Landlords: Increase your Rental Yield
Updated: Aug 3, 2020
FIRST IMPRESSIONS COUNT!
With your rental portfolio competing with many others, it is crucial that it stands out for all the right reasons. Otherwise you'll fail to attract the right tenants or it will sit on the market for longer than you'd like, hitting your bottom line.
As we all know, moving can be an extremely stressful time so why not reduce the pressure for your tenant and provide them with a fully furnished home.
So what are the elements you should consider - here's our top tips:
#1 Quality Furniture & Accessories
It's no good skimping on the quality of the furnishings and accessories because as the old saying goes:
"Buy cheap, buy twice".
There are other benefits to of buying quality furnishings, including it will improve your marketing collateral, increase tenant interest and enable you to increase your monthly rental yield.
#2 Size Appropriate Furniture
It is important that you maximise the space available within each room using appropriately sized furniture. This will allow your potential tenant to move freely around the space. In small spaces, this is particularly important.
#3 Clearly Defined Spaces
Your potential tenant needs to be able to understand how to use the rooms in your property so make that easy by furnishing each room correctly with the right type of furniture.
Also remember to create a working space which is quiet, comfortable and functional. This really is a priority for tenants now.
#4 Great Design
Your rental property needs to stand out for the right reasons, so it is vital that you present them with a cohesive, stylish design. The design needs to be practical yet be aesthetically pleasing. Also remember that your design needs to be tailored to the needs of your specific target market. For example, if you're aiming for the young professional market, there's no point in decorating a second bedroom as a child's room. Instead try and make this space a multi functional sleep (day bed) /office zone.
Just because your property is a rental, there's no need to be bland when it comes to the décor. Choose a cohesive and light colour scheme throughout and add touches of colour with wallpaper on a particular wall or alternatively paint one wall in a deeper, richer colour. This will transform an otherwise uninteresting property into one that has the real feel of a home and ultimately this is what your tenants will be looking for.
Don't skimp on the accessories such as artwork, lighting, cushions, throws, rugs etc. These are what transform bland spaces into a desirable home.
#6 Don't forget the Outdoors
Since lockdown, everyone has been forced to spend more time at home. There have been numerous surveys done and even now, households want a bigger garden or access to one.
Rightmove's most latest survey highlights that tenants number one priority is outdoor space!
Learn more about this survey, here.
It is therefore very important that you maximise any outdoor space you have so it entices your potential tenant. Even the smallest space can be made interesting and welcoming for your potential tenant. Make sure that this space is well maintained.
Rightmove has recently published this guidance for landlords with input from Paul Shamplina, founder of Landlord Action. Read this here.
And now onto the most crucial top tip.
First impressions count. Your potential tenant needs to be able to emotionally connect with your property - this is absolutely crucial if they are to move from being a potential tenant to your actual tenant. To make that possible, you need to create a home. This is where staging comes in.
Using the services of a professional stager, will deliver a number of benefits:
the average click rate of your property on-line improves by 139% because the images are high quality and visually appealing
typically, there will be 60% more viewings
potential tenants spend longer at viewings
you will rent quicker, typically in 7 days
And of most interest, typically your rental yield will increase
by 10 - 30% above average rental yield
How sort style and stage can Help
Having a rental portfolio, we know first hand what your tenants want.
We can help you maximise the appeal of your rental portfolio so you attract your target tenants. We have tailored solutions including:
overseeing any renovation works
virtual staging. This is an extremely cost effective solution (normally the investment is less than 0.1% of the property's valuation) and with our high quality solution, this is a sure way to attract tenant attention. Your virtual staging images can be used over and over so you continue to attract new tenants
Sourcing inventory. We can source furniture and accessories for an entire property, quickly and cost effectively. We have a wide range of suppliers and styles to suit your property
Home staging. This is the best way of maximising your chances of letting and again the investment is low (1-2% of the property value)
We’re on hand to help, so get in touch with us on firstname.lastname@example.org to arrange your no-obligation call with your local home staging consultant.
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