Preparing and Marketing your Rental Property.
So, you’ve finally completed on your investment property, and you’re now looking at what to do before its ready to be marketed “To Let”. You want it to be a nice house, and let quickly, without costing you too much money initially.
Chances are you’ve already done your due diligence when looking to purchase the property. So you know what kind of properties are out there, what they look like and how much they’re going for.
But how do you know that your property is up to scratch?
We’ve put together 10 points for you to consider, before you put your property on the market.
1. Internal Condition
The condition of the property is key to a number of factors – how long the property will be on the market, the rent you achieve and the type of Tenant you attract. In this market, you can’t afford to cut corners or have a sub-par property with the amount of stock now available to prospective Tenants.
You will want to have a look at the key areas Tenants look at before applying for a property. These are the condition of Kitchen, Bathroom suite, décor and space. If you have an old-fashioned property with an old Kitchen, beige coloured bathroom suite, magnolia walls and brown carpets, you’re probably not going to attract the majority of Tenants who are looking for a light, modern property.
TIP: Have a look at what rent similar sized properties in your area are achieving, and look at the condition of the Kitchen, Bathroom and the décor. Find the nicest house which is similar to yours, and see if you can copy the décor and the layout.
If large refurbishment works are required, you would have probably been aware of this before purchasing the property. The key here is to not throw in the cheapest Kitchen and Bathroom suite you can find, but find one that Tenants will enjoy, and will last longer than a few years in a Tenanted property (its worth noting at this point that Tenanted properties are subject to far greater wear and tear than owner-occupied properties).
If you speak with tenants today, the large majority are after properties that resemble a “blank canvas”. A modern, light and clean property which they can furnish and make their own. If you do this, you may find that Tenants are happy to pay a higher rent, but also stay a little longer than you might expect.
2. Furnishings
If you’re going to furnish the property, you’ll need to make sure that the furniture adheres to the Furniture and Furnishings (Fire Safety) Regulations 1988 (amended in 2010). This means ensuring that it has that all important fire safety label.
Aside from the safety of the furniture and furnishings, you’ll also want to consider the condition of the furniture. A tatty sofa is going to look awful in both the photographs, and during physical viewings. Likewise with old-fashioned, stained curtains – they make the room look dark and dirty. Take into account the “kerb-appeal” of every room – the aim is to make it light, clean and spacious.
3. Gardens
Going back to “Kerb Appeal”, it is important that the outside of the property looks as good as the inside. After all, the front of the property is going to give the Tenants the 1st impression and you only get one of those!
Make sure the gardens are tidy with the grass mowed, bushes shaped and overhanging branches of trees cut away. If the property has a driveway, make sure this is free of weeds and is in a good condition.
Consider having all windows cleaned inside and out, and ensure all gutterings are free of foliage. Inspect the roof and make sure there are no slipped or missing slates.
4. Cleaning
The key is to try and attract as many prospective, good-quality tenants as you can. You do not want to show off a property which is full of cobwebs, dust and dirt. Consider having the property professionally cleaned once all interior works are completed, so that prospective Tenants are shown around a property in a good, clean and modern condition.
We cannot overstate what a good cleaning to a property can achieve.
5. Marketing
Now the property is cleaned and ready to go to the market, you now have to consider how and where to advertise it.
Before you do this, set your criteria of Tenant you hoping to attract. If you’re hoping to attract good quality professional Tenants and/ or a small family, then look to the usual online portals of Rightmove, Zoopla, On the Market and Boomin. You will need to have a Letting Agent market the property for you, as individuals do not have access to these portals.
If you’re in a city centre or a student village, possibly look into partnering with the local university or student union. This could be a great way of finding suitable Tenants without going to the online portals.
If you’re looking at the portals, it’s worth asking the agents which ones they use. Some will use all, others will use a select few. The largest portal in terms of Tenant use is Rightmove, so if you can have the property advertised on there, you’re in a good place. Make sure the agent highlights the properties features, such as Off-Road Parking if it has it and highlight the convenience of the properties location – is it near a Town Centre or a train station?
You do have the option of “dressing the property” or “staging the property” should you wish to. This is where owners or Landlords will rent furniture temporarily to show off the properties qualities, and show prospective tenants what the property could look like with certain furniture. This would be useful if for example the property is a little small, and you wanted to show that a bedroom could fit a double bed in it.
6. Photographs
Key to the marketing of a property is the photographs used. Letting Agents will be able to take attractive photographs of the property, but you may want to consider having a professional take some. You’ll own the photographs out right, and it will really ensure your property stands out above the competition on the marketing portals.
7. Floorplans
Floorplans are a brilliant way of showing interested parties the layout of the property without physically showing them around. You can also add dimensions to these floorplans, providing interested parties with an idea of the size of each room. Floorplans can either be uploaded separately or as another photograph to the online portal.
8. Video Tours
A new concept born out of the pandemic, video tours have helped the property market continue under very different circumstances to before. A video tour will help show prospective Tenants the property in real time and give them more of an insight than they normally would have.
A video tour will help separate the wheat from the chaff and help your Agent find a suitable tenant quickly.
There are different types of video tour, so it’s worth checking with your agent as to how they do it and what would be published. Some agents offer this as an additional service, so may cost a little more.
9. To Let Boards
Online marketing is important, but almost 5 million homes in the UK remain without internet. Therefore, its also important to have an impact on the footfall past your property. Your agent will have “To Let” boards that they can erect, advertising your property to all passers by. This will have a huge impact if the property is on a main road, or on a commute into a town or city center.
10. Viewings
The final piece of the puzzle is physical viewings. Your agent will ordinarily take on the job of showing prospective Tenants around the property and gathering as much information as they can about them. It’s important to know that they’re doing the job correctly, and offering flexible times to view the property. Remember, you’re after good quality, professional tenants who may not be available to view the property between Monday and Friday, 9am – 5pm. So find out whether they offer evening and weekend viewings to ensure they’re going after the criteria of Tenant you’re aiming for.
Stuck between whether to have an agent manage the property for you, or self-manage? Check out our Full Management v Let Only article.
Call us on 0161 511 5339 or complete our contact form to find out how we can help you to prepare and market your rental property.
