The lettings market is increasingly strong across south west London. But how do landlords let their homes faster, reduce void periods and find the best tenants? Steve Cook (Senior Lettings Manager) and Richard Gunning (Lettings Manager) at Henry & James share their top tips to boost rental returns.
- Price competitively
Realistic pricing is the key. “Pay close attention to feedback from prospective tenants. It’s more important to let a property, than to hold out for an unrealistic price. Put your home on the market at the right price and you are more likely to attract a good quality tenant quickly,” says Richard Gunning.
- Professional management
Property management is a full-time job. Everything must work properly. “Tenants like to know that their new home will be looked after if anything goes wrong. Whether it is a blocked sink or broken boiler, it needs to be dealt with quickly,” adds Richard.
- Look after your tenants
A happy tenant will stay longer. “Don’t quibble over a minimal rent increase. “If you look after your tenants – they will look after you,” explains Steve Cook. A good tenant is one of your most valuable assets.
- Master strokes
When a homeowner buys a house or an apartment, they redecorate, renovate or refurbish. A tenant does not need the extra work or inconvenience. Between tenancies, re-paint (choose white or neutral colours), polish and sand down. If you close the front door, feeling slightly envious of the person who will be moving in, then you have struck the right balance.
- Pick the right agent
“Our advice is simple: choose an agent, who knows the local area, the market and understands both the needs of tenants and landlords,” adds Steve. “Don’t choose an agent who is looking to make a quick commission.” Experience and reputation are essential. Our testimonials and recommendations speak for themselves: www.henryandjames.co.uk/testimonials.
- Get the look
First impressions are lasting impressions. “We dress beds, add furniture and ensure properties feel welcoming. Our Property Management team make sure everything is working correctly,” explains Richard. It’s worth spending a little more time and money to attract the best tenants. Attention to detail is everything.
- Secrets of success
For maximum reach and effectiveness, our marketing campaigns consist of both online and offline elements. The Henry & James marketing team ensure properties receive the best exposure across www.primelocation.co.uk, www.onthemarket.com and www.zoopla.com as well as social media (Twitter, LinkedIn and Facebook). Video is playing an increasingly important part in our online marketing, too. We cherry pick the best properties for house tours with a professional presenter.
8. A new lease of life
Long leases can be attractive to both tenants and landlords as it gives security of tenure. It’s more important to have a good quality tenant staying for a long time than to risk void periods between shorter tenancies.
9. Choose the right property
For first-time landlords and those looking to expand their portfolio, it’s important to pick the right property. But what’s in demand? Two and three bedroom flats across Belgravia, Knightsbridge, Chelsea and Kensington often prove popular. Look for high-ceilings, lateral-living space and prime addresses.
- Sound advice
There is plenty of potential in the London lettings market. Choose the right property, price it competitively and take the best advice to make your home work for you.
- For advice on letting, buying, selling, or moving, contact Henry & James at 1 Motcomb Street, London SW1X 8JX (020 7235 8861; belgraviaoffice@henryandjames.co.uk).
