It has just been revealed that the house prices in London have increased up to £43,115 in the first six months of the year. This inflation has forced many potential home-buyers into the rental market, but recently, even rent prices have gotten too much for many.
So if you’re a potential landlord, how can you ensure that you can find somebody who’s going to be willing to live in your property, despite the stifling market? There are some tips you can follow to give yourself a better chance of having a stable rent income coming in. Here are just a few.
On the Up
The first thing that you can do to attract tenants to your property is to first of all find a property to purchase that is going to appeal to your tenants. The vast majority of people moving into London are young professionals, so areas that are on the rise such as Peckham or Brixton are perfect locations for a potential property investment, and while some of these areas may have higher-than-average crime rates, you can protect against this threat with good landlord insurance from a company like SimpleLandlordInsurance. With this safety guard in place, you’ll have a safe property in a popular area.
Searching Alternative Avenues for Tenants
Once you have a suitable property, you now need to attract potential tenants to it. A good way of doing this is to look down non-traditional pathways. Although you can obviously advertise your property in an estate agent, if you want direct communication with your tenants, you could look for them elsewhere. For example, searching for your tenants via a site like Gumtree allows you to contact them directly, and to organise viewings more straightforwardly than you’d expect.
Having a less formal approach where you make yourself easily contactable will attract more tenants, too.
A Homely Property Doesn’t Have to Cost the World
An issue many prospective tenants have when they’re looking for properties – particularly in the capital – is that the quality of properties on offer are generally of a low standard. This is because the market has been extremely favourable to landlords over the past few years, and this means that tenants have been willing to live just about anywhere, just to spend time in London.
Now, however, tenants are raising their standards, so you’ll need to do more to please them. Just remember, this doesn’t need to cost the earth, as you can see here.
So there you have it, some great advice for attracting tenants to your property in a stifled market.