UK property landlords need to be ready to win tenancies

UK property landlords need to be ready to win tenancies

When it comes to the property to rent market in the UK at the moment, those who are buying buy-to-let homes rather than those for themselves to live in are finding that they are in a much better place than normal sellers.

This is the case because rental prices are going up, a consequence of demand from tenants who are opting not to buy and move into the market for rental homes instead. In recent weeks, it has been reported by the likes of LSL Property Services that rents are once again hitting record highs across the UK.

The company said that October had seen the monthly cost to consumers rise as high as £744 a month. However, while demand is good for landlords because it pushes the yields they can earn even higher, it can also be problematic for them. Like with any other competitive market, a higher level of demand will see more people coming into the property market, and this will mean that there will be a greater level of competition for landlords, which they will need to stand out from in order to secure the preferred tenants.

In order to do this, there are a number of tips that landlords can adhere to:

Price the house competitively

The price of your property will be a contentious issue and will vary greatly depending on property type and location.

However, with this in mind, it is important to be certain that you are pricing competitively against other landlords. Making sure that the house is not too low priced will keep you from pitching at a market you do not want too, while those who ask for too much can see the home sit empty for long times.

To find the ideal price, use websites to see what others are charging for properties in the area like your own. It can also be a good idea to offer some leeway for negotiation in terms of price with potential tenants.

Make sure the home is attractive

Having the house furnished can be a great way to be sure you attract your preferred tenants, as it can make moving house very much easier for them.

However, while this is true, it is also important to make sure that the home and decoration is attractive to anyone and everyone, as this will allow you a wider scope of tenants to choose from.

Using creams and blacks in both the design and furnishing of the home can be great for this, as it will appeal to most people, while wooden flooring will also make the whole place look bigger.

Offer good protection

When it comes to making sure both tenant and landlord are happy with their property, robust and in depth agreements can be the best way to ensure everyone gets what they want.

While you may want to be friendly and informal with your tenants, having these in place protects both parties in the future. As such, this will make the home more attractive to a greater number of people.ADNFCR-1222-ID-801496030-ADNFCR

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