A buy-to-let property investment is a good idea when you want to generate a regular source of income. However, such a business can quickly become loss-making if you don’t think over your renting strategy well. In this case, the greatest threat are periods when your house or apartment is empty, which makes your investment unprofitable.
When you decide to buy a property for rent, you should have one goal: to reduce the vacancy rate of your rental property by attracting the right tenants as quickly as possible. Sounds like a cakewalk? Actually it’s not as easy as it may seem, because the real estate market is very competitive right now. Many landlords and property investors have no knowledge of making their property stand out in the maze of other offers and how to draw the attention of a target audience properly.
But don’t worry! I will share with you proven tips that will help you attract perfect tenants and rent your property as fast as possible, ensuring a high return on investment!
Define your target audience
Many property landlords make a big mistake by skipping this step. If you want to rent a house quickly, you need to know the needs of your target audience first. It is crucial! How do you know what devices they would like at home if you don’t know who they are?
A family with children, a single working professional who hardly uses the kitchen and eats mostly in the city, or a group of students coming home every weekend will have completely different needs regarding house furnishings. The better you get to know the lifestyle of the potential tenant, the greater the chances that they will choose your property over the competition and stay there for a longer period.
Determine the right rent
I know that you want to get the highest possible return on investment, but you need to be realistic at the same time. There are several factors you need to consider when determining the rental price. First of all – location. If your property is situated far away from the city center where public transport is not available and your goal is to attract students, you will probably need to charge less.
Another thing to consider is the condition of your property. Maybe the average rent in your area is a specific amount, but if the standard of your property is not the best and the interior needs refreshing, it is worth bearing in mind when setting the price. Otherwise, it may happen that your home will not be rented for months, and the cost of vacancy will be much higher than setting a slightly lower rental.
Prepare detailed property description
Put yourself in the shoes of someone looking for a house – what information do you need to decide to go see it? Remember that people are lazy by nature – not everyone will care enough about your property to make an extra effort and write you an email or call you for more details. It would be better if you present them right away!
So what information is worth including in the property description?
- number of rooms and bathrooms,
- detailed list of appliances available in the apartment,
- which floor,
- private garden, balcony or any outdoor space,
- type of heating, air conditioning
- public transportation nearby,
- pet-friendly or not.
The more detailed you describe your apartment, the greater the chance that someone will want to see it!
Advertise the property on the appropriate platforms or cooperate with the estate agency
Consider how your target group is looking for a property. A family with children will probably go to the estate agency, while students will view offers on Facebook groups. Putting property on Zoopla and Rightmove will surely help you generate more enquiries and arouse more interest in your house.
Underline its advantages
What distinguishes your property from others? Concentrate on the strengths of your home and write them down on a piece of paper. Maybe your property as the only one in the building has a roof garden where tenants will be able to spend long summer evenings with friends, or the bed has a super comfortable mattress that will provide a wonderful regeneration? Stimulate the tenant’s imagination and make them want your property as their future home!
Take good quality photos
Your apartment can arouse interest or scare you away from potential tenants and the quality of your photos has an influence on that. I guess nobody wants to live in a dark, gray, depressing hole?
By publishing good-quality photos, you present yourself as a solid, trustworthy landlord who cares about the property and its image. They will also attract the right type of tenant.
Plus, you only have a few seconds to get your prospects’ attention. If your living room or kitchen seems much smaller in photos than it really is, then you’re not going in the right direction.
If you want to present your home in the best possible way and increase the number of visitings, I recommend hiring a professional!☝️ It is also worth showing all the rooms and the outdoor space – if you only include two photos in your offer, the potential tenant may think that you have something to hide from him. Let the photos of your property be its best showcase!
Show your home quickly
The rental market in the UK is quite competitive. Make an appointment as soon as possible, otherwise someone else may overtake you! It is often the case that people are tired of browsing through offers and if one property meets all their expectations, they will not go see the next one.
If your work doesn’t let you be flexible, maybe it would be wise to use the service of a real estate agency. Thanks to this, someone else will adjust their daily schedule to the preferences of the viewer and show the property quickly at the most convenient time for him.
Upgrade the standard of your house
If you want to rent your house fast at the best possible price, take a step back and… upgrade the standard of your property! It’s not as difficult and expensive as it can seem. Sometimes a few minor changes are enough to make the apartment look more appealing and increase its value!
First of all – small refurbishments, like repainting the walls, carpet cleaning and improving lighting are “must”.
Secondly, fix anything broken. Repair leaking taps, unclog the sink in the kitchen and eliminate any bad odours. Maintaining your property in good condition means you are a responsible landlord who can be trusted. And if something breaks in the future you are more likely to fix it (which is not always standard with some landlords). This kind of approach will surely affect the demand for your property, so don’t ignore these minor changes!
Hire the Home Stager and make the perfect first impression
One of the most efficient ways to rent your property faster is to hire the Home Stager. It’s the person who will identify your target audience, calculate all costs, organise and keep eye on a renovation team, buy furniture and accessories, style the property and organise professional photo sessions.
Home Stager will also prepare the appealing property description and put it in the right places because he knows the real estate market inside out. Before you know it, your apartment will be rented in the blink of an eye!
If you don’t believe me, check out the messages I got from my clients shortly after the offer was published on the Internet:
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Do you have other tips for renting property faster in the UK? Let me know in the comments! And follow my Instagram account where I regularly share tips about renting / selling homes!