detailed report arrives, and it’s good news – but you have one problem.
That problem is: you don’t yet have anyone to replace your outgoing tenant. This is a major worry for many of our landlord clients, as even a relatively short ‘void period’ – the space of time for which your buy-to-let property has no paying tenants – can be damaging in such a notoriously expensive part of the country as London.
So, what are our top tips for quickly getting a new tenant into your London buy-to-let property, without having to desperately reach for an unsuitable candidate who could cause problems later?
Invest in the areas of London where void periods are shortest
Of course, this won’t help you greatly if you are looking to fill a London property that you already own. Nonetheless, it’s intriguing to see the patterns thrown up by recently released data – reported by Which? – showing the average number of days on the market for rental dwellings in different parts of the capital.
The figures indicate that if you are concerned about void periods as a London buy-to-let investor, south-east London might be the most advantageous area to target, given the average of just 29 days between listing and letting for its properties. However, EC4Y in Westminster is the specific postcode where landlords find tenants quickest, with an average of just 20 days on the market recorded for properties there.
What else can you do to make your property a tenant magnet?
A key factor in luring more tenants in the direction of your vacant property is getting the asking price right. Balance is crucial here – whatever you charge will need to be sufficient to cover your mortgage obligations, but should also not be appreciably higher than what other landlords in the area are charging for similar properties. The level of competition that you face for tenants in the locality will also be a crucial factor in determining a price.
On the subject of competition, however, you also need to consider whether a seemingly ‘comparable’ property to yours truly is comparable. You may offer a two-bedroom flat much like others in the area, for instance, except that these properties give your residents somewhere to park, while yours doesn’t. Such a situation may necessitate you dropping your price.
It’s also vital to cater to what the tenants who will take an interest in your property are likely to specifically want and need. Young families may consider a bath essential, for example, whereas couples without children may regard it as unnecessary. Such insight can be used to ensure you make the changes to your investment that will actually boost its value.
For peace of mind with your inventories, check ins and check outs, choose us
Ensuring that your buy-to-let property in the capital is kept in the finest condition will likely be a key source of stress for you as a landlord. That’s why, when you are seeking the right firm to carry out a mid-term inspection, check in or check out inventory in London, Yellow Oak Inventories LTD can be your complete and dependable partner.
Contact our team now, by calling 020 3713 4933 or emailing email@example.com, to find out more about our full range of services.