Landlord’s Listen Up!

This week I want to highlight how important it is for Landlords to furnish and maintain their properties to a high standard in order to obtain the best out of their investment. Too often Landlords think that furnishing their rental investments with low budget or second hand furniture is good enough to rent their property. And yes, you will always rent a property but at what price and how long will it take to secure a tenant? The property portals showcase a fine-looking selection of properties in your area day by day, with lots of beautifully presented houses and apartments that wink at the potential tenants to get them to pick up the phone and view. It’s not rocket science to assume that if a tenant has a choice of a stylishly finished and well-kept property versus something that has clearly seen better days which one he will opt for. Tenants will always be willing to pay a few extra pounds for something that looks desirable. It really is false economy to let your investment deteriorate and assume that furniture that your granny no longer wants will be good enough to entice renters in. Badly maintained rental apartments with rubbish furniture will be the very last to rent and at the lowest price and do consider the message you are portraying to a potential tenant, a poorly maintained apartment equals problems going forward and an unresponsive landlord should a maintenance issue arise during a tenancy. Far too many landlords under estimate the power of some decent modern furniture and a lick of paint. My personal rule of thumb is to ask yourself if you would be prepared to live at the property? If the answer is no then it’s time to pour some money back into the property to get it up to standard. There are some very good low cost furnishing stores and furniture package companies tailored to the needs of the investor that can provide you with some good quality furniture choices at reasonable prices. If you are unsure whether your property is being presented in the best way and is able to capture the right type of tenant then speak to your local estate agent who will be willing to give you good solid advice as to what tenants will find attractive and how you can achieve the best possible yield. If you are aiming at attracting a particular type of tenant and hoping to achieve a corporate let or a professional individual then you will only do so if you are willing to provide them with what they are looking for. I assure you a little spent will reap the financial reward of a great rental yield as well as attract the right calibre of tenant.