4 Ways to Get Better Rental Income from your Property
With the uncertainty surrounding the rental market today, landlords are looking for every possibility to increase rents of their properties and gain a high rental yield. But, charging more rents means losing out on suitable tenants. It is a very competitive market with lots of rental options for tenants to choose from in the Ashmore Park Wolverhampton areas.
So, how do you ask for more rents without sending potential tenants packing?
It all boils down to creativity and excellent management skills. By applying both, you can come up with very effective ways to demand more rents without losing tenants. Here are some tips
Cleanliness of the property
It is normally expected that you clean your property before and after letting to tenants. But an extra investment in hiring a professional cleaning company can make all the difference. A tenant is likely to pay more for a clean property and vice versa. It’s all about first impressions. Give the tenant and experience to remember – clean the property inside-out, trim the lawn, give the floors a good old scrub, deep clean the carpets, clean the windows and glasses, etc. Making sure the property is in excellent hygienic conditions increases its value and tenants won’t mind paying a little extra.
Invest in the key selling points of the property
Every property has its selling points. Location and size aside, do you know your property’s ‘selling points’? What makes the property tick? Why would someone want to rent your property? Is it a kitchen design, the beautiful garden, or the spacious bathroom? Whatever it is, invest in it. Get it to excellent standards to make the property stand out and appeal to tenants. Potential tenants would be inclined to pay more for an outstanding feature in the property.
Increase the energy efficiency of the property
With high energy prices today everyone is trying to save on gas and electricity consumption. What can you do to make your property energy efficient? What can you do to help tenants save on utility bills? Tenants won’t mind paying a little extra for an energy efficient building. Consider installing solar panels and other eco-friendly ways to make the property energy efficient. Apart from saving on energy costs, renewable energy is sustainable for the environment.
Explore storage options
How much storage does the property have? Can you increase the storage capacity? If yes, then do it. Consider investing in sliding wardrobes, organised cupboards, clearing out the basement, emptying out the shed and more. A property can appear spacious just by giving it a good clean and taking out the trash.
Guess what? Tenants relish spacious properties and won’t mind paying a little extra. By spending a tiny amount on installing new and efficient storage systems such as wardrobes and cupboards, you can secure more rental yields each month.
L and A Lettings are specialists in providing lettings services for landlords and properties for perspective tenants in the following areas Ashmore Park, Wolverhampton, Willenhall, Walsall, Wednsbury and Daralaston areas in the West Midlands.