Preparing a property to let – how can landlords benefit from high tenant demand?
It’s a great time to let a property as demand from prospective tenants continues to soar and stock levels of available rental homes remain low.
In areas such as Hastings, Eastbourne and Bexhill, high demand has been driven by a rise in people looking to move to the coast as a result of the Covid-19 pandemic. On top of this, many renters are now looking for more space, work from home facilities, gardens and high-speed internet.
Data from Rightmove shows that the most sought-after property type for tenants is now a two-bed semi-detached house, replacing two-bed flats which were the most popular properties pre-pandemic.
The surge in rental demand has led to prices increasing, with the latest HomeLet data showing that rents outside of London are growing at the highest rate ever, now over 6% higher than this time last year.
East Sussex landlords who put their properties on the market over the coming weeks can benefit from heightened demand and improved chances of a quick let.
However, in order to do so, you need to prepare your property effectively to ensure it is legally compliant and attracts the best possible tenants.
Here at Oakfield Estate Agents, we’ve put together our top tips to help you benefit from a highly active local rental market…
Landlords – what do you need to obtain to let a property?
As a landlord, there are a range of compliance obligations you need to meet when letting a property. Non-compliance could put your tenants’ safety at risk and leave you open to receiving a significant fine.
You’ll need to carry out gas safety and electrical checks, while also making sure that smoke alarms and carbon monoxide alarms are installed in the property.
When it comes to energy efficiency, you’ll need to make sure tenants are provided with an Energy Performance Certificate (EPC) and ensure that the property has an EPC rating of E or above.
It’s important for landlords to have the right insurance in place, including landlord insurance and rent guarantee. These policies protect your investment, safeguard your finances in the event tenants don’t pay rent and provide you with legal cover if you need to pursue an eviction.
If you’re letting a property for the first time and it was not originally purchased to let, you’ll need to notify your mortgage lender so they can update the terms of your agreement.
The above measures are just the tip of the iceberg when it comes to letting a property successfully. That’s why it’s so beneficial to work with the best local letting agency to ensure you’ve got everything covered.
Proactive letting agents will also market your property effectively and ensure it is advertised to the widest possible audience of eager prospective renters.
Revealed – how to attract the best possible tenants
As well as ensuring your property is ready to let, there are steps you need to take which can help you to attract the best possible tenants.
Having good, reliable tenants in place increases your chances of receiving rent on time and them looking after your property as if it’s their own.
It’s also more likely that you’ll benefit from a long-term tenancy which is beneficial for you in terms of reduced stress and fewer, shorter void periods.
So, what are modern renters in Hastings, Bexhill and Eastbourne looking for in a rental property? Firstly, in a competitive market like we are experiencing at the moment, you need to make sure your property stands out from the crowd.
It’s now become a necessity to consider the impact of the pandemic and what this means for renters’ requirements. As mentioned above, many tenants will be looking for high-speed internet, space to work from home and gardens.
If you can provide these features and promote them accordingly, you can schedule more viewings and attract more offers in the current market.
When considering the exterior of the property, the same rules apply as if you were selling. Tidy up the gardens, repaint the front door and fill in any cracks if required – in a highly competitive market, first impressions are crucial.
Inside, tenants will be keen to see what white goods are available, while a furnished property will be of interest to those who are time-poor and looking for a ready-made home.
Little things like nice curtains and freshly painted rooms can make a big difference. You’ll also need to have a thorough clean and declutter, as well as fixing anything that is broken.
Preparing your property effectively gives you a greater chance of securing the best possible tenants and it’s also important to remember, that tenants are willing to pay higher rent for the perfect property.
Here at Oakfield Estate Agents, we will do all we can to help you let your home successfully, using our years of knowledge and experience.
For further information on how to manage the lettings process, please get in touch with us today. You can request a free instant online valuation to see how much your East Sussex property could be generating in rent each month.