The current rental market is incredibly buoyant, it is very apparent that landlords need to keep ahead of the game.
A number of new and existing landlords regularly ask me the question of how to make a property more attractive with a minimum cash injection. The answer is simple - flexibility. Not just on the type of tenant you are looking for, but what is on offer for the money.
If you are starting from scratch, the normal thought process is to get the property on the market and advertised as quickly as possible. This often involves varying levels of remedial/cosmetic work and putting in white goods. However, tenants often do already have washing machines and fridge freezers, and/or like to put their own personality and taste into the dÃ©cor to turn their rental property into a home. A very acceptable proposition, not least for the fact that it indicates a long term commitment, and hopefully a contented tenant.
The main key to achieving this is to open up to applicants seeking both furnished and unfurnished property, thus doubling the chance finding the right tenant quickly. Giving the options, talking to prospective tenants and assessing what their needs and wants are and providing only what is needed can save unnecessary time, trouble and expense, hassle. It can greatly lessen the pitfall of time wasted on marketing and viewings and the dreaded 'void periods', as well as the risk of losing a potentially good tenant.
We have had great such success with this approach over the last 6 months. We have been able to secure some really high quality tenants, at good rental rates and for long term tenancy agreements, and are now hoping that this will continue and many more landlords will reap the rewards of our 'flexible advice' and recommendations.