Top 10 tips for landlords

1. Make sure the property is clean and tidy:

It sounds obvious, but it is surprising how different definitions of “clean” can be! Windows and bathroom tiles are spots often forgotten by landlords but little touches go a long way to making the property look smart and attractive. If a communal area is shared with neighbours, landlords should ensure that it is clean and tidied before a viewing. First impressions are important and the front door and any garden area should be immaculate.

2. Spruce up the interior:

A short vacancy period can be the perfect opportunity to give a property a facelift. Touching up paintwork on areas such as window ledges and banisters are little details that can make a big difference to potential renters. Stick to inoffensive, neutral colour schemes which appeal to the majority, as bright or unusual colours can be off-putting to tenants.

3. Avoid clutter:

One person’s heaven is another’s hell – whilst some may feel that a room bursting with possessions adds “character” and “personality” to a room, it can make the property far harder to rent out. Cluttered areas make it very difficult for potential tenants to assess the size of a room, or picture themselves in a living space.

4. Install a dishwasher and washing machine:

Whilst fitting luxury utilities may seem like an unnecessary expense for some, they can be a good investment. Having such appliances will score with prospective tenants above other properties without these conveniences.

5. Ensure that alarms and other security and safety devices are in good working order:

In order to maximise the letting potential of your property, a good security system is vital. Landlords can positively differentiate their offering from others by ensuring that burglar alarms are fitted and are operating properly.

6. Consider Pets:

Though pet fur and lingering animal odours can be very unattractive to potential tenants, allowing pets in a buy-to-let property can work to the landlord’s advantage. As a large percentage of the population are now animal-owners, allowing tenants to keep pets can widely broaden landlords’ potential tenant pool. Inserting a “pet clause” in the lease can help protect the property owners’ interests and act as a safe-guard against damages.

7. Research transport carefully:

Potential tenants are almost certain to enquire about local transport links. The proximity of a property to local transport networks constitutes an attractive selling point to most people looking to rent. Landlords who are informed about all transport possibilities and can explain these options to people during a viewing can give themselves an advantage in the rental stakes.

8. Offer consolidated bills:

Including utility bills in the monthly rent can make life much easier for tenants to manage their expenses and often be a cheaper option for them.

9. Use minimal space to maximum advantage:

Though it often helps to organise each room so that its purpose can be seen, many kitchen areas no longer serve merely as places to cook or eat. If a property features an open-plan kitchen/living area, then the social advantages of the space should be highlighted. Large cupboards under the stairs can be converted into an extra bathroom which will add value for tenants, particularly if the property only has one bathroom and does not feature a separate toilet and shower.

10. Consider lowering the rent:

Though many letting property may be reluctant to heed this advice, sometimes landlords can experience long vacancy periods because they are charging unrealistic rent. It should be remembered that a few weeks of a property sitting empty can soon cancel out any gains that they a landlord would achieve asking a higher rental price.

Lee Grandin, managing director, Landlord Mortgages, said: “First-time buyers forced off the property ladder by a buoyant housing market are creating a willing pool of tenants for buy-to-let landlords. In addition, factors such as increased immigration and the housing deficit in the UK have meant that more and more people are looking to rent.

“Whilst this is good news for those with buy-to-let properties, it has also meant that the market has become increasingly competitive in recent years. These ‘top tips’ can help landlords to differentiate their property from others and minimize void periods with no rental income and a vacant property.”

Date: 13th, August, 2007

Author: whatmortgage.co.uk