With some media focus on rising rents, there will no doubt be many landlords looking to increase the rents they charge tenants. However, in these challenging times, all rent increases should be justified.
At Regal Estates, we are pleased to say our work with landlords helps them deliver a better standard of service to tenants. Any landlord who is looking to enjoy higher rental income each month is advised to provide a better standard of service to their tenants.
By doing so, you can justify rental increases, and perhaps even appeal to a more desirable standard of tenant. Below, we have provided a list of five things you can do to your property to increase rent.
Ensure your rental property is fully compliant
Landlords must ensure their rental property is fully compliant, or they could face severe penalties. However, improving the standard of rental experience doesn’t just ensure your premises comply with regulations, they become more appealing to tenants.
When prospective tenants see your premises are fully compliant with regulations, that they offer a safe environment, and that you remain up to date with the industry, they will feel more confident about renting the property.
Tenants want to see an engaged landlord or agent, and a property that is properly cared for, and this will help you to justify a higher rental figure.
Avoid clutter when presenting your rental property to the market
When presenting rental property, you want it to feel and look as spacious as possible. A cluttered property isn’t appealing, and it will reduce demand for your home. If you offer an unfurnished property, you can provide a completely blank shell for tenants.
However, if you offer a furnished premise, it is vital you deliver a furnished property that isn’t cluttered or messy. This is an area we have considerable expertise in.
Ensure the rental property retains a modern feel
Right now, tenants are looking for properties which look and feel modern. We are reliant on gadgets in every aspect of life these days. Tenants want a well-connected home, and a modern looking property gives off this impression.
Also, there is a psychological impact of a modern property. It often feels cleaner, more dependable and in tune with what people want. For buyers, there are times when traditional charm appeals, but for tenants, modernity and functionality is crucial.
Emphasise the benefits of the property
You’d like to think tenants would do due diligence on a property and area, seeing the benefits for themselves. This often isn’t the case. If there are clear reasons why your rental premises are fantastic for tenants, make sure you promote these reasons.
If your property has a garden, is well located for transport options, is in a great school catchment area, or it has anything which stands it apart from other rental properties, inform people why your rental property is great.
Ensure the rental property is advertised in the right places to the right standard of tenant
Promotion is vital in achieving the best rent possible. By reaching out to the most desired tenant, in the right places, you enhance your chances of connecting with your ideal tenant.
At Regal Estates, we take immense pride in connecting landlords and tenants, with good promotion being at the heart of this work. We will review your property, and ensure that it is directly promoted to the most suitable tenants, in a way that will appeal to them.
We look to promote your property with no expense spared on marketing advertising on Rightmove, Zoopla, Onthemarket, Prime Location, Boomin to name a few.
Of course there are many things you can do to increase the rental value of your property and if you want to know more feel free to give us a call.
If you are interested in our lettings or property management services or you are looking to buy, sell, let or rent property in or around North West London, call us on 020 8459 2530 and a member of our estate and letting agent team will be happy to help.