Marketing your rental property (Part 1)
Your success or failure as a landlord, starts with your ability to market your property and to attract and to keep tenants. You could have the most wonderful property but, if nobody knows about it, or it doesn’t attract tenants who move in and pay rent – then it’s not going to be a good investment. Here, in the first part of our series on marketing your rental property, we will look at the property and the listing itself, in terms of its design.
The property
Let’s start with the property, a place where it can all go so wrong, so quickly. A friend of mine, in the industry, once said to a fellow investor, who had massively overspent on a project, on items which would show little “real value” to either the tenants or his bank balance “..what is this HMO for you..?” This summed up the situation for me perfectly and I think back to that comment often. Unlike your own home, your investment property will not be lived in by you. This can be a tough idea to get your head around, especially for new investors because we often want to inject something of ourselves and our personalities into our homes. However, investment properties, which are going to be rented out to tenants, are the opposite – leave the “you” out of them. Design is an important consideration even in a buoyant market (like Bristol) because presenting a property correctly to the market, will ensure that it rents at the correct and desired level. Let’s take a look at some of the things tenants do appreciate and that will differentiate in a positive way:
Good design
Well-designed properties, which accentuate the available space have always been well received. As more and more tenants are working from home, or partially from home, the ability to have a desk and a space to work from, is being requested more and more. Design that can be flexible and provide quiet areas or areas conducive to home working and zoom/team meetings etc. are popular, and areas which could be used for exercise or “home gyms” are popular too.
Wifi. This was a tricky one during lockdown when there was an increase in people working from home. A good connection is the number one most important thing for some tenants and right at the top of their “want list.”
Safety and security
Never forget that your rental property is your tenants’ home and, like everyone else, your tenants want to feel safe and secure in their home. Sturdy locks on windows and doors and a good inspection routine will go a long way to ensuring this. Point this out to prospective tenants at the viewing and make sure that they know they can always report issues to you and that during inspections you will be completing a full house check.
Outdoor space
This became hugely important during lockdown and still is! An “un-fussy” outdoor space is very desirable. For family let’s, it’s often right at the top of the list for tenants. Don’t overlook the outdoor areas, with a little work and planning, they can become lovely spaces, which add so much value.
Storage space
Having sufficient storage space is really important in any home, especially for those looking to rent long-term. Ample storage space means tenants don’t need to worry about storing their belongings elsewhere and won’t have to live in a cluttered space.
Lighting
The best kind of lighting, is obviously natural lighting and designs which use this to good effect, work really well. Thinking about what different areas will be used for and planning spaces accordingly is always a great idea. Over the past few years, lighting has moved from pure functionality into the design space and there are some superb options available now.
The advert
In terms of the design of the listing, it is often easier to talk about “what went wrong” because we have all seen so many bad ads! When you boil it down, the design of the ad amounts to three things:
Pictures. These are super important because if these are bad, prospective tenants will move on and may never read the ad at all. They don’t have to be professional photos (although this does help and is always money well spent) but a good, well-lit photo, which is taken to show the best angles and features of a property is a must. Also, a dressed property makes a wealth of difference – just be careful with your design, make it unfussy and stylish, remember that you are selling more than a property, you are selling a lifestyle; a coffee tray on the side of a well-made bed with a coordinated throw, can go a long way!
The wording. Remember that you are selling the vacancy. If you don’t sound enthusiastic about it, then how can you expect anyone else to! You would not believe how many dreary ads I have read, and this always makes me roll my eyes. Make the tone upbeat, sound enthusiastic and always remember to point out the best parts of the property – including those mentioned above.
Information. Transport links; local amenities; schools; employers; shops; local hospitality; hospitals and landmarks. These are all things that prospective tenants want to know, listing distances to these is really useful and, if a property is in a sought-after location, near a local landmark or known for something in particular, then mention it in the ad. These are all selling points for prospective tenants!
We have honed our marketing over many years and with our own properties and those of the Landlords for whom we manage. Next time we will be looking at other aspects of marketing your rental properties, including which portals to use.
As Landlords and Investors ourselves, we can help and advise on all aspects of your portfolio. If you would like to find out more about our HMO management, student property management or portfolio asset management then give us a call on 0117 440 6789 or email us here together we can make being a landlord simple, passive and stress free!
