With the boom in purchases of buy to let
properties in the 1990s and early 2000s, and the subsequent recession, the
housing market is now flooded with rental properties, so it’s become a bit more
problematic to make sure you get your property occupied and rented.
In order to stay ahead of the competition,
you need to make sure that your property is the best available for the price.
If your flat isn’t getting rented, then it’s perhaps time to reassess what
you’re offering compared to other landlords in the area.
Firstly, check that your asking price for
rent is realistic, and about average compared with similar properties in the
area. You might even need to pose as a potential tenant and book in a couple of
viewings of other properties with a couple of agents or landlords. Once you’ve
had a chance to suss out the competition, decide what you need to do to your
place to bring it up to the mark. Decide whether you want to reduce the rent,
or spend a little on decorating and new furnishings to bring it up to the same
standard as others you have seen.
If it’s the latter, then the first place to
start is with a thorough spring clean. As well as bleaching out any mouldy
spots in the bathrooms and kitchens, you might want to hire a steam cleaner and
give the carpets a proper clean. If you’re going to paint, then choose a
neutral tone that you can use throughout the property. This makes the whole
space feel bigger and will also be inoffensive to anyone else’s taste. It may
feel a little boring, but it’s the safest choice.
If you want to rent the property as
furnished, then assess what furniture needs replacing or repairing. Try and
make sure that you don’t have a load of mismatched items in there, or it brings
down the whole overall look of the place. It’s also a good idea not to put too
much furniture in there. Start off with the essentials – beds, a wardrobe and
chest of drawers, dining room furniture, and a sofa.
Other items like coffee tables and bedside tables are niceties.
Stay up to date on where the latest sales
and promotions are by following furniture stores on social networking sites.
For example, following Harveys Furniture on Twitter is a
great way of getting regular updates on the store’s forthcoming sales.
By spending a bit of time and money on your
rental property, you’ll ensure that it is soon occupied and paying its way,
rather than sitting empty and being a drain on your resources.
