The London rental market is one of the most expensive and competitive in the UK, and it is constantly evolving.
Recently, the cost-of-living crisis and rising rents have led to a record exodus of London tenants, as many seek cheaper accommodation and larger homes in other parts of the UK.
So, while demand is still high, the London rental market shows signs of calming down, and rents in the capital could potentially fall later in the year.
For landlords, this could be an issue, particularly as many still face incredibly high mortgage rates, which are eating into profit margins.
So, if you’re a London landlord who’s facing a lack of demand for your properties and rising bills, then you need to be proactive.
It’s no good waiting for the market to recover: you need to work hard to boost your chances of getting high-paying tenants in all your properties.
What’s the best way to entice tenants? Improve your property and work to set it apart from the rest!
Location is something you can’t change, but there are some elements you can adapt to enhance your property, as we outline in this blog post.
Improve The Kerb Appeal
The outside appearance of your property is the first thing anyone sees when they’re viewing your property. Online photo carousels tend to focus on the façade first, while visitors and passers-by will see the outside of the property before anything else.
Therefore, kerb appeal is vital for anyone who wants to attract potentially high-paying tenants to their property. A dirty or outdated outside could hide a stunning interior, but many potential renters won’t look past the exterior. The saying ‘don’t judge a book by its cover’ doesn’t apply in the rental market; most tenants care a lot about kerb appeal and how inviting a property looks. So, you need to make sure that you clean the outside of the property regularly and ensure that you keep any front garden space neat and tidy.
Make Sure You Have All Relevant Checks Up To Date
Keeping your regulatory compliance checks up to date is a legal requirement, so it might seem like an unusual tip for anyone looking to set their rental properties apart. However, being organised and presenting everything clearly to your tenants, and being transparent, is a simple approach that can show your potential renters that you care.
To ensure that you’re always up to date with any checks in your rental homes, make sure you partner with reputable service providers. For example, if you’re looking for an EICR certificate in London, then check out Hexo Electrical Testing. Their experts will work with you to ensure that your property is safe and can help you with regular tests or one-off inspections if you have to conduct any new electrical installations at any point.
Embrace Period Features
If you own a period property in London, then you should embrace the period features and combine them with modern conveniences. Original features such as beautiful tiled floors and traditional doors can be repainted and deep cleaned to create a flawless finish that accentuates them and makes them stand out.
Original features on a period property can make it stand out from other properties in the area and more modern homes, which are sometimes viewed as slightly more soulless. As such, you should try to embrace these features and make the most of them when you’re doing up a period London property for rent.
Add Luxurious Fixtures
High-value tenants looking for luxury accommodation will expect certain fixtures and fittings, such as rainfall showers, expansive bathtubs, en-suite bathrooms, high-tech kitchen appliances and stunning lighting to illuminate their space.
While these additions to your property will come at a cost, it will be worth the money if you can bolster the rent you charge to new tenants. Consider innovative ways you can make your property more luxurious and give potential renters the high-end rented home that they expect.
Manage Your Online Reputation
As a professional landlord, you’re running a business just like anyone else. That means that you need to stay on top of your online reputation and manage any negative comments that come your way. Sometimes, former tenants might complain about one of your properties for a variety of reasons. It might be a genuine complaint, or it could simply be vindictiveness.
Whatever the reason, you need to learn how to manage your online reputation as a property manager and ensure that potential tenants see positive information. If there are negative posts or reviews, make sure that you respond proactively and politely, correct any misinformation and deal with any problems. You can then give the best possible impression to anyone who looks for you online.
Learn Useful Staging Techniques
Staging a rental property is a skill, and one that’s crucial for any property manager or landlord who wants to improve their chances of getting tenants in place promptly, and for the high rent that they need. Whether it’s the placement of the furniture or the décor on the walls and floors, small features can make a massive difference when you’re setting up your property for viewings.
If you already have tenants in place while you’re trying to rent out your property, then it can be difficult to stage it to the standard the premium property tenants might demand. On the other hand, if your property is empty for some time, then you will lose out on valuable rent money. So, you should weigh up the pros and cons of staging an empty property and find a solution that suits your needs. You can then consider the best ways to stage the rental home to highlight its best features.
Get Professional Images
When you’re trying to save money and deal with the challenging London rental market, it’s easy to think that you can reduce your costs by doing basic tasks yourself. While this is true in some cases, one area that you should never skimp on is the property photography. Taking photos yourself on your phone might seem like an easy and affordable option, but it can put off potential tenants if they see blurry or poorly captured images on your listing.
The online photographs and virtual tour, if you choose to offer one, need to look professional, and that means hiring an expert property photographer. Property photographers will be able to use lighting and editing skills to showcase your rental home in the best possible way. High-end tenants who pay big rents will expect a professional service, and that begins with the rental listing. So, you need to ensure that you enlist the support of a specialist property photographer. Review portfolios to find someone who has the expertise and skills to photograph your property and create the perfect listing images.
Owning property in London isn’t always the money-spinner that you might think, and it takes time and dedication to ensure profitability and success. Try using these tips to enhance your property and improve your chances of attracting the high-paying tenants you want. It might take time, but it’ll be worth the effort when you’re able to attract tenants with more money and who will take great care of your property.
