As a landlord, you need a clear idea as to what type of tenant you hope to attract. Do you want to rent to young professionals who will prefer a studio or one bed apartment to keep costs down or are you targeting families who will need a larger property, preferably with outside space?
Dickens Yard Development All tenants want modern facilities but working professionals tend to prefer apartments in developments with facilities like security (porter/concierge), a gym and sometimes a swimming pool too – it’s all about the aspirational lifestyle. Underground or secure car parking is an advantage while high speed internet access is essential particularly for wealthy foreign students who have this top of their wish list. Most young professionals will want a furnished property, in fact, 9 in 10 enquiries we receive are for furnished accommodation. Furnishings should be contemporary and good quality, providing a stylish home that has wide appeal.
Transport links are also vital. Make sure the apartment is within a 10 minute walk of a Tube station and ideally near a railway station and good local bus route. Local amenities are important – good shops, restaurants, bars and leisure facilities are all ‘selling points’ for busy professionals.
Families have different priorities. They’ll still want all modern conveniences, but usually prefer a house over an apartment, in a residential area rather than a development and ideally with outside space. That said, some families from Europe do like apartments as they are more used this type of accommodation. Little details like providing plenty of storage give you the edge too. Off-street parking is a bonus and good transport links are equally important. Local amenities such as a leisure centre and a park are an attraction, while being in the catchment area of good schools is a ‘must’.
If you’re hoping to attract a corporate tenant, remember most organisations only rent a property for an employee if it is managed by a professional property management company. But there are plenty of advantages in this as a property management agent will take care of everything, from rent collection and legal (gas, electrical safety) inspections to emergency repairs, maintenance and of course, finding and credit referencing a tenant.
When you’re buying a rental property, put yourself in your tenant’s shoes, decide what you expect from a home in terms of comfort and convenience and make sure your property ticks all those boxes. You’ll let it more quickly and maximise your profits.
For more information about letting and property management in Ealing and its environs, contact Benham and Reeves Lettings’ Ealing office on 020 8280 0140.
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