How North West London Landlords Can Keep Their Properties Occupied All Year Round
For most North West London landlords a key measure of success is ensuring their properties are always occupied by tenants. When there are significant gaps in property occupation, the property is no longer providing the best return on investment.
If you are letting property in London there are plenty of things you can do to make sure your rental properties are occupied all year round. Read on to find out more.
Length of Contract
One year tenancies often work best for both landlords and tenants. Instead of rolling contracts, consider asking tenants to sign a new contract if they decide to stay on when their first contract has ended. Landlords are also increasingly signing up for two year contracts.
This can give you a better sense of security that they won’t up and leave at any moment.
Act Quickly When Tenants Are Set to Leave
Visit your property as soon as you know that your current tenants are planning to move on. This will give you time to inspect everything and to carry out any essential maintenance.
It’s a good idea to ensure that there’s a clause in your tenancy agreements which permits viewings in the last month of tenancy. Careful planning will minimise the time needed to get your North West London property ready for the next tenants.
Develop a Good Relationship With Your Tenants
If your tenants feel they can communicate well with you and that you are proactive when something goes wrong, they will be more likely to stay on.
Being on good terms means you can mitigate reasons that might make them want to leave. When they do move on, it also means they are more likely to be cooperative about viewings before their contract ends.
We find that most landlords on our full management package tend to stay in properties longer.
Maximise Exposure for Your North West London Property
Make sure you have plenty of high-quality photos of your property and a written list of its best features. When it comes to finding new tenants it’s really important to showcase your property and emphasise its top features. Many landlords choose to work with a letting agency to help them market their property to the right people.
At Regal, we offer a wide range of property marketing services to help you promote your rental property and find the right tenants. This includes taking professional photos of your property, listing your property on our website and on property portals, email marketing and more.
London Landlords Keep Things Simple
Make the process of signing a contract as easy as possible. This can increase interest and get you new tenants more quickly. It’s worth considering reducing fees to make it less expensive and simpler for potential tenants to apply.
Price is everything. That means you might have to lower the rent in the short-term to make your property more appealing.
Consider a Guaranteed Rent Scheme
This can be a way of achieving ultimate peace of mind. A guaranteed rent scheme will always give you an income even if your property isn’t occupied.
You hand over the responsibility of finding tenants to a managing agent, and they will pay you a fixed monthly income. Many agencies do not charge you commission and will also carry out minor repairs on your behalf.
At Regal Estates, we offer the Guaranteed Rent Scheme as part of our Regal Portfolio Management service. You can find out more here, guaranteed rent may or may not be suitable for your property. Call us for more information.
If you want the benefits of letting property in North West London without all the hassle, get in touch with our exert lettings team today on 020 8459 2530 or email lettings@regalestate.co.uk. We offer a variety of lettings services including our Guaranteed Rent Scheme which can help you maximise on your property investments.