How to meticulously present your property to secure tenant interest and, ultimately, occupancy
Making your rental property appealing to potential tenants requires upgrades and attention to detail. From investing in energy-efficient windows to applying a fresh coat of paint and strategically staging the property, these efforts can significantly enhance its desirability.
As shortages of available rental stock begin to ease, it’s more important than ever for landlords to present their properties in the best possible condition if they want to attract the widest pool of tenants and achieve the strongest outcome. Depending on budget and timescales, here are some top tips for upgrades and refreshes that will help a property stand out from the rest.
First impressions count
One of the first features that an applicant will notice on arriving or setting foot in a property is whether the windows are single, double or triple glazed. Increasingly conscious of energy efficiency, tenants will often want double, or ideally, triple glazing and may opt not to take a tenancy that doesn’t tick this all-important box. While installing new windows can come with a heftier price tag, we are seeing a rising number of landlords choosing to invest in new windows in order to appeal to tenants’ expectations.
Replacing kitchens and bathrooms can have a big impact on a property’s desirability, even helping to seal the deal in some cases. This could mean a fully new fit-out, but replacing cupboard doors, fixtures and fittings, which instantly refresh the space, can also be a sensible move.
Showcase lifestyle staging
Home staging continues to be a popular approach for landlords wanting to showcase the lifestyle their property could offer, allowing potential tenants to see how it could work for them. Whether staging is a project a landlord embarks on themselves or one tackled with the help of an expert, dressing a home can be beneficial in a number of ways and, importantly, doesn’t need to involve every room.
Generally, landlords focus on a few key spaces, such as the kitchen, living room and principal bedroom, believing that this is a sensible investment that will ultimately help secure a tenancy that could last several years.
Quicker fix options
However, committing to upgrading and updating a rental property doesn’t always need to involve large-scale work; there are also a number of quicker fixes, changes or on-the-day set-ups that can still have maximum impact. This is all about selling the lifestyle and creating an inviting space rather than simply touching up worn areas.
Re-painting every couple of years, particularly after a longer-term tenancy, where wear and tear is inevitable, is advisable. Freshly painted walls can go a long way, and when it comes to tones and shades, stick to neutral palettes that will be the perfect backdrop for brighter accessories and furniture pieces.
Enhancing appeal virtually
In instances where it is impractical for a landlord to furnish the property themselves, employing dressed Computer-Generated Imagery (CGIs) emerges as an exemplary alternative. The initial phase of most property searches commences online, where images of a tastefully decorated home can instantly captivate prospective tenants.
With costs starting from a few hundred pounds per image, investing in such visual enhancements presents a valuable strategy if you have unfurnished properties. These will distinguish you from competitors on the market and enable potential renters to envision the space’s full potential. This approach has been successfully adopted by numerous landlords, ranging from modest one-bedroom apartments to expansive five-bedroom family residences.
A home for prospective tenants
Following the initial enquiry and the scheduling of a viewing, the subsequent priority involves preparing the environment to reassure visitors that this could indeed be their future home. Eliminating any obstructions or clutter from entrances and ensuring the property is adequately warmed, particularly during the colder months, are crucial steps.
Creating a welcoming atmosphere from the moment individuals step inside is paramount. Employing subtle scents through diffusers, strategically positioning decorative accessories and neatly arranging bedding are straightforward yet vital measures to achieve this goal.
Subtle art of creating ambience
Fostering a welcoming ambience transcends mere aesthetic appeal; it is about invoking a sense of belonging, warmth and possibility. Landlords who pay meticulous attention to these aspects often experience not only swifter tenant acquisition but may also command higher rental fees.
It is the nuanced, personal touches that significantly influence, transforming an empty space into one where prospects can effortlessly envisage themselves residing and flourishing.
First physical encounter
The importance of crafting a positive initial impression cannot be overstated. From the moment a prospective tenant views a property listing online to their first physical encounter with the space, every interaction plays a critical role in their decision-making process.
Ensuring that each aspect of the property, both virtual and physical, is meticulously presented is essential in securing tenant interest and, ultimately, occupancy.
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Please note: this is a long term investment which you hope will generate rental income along the way and a profit when you sell the property, but bear in mind that if you need access to some cash, a property can take time to sell or remortgage. If house prices fall, you might not be able to sell for as much as you had hoped. You would have to make up the difference if the property sold for less than you owe – a risk that increases, the higher the percentage you borrow. If you sell for a profit, you may have to pay capital gains tax. Don’t forget that with a variable rate mortgage, your costs will rise if interest rates go up. This would eat into, or even wipe out, your income and profit. It is recommended that you also maintain access to emergency funds to cover your mortgage payments during ‘void periods’ that may arise whilst you have no tenant and the property is not let. Please also note: a mortgage is secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
