New landlords are, quite rightly, keen to get the best return on their investment. Here we will give you some tips on how to market your property to get the maximum monthly rent.
Firstly and most importantly find a lettings agency with a good reputation in the area where the property is located. The staff will be able to advise you of the current market rate for your property taking into account the property size and quality, availability of parking, desirability of the area and access to local amenities, transport links etc. They will be aware of the current demand which can also have an effect on price.
They will guide you to what you can expect in the current market but the final decision on rental price is yours as it’s your property. It’s possible you may be tempted to go for a higher rental price than your agent has recommended. For example, if their valuation comes in at £1,100 per month, but you were expecting more, you can ask them to advertise the property at £1,200 per month.
This could work well if you get a good tenant signing up straight away, however if the higher rent discourages prospective tenants for more than a month you have now lost £1,200 and will continue to lose that amount until your property is rented out. If you had gone with the recommended rent of £1,100 you would be more likely to rent out quickly and less likely to be waiting and out of pocket. If you are paying a mortgage on the property this will be even more important.
It’s also important to think about what kind of tenant you want. Students move more frequently but the return you get can be more. Families with children enrolled in a good local school may stay put for some years. A young professional may also remain long term. Here again if you choose a good reputable lettings agent, they will be able to advise.
Presenting your property in the very best light is really important and will help with getting the best price but also will help to attract the right kind of tenant for you. Before marketing ensure the property is in good order decoratively and thoroughly cleaned. Don’t leave anything inside that will not remain for the future tenant as this could give a false impression and may upset your tenant which would not be a good start!
With all your planning and preparation done and having chosen a good reputable lettings agent you are in a great position to make the most of your investment. Your agent will look after all the viewings, manage referencing, collect deposits and complete all the necessary paperwork leaving you to reap the rewards of property ownership!