In today's economic climate, it's imperative that you market your buy-to-let property the right way. The current property market is a "renter's market", meaning many people are looking for short-term leases while they get a deposit together for their own home. If you're looking to lease out one (or more) of your properties, or you're looking to purchase a buy-to-let home, it's important to remember the following three things prospective tenants will be looking for:
Clean and Comfortable Interior
First thing's first – when you are looking to lease a property, you have to carry out some renovations. Depending on the current condition of your property, you may have significant work to do in order to get your property a good response on the market.
While it's unlikely you will have to completely redesign the interior, it's important to ensure that your tenants have a clean and comfortable space which they can call their own. Typically, tenants will look for a fully fitted kitchen and a comfortable lounge area. If your property is lacking a few vital appliances, such as a dishwasher or microwave, it would be a sound investment on your behalf to source these items.
Additionally, tenants want to live in a "homely" atmosphere, meaning you should be particular attention to the living room or lounge area. While sofas and coffee tables can be expensive, ensuring your furniture is in great condition will add real value to your property. As such, you should make an itemized list of all furniture currently in the property and assess the condition of each one separately. This will highlight items which you need to repair or replace, giving you the best chance of securing a quick lease when your property goes to market.
If you already have a property that you're looking to lease, then this item does not apply. However, if you are currently on the lookout for a great buy-to-let opportunity, location should be top of your list when assessing different homes.
Of course, the attractiveness of each location will differ between tenants; however, there are a few rules that are applicable across the board. Firstly, you want to purchase a property that has great public transport links nearby. Particularly if your property is in a big city, tenants need these vital links in order to access work or college. As a rule of thumb, you should aim to ensure that there are suitable transport links within five minutes from your property. This ensures that prospective tenants will have easy access to and from the neighborhood.
If you are targeting your property towards the family market, it's important to choose a property in a good catchment area for local schools. Having a good knowledge of the roads will allow you to make a sound judgment on the anticipated commute time to schools, allowing you to choose a property with good accessibility.
Length of Tenancy
While often overlooked, the length of tenancy advertised is vitally important for pulling in prospective tenants. The reason for this is that many young people will be desperately saving their hard-earned money in order to put down a deposit on their own home. As such, you have to ensure that you strike the right note with these people in order to attract them to your property.
Of course, longer tenancy agreements offer you much more financial security. An empty home is a landlord's worst nightmare, as the property does not generate any income and causes a leak in your own wallet. However, short-term tenancy agreements can be much more attractive to tenants, particularly if they aim to purchase their own property in the near future.
As such, consider advertising your property on a six-month lease, with a rolling contract thereafter. This gives you financial security half year round while offering tenants a flexible enough arrangement to move on if the property market picks up. Furthermore, it's worth noting that while a six-month lease looks more attractive to tenants, the reality is that many of them will stay for much longer. Particularly if you are a great landlord, tenants will become accustomed to your property and will extend their lease down the line.
A property management company can help you to manage your property and ensure that it is in great condition for your tenants. If you are interested in hiring a property management company, then visit a site like http://www.northstarpropertyservice.com.