If you have recently found that your rental property portfolio isn’t bringing the kind of returns it used to, it’s important to look beyond mere unfavourable market forces. Indeed, much of the problem may actually be to do with the properties you look after.
So, how can you boost the attractiveness and value of your London property portfolio for tenants?
Target the property to specialised markets
Certain categories of tenant might be inclined to pay more than other categories. For example, in a student hotspot, you may be able to open up fresh opportunities in an otherwise saturated market by targeting your property at overseas students, who tend to be wealthier than native students.
Thoroughly paint and clean the property
Gone are the days when many tenants would deem renting property just a temporary, ‘make-do’ option while they waited to seal the purchase of a home. It is now standard for a tenant to remain in the same property for about two years.
They therefore often want to feel as though their rented home is truly theirs – and no self-respecting tenant is happy to live in a dirty property with peeling paint. For this reason, you should consider giving your property a thorough aesthetic overhaul if its current appearance warrants it.
Replace any tired and dated kitchen or bathroom
Naturally, if you make your property’s kitchen or bathroom more up-to-date, you might be able to justify a higher rental value as a result. Another potential plus point is that the tenant is likely to be encouraged to remain in the property for longer.
This could help you to cut down on those dreaded ‘void’ periods when you are waiting for a new tenant to arrive after the last one has left.
Investigate the possibility of extending
This strategy would require you to obtain necessary planning permission and get it past building control. However, giving your property an extension could reap dividends.
A property extension could enable you to increase the number of rooms that you let out to separate tenants, or even just add an extra bedroom to boost the property’s market competitiveness.
However, when you do see an uptick in interest from potential tenants, you should also prepare for the important responsibility of getting them checked in. Our highly professional and independent clerks can carry out an inventory check in at this stage on your behalf, with this service also further helping to keep your property in optimum condition over time.
To learn more about our inventory check in expertise, simply call 020 3713 4933 or email firstname.lastname@example.org now.