Even though there is a huge demand for private rented accommodation in the UK right now, there is no reason for landlords to become laid back when it comes to adding value to their businesses. Furthermore, as there is so much demand for private rented accommodation more and more people are becoming landlords in order to secure extra income, meaning that competition is becoming fiercer.
Add this to the fact that the government is creating schemes to help people buy instead of rent and you will start to think twice about being lax when it comes to staying ahead of the competition! So here are a few ways you can add value to your lettings business and give it that edge over your competitors!
Think about your target market
Adding value to your property means spending money, and therefore you need to make sure that whatever you invest in will be worth it. Making sure you get a return on your investments is key for every successful landlord, and the best way to guarantee this is to do some research on what would be the most logical way to spend your money. For example, look at the area in which your property is based and think about what your target market will be. Generally, if you are in a school catchment area in a quiet neighbourhood you will be marketing your property to families, and so you could add a slide into the back garden to really tempt your potential tenants.
Likewise, if you are marketing your property to a young professional you could make sure that the property has a few extra mod-cons, such as investing in a washer/dryer instead of just a regular washing machine. While these little things may not seem like much they could potentially sway a tenants’ decision in the future!
Be flexible with your tenants
Landlords are currently featuring frequently in the press, and it’s not uncommon to find some sort of ‘horror story’ about a rogue landlord each and every week. Obviously, this makes some tenants extremely wary when they are looking for a private rented property, especially if they are young and they are moving out for the first time! Therefore, being a bit flexible can go an extremely long way, and if you are organised won’t impact too heavily on your day to day running of your business.
For example, you could offer to be in charge of paying the utility bills for the property, or arrange paying the council tax on the behalf of your tenants. Providing them with all the information they need is also a great way to establish a good relationship with your tenants, so why not create an information pack containing a copy of your inventory, tenancy agreement, deposit protection scheme and general information on the area for each of your houses? Being a helpful landlord is a great way to add value to your properties, and don’t forget that a good reputation is one of the most valuable things you can have!
Call in the Experts
The great thing about being a landlord right now is that there are so many other companies that you can turn to that will help you with the running of your business. For example, if you are not sure about how to market you property or what type of tenancy agreement you will need then you can hire a letting agent to do this for you. Likewise, if you need advice on mortgages, landlord insurance, or the property market, your bank should be able to give you in depth information and advise you on what would be right for your business.
Don’t forget that you can also get information about the property and rental markets online and in magazines that will keep you up to date with everything important that is happening right now. Being well informed is extremely important as a landlord, and it could even keep you ahead of the game! Knowing your next move for your business is also a good way to make it more valuable, as it means it will be successful for a long time!
As you can see, adding value to your properties isn’t just about spending money, but also being the type of landlord that tenants would appreciate and can run a successful business. Even introducing just little changes can go a long way, so why not come up with a plan today?