Discover how to achieve more rent for your properties instantly with these top tips
A few tweaks to the property and marketing could lead to increased profit.
Before buying a property for investment, a landlord will calculate the potential rental yield. This is a quick and straightforward way to see if the investment makes sense initially. By dividing the annual rental income by the purchase price, you can quickly calculate the property's profitability. Most landlords aim for around 7-10% return on an investment property. But what if, with just a few minor tweaks to the property and the marketing, you could increase that rental value? This will increase your yield and, therefore, profit. And that extra profit goes straight to you, the landlord.
Want to know how?
Buyers and tenants search for a new property in exactly the same way - starting with an online search. So it makes sense that the same level of care and attention is given to preparing the marketing for a rental property as a sale property.
Some agents can really go to town when selling a property. Full staging and photoshoots, drone footage, twilight images, maybe even a feature movie and virtual tour.
But the marketing for rental properties is often a bit bland. Lacklustre even.
Possibly because the market moves much more quickly for rental properties. So there's no time to make a movie about the property. By the time it's ready for publishing, a new tenant has already moved in.
But that shouldn't mean less effort is made to showcase the property in its' best light.
Tenants can afford to be picky when choosing a property. The level of commitment when moving into a rental home is much lower than when buying a property. So if the property isn't just right, a tenant can simply give notice and move on to the next one.
To make sure that your property stands out from the crowd and appeals to the highest calibre of tenants, the marketing needs to be high quality, and that starts with the property itself.
It doesn't have to cost the earth (property investment is a business after all and should still return a profit). But, at the very least, a property must be cleaned thoroughly.
Keep it clean -
Ensure that the bathroom's grout is clean and the silicone sealant is not mouldy, as this could put a tenant off straight away.
If the property is clean and tidy, the next step is to prepare the marketing.
Go to market -
You are trying to sell the dream of living in this property. It may not be a penthouse apartment or a luxury villa, but still, you want a new tenant to want to live there. Make sure that your photographs are taken professionally.
Lights, camera, action -
You might be renting the property unfurnished, so staging the photos might be tricky if it is totally empty. Still, there is no excuse for poor lighting. Talk to us about virtual staging to enhance real images with furniture for a fraction of the cost of staging with real furniture.
Fantastic Floorplans -
You really should have a floor plan. Most property searchers have said they wouldn't even consider looking at a property in real life that didn't have a floor plan.
Then, it's on to the words-
Ensure the agent uses language that your prospective tenant might use and recognise. Write the brochure in a way that the tenants will relate to. What's important to them? The particulars need to be detailed and sell the lifestyle. When choosing an agent, compare the descriptions for their property listings and see which ones you think stand out the most.
Don't use property jargon or waste your word count without really saying anything. I can assure you that they will absolutely not care that your agent is proud to present the property to the market. But, they will care where they eat the family meals or enjoy a morning coffee.
Highlight the lifestyle of living in the property, not just a list of the rooms.
What will it be like in the garden in this property in the summer? Or perhaps sipping a refreshing G&T on a balmy evening? Are there good walks nearby? Are there pubs, restaurants and shops? How close are the schools? This is much more impactful than simply stating that there is a garden.
By invoking the emotions, you will appeal to many more prospective tenants.
Stand out from the crowd -
If your property stands out from the crowd and attracts more tenants, you will be able to hand-select the tenant that best suits you and your property. Or maybe even negotiate the price and rent it to the highest bidder!
With exceptional marketing, your property will look like a million dollars. You should achieve the ceiling price for properties like yours and have a stampede of potential tenants to rent to.
For more tips on how to market your investment property to achieve the highest possible rent, get in touch with our team of letting specialists.
