Insider Strategies for Landlords to Boost Revenue and Tenant Retention
Investment properties, whether buy-to-let flats or houses, Airbnb and serviced accommodation or HMOs, are an excellent way to generate additional income. However, to get the most out of your investment, you need to ensure that your property looks great and offers quality living to potential tenants. Below are 7 tips to help you maximise the look and quality of your investment property.
1. Ensure that your property is well-maintained and clean
This includes regular cleaning of common areas, fixing any broken items, and refreshing the paint or decor if needed. It is important to present your property in the best possible condition to attract high-quality tenants and keep them happy.
2. Furnish your property
Consider furnishing the property, even if it is just partially. This can help potential tenants visualise how their own furniture would fit in the space and create a more welcoming atmosphere.
3. Think about what tenants are currently looking for in a rental property
Features such as modern kitchens, updated bathrooms, and ample storage space are highly desirable. Also, providing a fast and reliable internet access, energy-efficient appliances such as refrigerators, washing machines, and dishwashers.
4. Focus on durability
Choose durable and easy-to-clean materials such as vinyl or laminate flooring, and hard-wearing fabrics for furniture. This will not only withstand wear and tear but also make it easier for you to maintain the property.
5. Consider the functionality of the space
Ensure that the layout of your property is practical and functional, with clear traffic flow and ample storage space. For example, if you are renting out a small flat, you could maximise the use of the space by incorporating smart storage solutions, such as built-in shelves or fold-away furniture. In a larger property, consider the layout and how you can create distinct living spaces that flow well together.
This will make your property more appealing to potential tenants and make their living experience more comfortable.
6. Add personal touches
While keeping the decor neutral, don't forget to add some personal touches such as artwork or plants to create a cosy and welcoming atmosphere. Just be sure not to overdo it and keep it tasteful and minimal.
7. Do not forget about the power of staging
Even if your property is unfurnished, adding some well-placed decor, such as plants or artwork, can help potential tenants envision themselves living in the space. Adding some soft furnishings such as cushions or curtains can also add warmth and cosiness.
By following these tips, you can maximise the look and quality of your investment property and attract high-quality tenants who will help you achieve long-term success. Remember, investing in your property can pay off in the long run by providing a stable and profitable source of income.
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ABOUT MIKA DESIGN STUDIO
Mika Design Studio is an interior design studio on a mission to make a positive and meaningful impact on our clients’ lives; inspire them on the use of creativity and sustainable materials to create authentic interiors that organically evolve with them.
We are based in Royal Leamington Spa (Warwickshire, UK) but also operate online nationwide. We provide Consultation and Home Staging services for properties to sell, Re-design & Styling services for serviced accommodation/buy-to-let properties, and Online Interior Design for single bespoke rooms.
Visit our website to find out more about us.