Sometimes Tenants complain about their Landlords. When it comes to being a landlord, you need to have the right property that tenants want to live in. You also need to provide a home that tenants also need to feel the rent represents value for money. It’s all well-and-good to have a well-appointed property with beautiful features and a lovely garden. But, if that’s not what typical tenants in that area want, they won’t pay the rent that type of property commands.
Being a Buy-to-Let (BTL) landlord can be hard work – and that work starts, even before you advertise your property for rent!
- You’re buying the right property.
- In the right place.
- At the right price for your preferred market.
First of all, remember the average age of tenants has risen in recent years. As first-time buyers are now, on average over 30, it stands to reason that the age of renters has also risen.
This means the majority of tenants are no longer young and inexperienced. To secure these older tenants, your property need to have what they want. That includes:
- Good transport links – if your’s is a city property, it should be close to local transport. Or it needs good access to useful road networks.
- Modern kitchen and bathrooms – two rooms that are as important to renters as they are to home-owners.
- Well-maintained interior – tenants don’t want a home that’s in need of TLC. They want to move in and not have to do a thing but unpack. Make sure you spruce it up and replace any items that have more than a little visible wear-and-tear.
- Easy-to-maintain garden – if your property has a garden, keep it simple. Many tenants don’t have the time or inclination to keep on top of it. That makes patios and a straight forward lawn, the garden details of choice.
- Off-Street Parking – if your property has off-street parking, great news. Even if the tenant doesn’t have a car, their family or friends might. And they will be grateful for the option of keeping their car off the road.
- Clear and reliable lines of communication with the landlord – it’s not strictly a property detail, but its still important.
So far, so few concerns about the look or feel of the property. That’s because many tenants know what they need to go about their daily life away from the home and they want their home to fit in with that.
When Character Properties Suit Tenants
Character rental properties do come up on the market and they do achieve the rents assigned to them. But, they are more likely to arise in the countryside or more affluent areas, rather than in the general rental market.
Otherwise they can often work better as holiday lets because they attract certain groups for a break from the norm and to enjoy the delightful features. That’s not to say you should never buy a character or period property in the city as an investment. It just means you should think carefully about the price attached to it. And, if you do buy a character property, do your best to ensure it has enough of the other details to please prospective tenants.
As you can see, there’s a lot to think about when it comes to getting the right tenant into your rental property. If you would prefer to hand that responsibility to a reliable property management team, we’re here to help! Get in touch with Incrent today to discuss your needs.
In return, we can guarantee your rent and remove the headaches associated of being a landlord.
Alessio Tondo & Fabio Tarantino
Two ordinary guys who turned their passion into a business.
Rent 2 Rent specialists, London
Focused on how to Increase Your Rental Income.