The property market has been described as non-existent, slow and sluggish by various experts over the past few years, a trend that is clearly tied into our financial state as a nation. And yet in these rather dire financial times, the buy to let market is soaring and has been for the past couple of years. With ever increasing segments of our adult population unable to get onto the property ladder to start with, as one hundred percent mortgages are virtually non-existent in today’s mortgage market. And more established buyers unable to remain on it due to increasing interest payments squeezing more pennies then there are left at the bank each month. There are many young professionals, families and couples that are seeing renting property as the only viable way to have their own space.
But if you are looking to ride this trend all the way to the bank yourself, then what do you need ot know about the buy to let market?
The buy to let market is very competitive at the minute as more and more private landlords are letting out properties to take advantage of the increased number of tenants on the lookout for the perfect pad. Whilst this is great on the one hand as it drives rental prices higher than they might be without this demand, it also means that competition between landlords to attract tenants is fierce. Landlords are starting to offer all sorts of perks to would be tenants such as reduction for payments in advance, inclusive utility bills that sometimes even include broadband and larger letting properties occasionally offering inclusive swimming pool or gym services.
So it’s all beginning to sound a bit LA isn’t it? But it is true that in this strong market there seems no limit to which landlords won’t go to attract potential clients. So how in this context as an individual can you make your property appeal to potential clients? A good start is to make your property and your business seem as fresh and professional an outfit as possible. An easy way to do this would be to hire a home staging company, such as David Phillips which is the largest UK based home staging company. These companies can stage your property within a week of initial contact and offer impressive statistics on how this increases the likelihood of a sale or let.
Once you’ve got your tenants hooked and the contract is signed, then you just have to keep them by being a professional, responsible and reliable landlord. Good luck.