The Steel City – one of the current prime locations to live in. Ask the Sheffield Letting Agents and they will agree that Sheffield is fast becoming a property hotspot. So, for both sellers and landlords, the forecast looks bright. However, although you may be in a hurry to let your property, there are some aspects to be considered beforehand, which will not only enhance your chances of acquiring a good tenant but a reasonable rental rate as well.
Here are some of them:
A professional appraisal of your property is necessary. Comparing the value to those of other similar properties in the locality will give you an idea of its worth and the amount of rent you can expect. There is a large rental market for the student and young professional cadre, so if you have apartments or smaller houses, these will probably appeal to them. Larger and independent houses will be more for families. You should decide, depending on time and finance, whether you want to supervise things yourself or whether you would like an agent’s assistance. If so, they will arrange for the viewings and take care of other matters as well. The next step is to put the property on the market. Surprisingly, just an old-fashioned “To Let” sign could quickly catch a prospective tenant’s attention.
Presentation of the property:
The impression one gets from a “first glance” does make an impact. Hence, the property should be presented in a way that attracts prospective buyers. Tidiness and cleanliness are 2 of the main factors which count. Decluttering is essential. Get rid of unnecessary items. Ensure that only requisite fittings are in place. Rearrange furniture to make the rooms look more spacious. Hygiene in the kitchen and bathrooms, especially, is a plus point. Natural light is always welcoming. Ensure that curtains are drawn to let in as much natural light as possible. If there is a lack of natural lighting, make sure that there are sufficient light bulbs in working condition to make the rooms look bright. If there is an outdoor space or a garden, you should see that it is tidy, with the hedges trimmed and the lawn mowed. A coat of paint can do wonders to “renew” the look of a drab house. While painting, consider neutral colours which will not only add brightness but will give the tenant a variety of colours to choose from when deciding on his/her decor.
The property should be in good working condition. Not only do major items need to be in top functioning order – even the smaller repairs, like a broken tap or a leaking pipe or renewing a dysfunctional fitting can make a big difference in convincing the would-be tenant that the house is in well-functioning order and will not need any maintenance costs for some time.
Compliance with regulations:
This cannot be compromised. Ensure that the necessary permissions and legal regulations are met, with certificates like landlord registration and EPC (energy performance certificate) as proof. If the property is mortgaged, obtain the lender’s approval to rent out, taking guidance from your agent on the type and level of insurance required for a property to be rented. Keep all documentation in order and readily available.
Security measures need to be taken, against fire and gas hazards as well as burglary and theft. See that your landlord insurance covers the relevant areas. Keys should always be taken back from previous tenants. Going keyless, by investing in a biometric locking system, is ideal for both landlords and tenants. If the property is a block of apartments or a multiple-occupancy house, smart door locks are ideal. Outdoor security lighting or CCTV cameras help in increasing security. Providing a secure environment, with proof of the same, will go a long way in quickly attracting potential tenants, especially if these features are mentioned in your property listing.
As one authority put it, “Location of the property is probably the most important factor in maximising rental income and minimising void periods.” In the upcoming area of Sheffield, this is one asset. There are various other ways to improve your property so that it can be let out quickly. One of the most important is TLC – tender loving care. People are able to see when a property is well taken care of and that instills a sense of trust in the landlord. Many listings include the phrase “the property is in need of TLC” which is immediately off-putting to viewers. Guarantee that your listing does not include this and, with the above tips, we are sure that you will be able to let your property in record time.