Landlords – are you missing out on thousands of pounds of income each year by failing to review rents and make improvements?
By Emma Chapman, Accounts Administrator, Gro Residential Management
As residential lettings management specialists, our team at Gro Residential Management are often surprised by the number of properties we are asked to value and manage which could be generating significantly more income for their landlord.
The errors are often basic and can soon be fixed, from simply failing to keep a check on the rental values of similar properties in their locality to not identifying quick transformations which can give a property an extra level of appeal to prospective tenants.
Often it can be the ‘absent landlord’ who falls into this situation – a landlord not based near their properties and focussed more on securing an ever-increasing portfolio, rather than ensuring each and every one is bringing in the maximum possible return.
Or perhaps it’s the ‘accidental landlord’ – somebody who has inherited a property portfolio and is doing their best to manage it without much experience – and therefore needs the assistance of someone with property management expertise.
Finally, the landlord we often see making this mistake is the ‘too busy landlord’ – those whose main business interests actually lie elsewhere, with their property portfolio and investment simply a second income generator to which they can’t actually commit too much time.
At Gro Residential Management, we always make sure all is done to make a residential rented property achieve its full rental potential.
Here are a few tips to help ensure a residential property achieves its full rental potential
- Check the prices of similar nearby properties
Been a while since you changed the rental value of your property?
It may well have fallen below the rate of others in the same area. A simple way to see if you are under-valuing your property is by assessing what else is on the market in the same location and of a similar size and style. This information is freely available.
Others commanding more – then why are you charging less?
- Don’t underestimate the impact of kerb appeal
First impressions matter. Improve the property's kerb appeal with well-maintained landscaping, a fresh coat of paint, and attractive outdoor spaces and it is more likely to attract tenants willing to pay a higher rent.
- Include sought-after appliances
They may not seem glamorous additions but a dishwasher, washer/dryer, and high-speed internet access can all help push up that rental value.
- Add smart home features
In the modern world smart home technologies are proving hugely popular, such as smart thermostats, lighting, or security systems. Many newly developed properties we have marketed have made smart home features a big part of their offering – and tenants love them!
- Consider flexible lease terms
Short-term leases or the option to renew can be appealing to certain renters and may attract a broader range of potential tenants.
These are just a few of the options available to landlords to help improve income from their portfolios.
As a professional property management company, our team at Gro Residential Management will always work to ensure your properties are well maintained and appealing, ensuring tenant satisfaction and the best possible property value.
Need a rental value review of the residential properties in your portfolio? Contact our team today on 01482 566057 or email hello@gro-residential.co.uk
