So, your tenant is leaving your property at the end of this month? You have to prepare your house for a new tenant, find the next tenant, and arrange all the paperwork. Further, you’ll need to refund the deposit to your previous tenant, and reference check and credit check the incoming tenant. As a landlord, you have to do all this while ensuring your property isn’t empty for long.
If you have an agent, they can handle most of these tasks. But you have the responsibility to prepare your property for an incoming tenant. Such includes ensuring the property is clean for occupancy.
But wait a minute!
The outgoing tenant must have cleaned the property. You have even inspected the house as part of your checkout procedure. So, do you need to clean the property again?
Yes! The chances of not cleaning the property are close to zero. Engage the end of tenancy cleaners London to make your property look attractive. Other than cleaning the apartment, you have to employ additional measures that allow you to lease your property faster to quality tenants.
- Improve The Exterior Appearance of Your Property
A prospective tenant makes up their mind whether to move into your property within seconds. Your property doesn’t have long to make a bright first impression.
As a landlord, employ measures that give your property a fantastic first impression. Simple aesthetic improvements like mowing the lawn, hedging any bushes, and painting the front door can make a huge difference.
Yes! The exercise will cost you money, but it can make an incredible difference in getting the property rented faster and at a higher price.
- Minimize the Tenancy Turnover
Turnover will cost you money in different ways. First, the cost of painting and patching walls, advertising costs, and of course, a vacancy. But how do you do this?
Well, lowering the rent though counterintuitive tends to raise your revenue. The goal is to identify quality tenants who will take care of your property. Once you find such tenants, do everything possible to keep them.
Yes! Tenants will eventually leave when they buy a new home or moving across the country. The last thing you want is losing your quality tenants to another landlord down the street.
- Raise Rent Strategically
We’ve seen that lower rents can increase property revenue. Now, I’ll tell you how to raise rent to your long-term tenants. Undertaking this decision calls for a delicate balance that takes the value of your property into consideration.
Assuming you’re maintaining positive cash flow, every additional dollar to your rent income counts as profit. That said, you should let your tenant know that a rental increment is in the offing. You can inform them of your intent to review rent after every three years when signing the original lease agreement.
Alternatively, ask the tenants whether there is anything you can do to make their stay comfortable — select items on this list, which will justify a rental increment.