Design that positively differentiates!
We see a lot of properties, all sorts and types and manner of properties. Bristol is a buoyant and thriving market where, in most cases, demand far outstrips supply, and we see our landlords achieving record rental rates time and time again.
So, you can imagine how surprised we were, to receive a call from a landlord, who had a newly refurbished HMO, in a very desirable part of the city, which was only achieving, what we considered to be modest rental rates, compared to others that we had let in the same area. Our interest was piqued – and we always have a genuine desire to add value wherever we can, so we booked in an appointment to go visit the property and meet with the Landlord.
It didn’t take us long to see what was going on and, sadly, the answer involved rethinking many of the design decisions that had been made and picking up a paintbrush. The good news is that this Landlord was a super guy, who was solution focused and we were able to work with him to add value.
Here are some top tips when you are refurbishing and designing your rental properties:
(i) Do it well, do it once! This doesn’t mean gold taps and granite work tops, but it does mean providing a decent standard that is going to stand the test of time. If you skimp with poor quality, then things will break and you will have more maintenance issues, which will not only mean replacing items but picking up maintenance bills in the process. Find a happy medium – a price that you are comfortable with and items that will last and attract quality tenants.
(ii) Differentiate but don’t polarise. Designs that are impactful are great, but those that are “marmite” are not. Think about your target audience. Your aim is to attract as many tenant applications as possible, not to alienate large parts of your market.
(iii) Remember that this will not be your home – you won’t be living there! We have seen many examples of overspend, personalisation and Landlords specific “taste” in far too many rental properties. Don’t make the mistake of catering to yourself because you will not be the tenant. You might love bright orange, fluorescent magenta and black, but will your tenants?
(iv) Impactful but with room for tenants to add their own value and personal touches. An impactful property will get noticed but remember that, in most cases tenants also want to make it their home. Leave room for this and bear it in mind. This doesn’t mean not including the things they need but it does mean leaving space for them to add something of their own personality and turn it into their home.
(v) Less is more. We’ve seen properties where Landlords have taken a bold design and filled the house with it, on every wall! Remember, bold goes a long way! If you cover every wall, with every colour scheme under the sun, it may just look as though someone has “thrown up” all over it. Take a design and adapt it, pick out the bits that you like and use them in places to make the design your own. A highlight of a colour can go a long way. Also remember that some colours are restful and some are vibrant and full of energy – place them accordingly.
(vi) Don’t forget texture. There are some wonderful designs that use texture in addition to colour as part of a scheme – for instance, wood, lambswool, metal, cork, stone. Used in the right context, these can be beautiful – especially if its an urban design you’re after!
(vii) White is not the bad guy! In these days of bold colour schemes, white has been painted (see what we did here) as the bad guy. We have seen some lovely designs where bold, bright, white has been used as a backdrop and then louder, more impactful colours, by way of a window frame, door frame, curtains, fittings, and furniture, have been used to highlight. This can work well and be an easy maintenance option.
(viii) Colours that clash can work just as well as those that complement. Familiarise yourself with a colour wheel and have a look at primary, analogue, intermediate, complementary, split complementary and clashing options, then pick some you like. It can be fun, and you’ll soon come up with a design that works for you!
(ix) Remember how things will look on their own. If you are picking a scheme which hinges on accessories to make it work, think about how it will look without the accessories. Often a room will be dressed for a viewing and then the dressing items (like lamps, bedding etc.) will come out – don’t make your design dependent upon these to work.
(x) Will your design date? Something may be great and cutting edge in the moment, but these designs often date quickly. If you have used this design across a whole house, then this will mean a whole house refurb. Think about how the design will look in a few years’ time – remember that this property is an investment, and designs that need changing frequently are not great for your cashflow.
(xi) Perceived value. You do not have to break the bank to produce beautiful, impactful designs. If you take the time and trouble to get “under the skin” of your investment area, you can choose little touches that will make a world of difference but won’t cost a fortune. In some of our properties in Bristol, we use a local artist to create a design on a feature wall. This costs just a little more than papering the wall but gives a local artist visibility and pays tribute to the street art culture of the city we love. This could mean craft work, pottery, or sea glass in your area but if you take the time to understand what it is, it will make a wonderful personal touch that has huge perceived value but doesn’t equal overspend.
Lastly, one final word on design – if you put yourself in your tenants’ shoes and choose designs that are impactful without being overbearing or polarising, whilst adding a nod to the area that you invest in and, consider how they will work over time and with maintenance in mind, then you will not be going far wrong. If we can help or add value in any way at all, then please don’t hesitate to come and speak to us – we’ve seen a lot of design, some which works beautifully and some not so much and we have seen tenants’ response to it, if we can share what we’ve learned and it helps, then we are always happy to!
If we can add value for you, with a truly passive property management solution, finding you your next perfect tenant or you want to talk about compliance in your property, then give us a call on 0117 440 6789 or email us here
