With limited properties on the market paired with a high volume of potential tenants, the property rental market is now a busy hotbed. If you are a property owner, there are promising opportunities for you to secure a deal with a trustworthy and well-paying renter.
When dealing with interested tenants, you have to be careful and smart, but at the same time, you have to be accommodating. A wrong approach can leave your property vacant and profitless.
Here are some of the most common things that can turn off potential tenants and that every landlord should avoid.
1. Excessive Rental Prices
Prevailing rental prices in the UK are already known to be high and many renters are prepared to pay such rates if they see the value they will get. However, it will be an absolute turn-off if a renter sees that they are being overcharged.
To avoid this, you have to conduct your research and compare prices with other properties in your area, particularly those with a similar size and features as yours. The Office For National Statistics also publishes a rental pricing index on its website. This is a reliable reference that you can use.
2. Dirt, Dust, & Defects
Before entertaining any inquiries, be sure that maintenance issues in the property have been addressed. A leak, a crack, or a squeak can easily put off a tenant or could be used as a basis for reducing the price.
Aside from structural features and utilities, the overall cleanliness of the place is a must. This is inexcusable for any landlord. Deep clean all surfaces and floors, use fresh sheets and linens, and remove all stains and moulds.
3. An Outdated Look
Next to location, price, and functionality a common consideration among renters is the style of the house. Areas of particular focus are kitchens and bathrooms. This is important because many high-net tenants put a lot of attention to this and an outdated interior will likely attract potential with a limited budget.
It is true that renovation is a major investment. However, it will also allow you to charge premium rental prices and at the same time, prolong the livability of the property.
If you have limited funds, you can still enhance the place by redecorating. There are some aesthetic elements that can be modified without conducting extensive renovation. These include furnishing, curtains and curtain rods, rugs, artwork, lighting, and hardware.
4. Overwhelming Colors & Patterns
Since different people have different preferences, it is best to dress your place with a neutral look. A room that pops up with tangerine-coloured walls may look cute to some but could be unpleasant to others. Flowery curtains might be nice to a married couple, but they may not be appealing to a young bachelor.
Neutral colours are usually white, cream, or earth tones. In any case, occupants can always redecorate the place at their own discretion once they decide to rent it.
5. Unloved Plants
Anyone would love to have a piece of lively greenery somewhere in their home. If your property has a garden or a plant box, it will surely add value to it. However, seeing neglected plants will spell the opposite effect. To a potential tenant, this could be seen as a sign of an owner who does not care about the place.
Allot time and effort to fix the garden before putting the property on the rental market. If you have limited time to tend to it, there are numerous ornamental plants that are low maintenance but still bring vibrance and beauty to the house.
6. Long & Overly Strict Screening Process
While it is good to be prudent in selecting your tenant, you must be careful not to discourage them by being too strict with your screening process. You will need to find a balance by having a smart yet accommodating approach.
For instance, rather than throwing them a list of uncomfortable questions face to face, you can prepare a simple form that they can simply fill out. You should also be careful about what questions you should ask. Review the laws that govern your boundaries as a landlord and avoid things queries that may be discriminatory or inappropriate.
7. Lack of Transparency
Customers will only buy from a seller they feel they can trust. This is the same for any renter looking for a landlord to host them.
Manage expectations well and be direct regarding your asking price, rental terms, and house rules. Do not wait until the last minute before disclosing information. A potential tenant will quickly turn down a deal if they sense anything questionable.
You should also be transparent in your ads and published materials such as photos and property descriptions.
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