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Profitable Properties: Add Value to Your Rental Property Without Spending a Bundle

These days, many property owners in the UK would like to earn a lot more income from their rentals, but they don’t know how they can justify a rent increase to their tenants.

It doesn’t have to cost a fortune to add perceived value your property. If you can’t afford to make major upgrades, at least make certain your vacant units are as immaculately clean as possible.

Spic and Span

Cleanliness is close to a prospective tenant’s heart. When it comes to making perfectly good first impressions on prospective tenants, few things are as effective as a super-clean empty rental.

Potential renters want to imagine moving their belongings into a sterile new environment where nobody else has ever lived. Scuffs and scraped paint puts off potential renters. A vacant unit in spotless condition inspires renters to pay premium prices.

Before you show any vacant unit, make certain that it is in immaculate condition. Hire a competent cleaning company with an excellent reputation, or roll up your sleeves and do the work yourself. Professional cleaners have access to cleaning products and equipment that you probably don’t have on hand, but you can save plenty of money if you do the cleaning on your own.

Scrub the inside of cabinets and closets. Wash windows inside and out.

Pay extra attention to tubs, sinks and toilets. Use a pumice stone to scour away hard water mineral stains. Shine everything up with Windex or another all-surface spray cleaner. Polish faucets and mirrors to perfection.

Refresh and Renew

Get rid of carpets and replace them with clean, easy care laminate flooring. A fresh laminate floor may actually cost less than the price of having worn carpets repaired and cleaned. Modern tenants seem to prefer laminate floors over wall to wall carpeting, as well.

Before you even think about letting your space, paint the front door. Paint the baseboards and windowsills trim. Paint the walls, too, if they need it.

If you can afford to install new appliances, do it. Tenants will pay more to let a space that comes with a top of the line refrigerator and stove. Environmentally conscious tenants will pay more for a washroom that’s outfitted with modern dual-flush toilets and water-sparing faucets and showers. The initial cost of new appliances and fixtures can pay for itself in a relatively short period of time.

Strategic Advertising

Forget about focusing your advertising money on free sites. Potential letters with the wherewithal to pay premium rents tend to search for rental spaces through online services such as PrimeLocation. Pay to promote your property through a reputable publication, and the small investment is bound to reap large rewards.

For the first week, offer your to let property for more monthly rent than you actually require. Who knows? A potential letter may snap it up at that price and never know the difference.

If you receive only a few offers the first week, reduce the advertised price to the price you would have asked for in the first place.

Schedule Showing Times

Once your vacancy is ready for occupancy, begin to schedule showings. You might think it’s polite to offer staggered appointment times to potential renters. Don’t do that. Instead, schedule as many viewers as you can for the same day and time. Choose a date several days into the future to maximise the number of people that come to see the property.

When your vacancy is in ship shape, people will want to lease it. When these people see that others are also interested in letting your property, they may be more eager to pay your premium price.

Portray the Part of Professional Landlord

Dress the part on rental day. You don’t have to wear a stuffy suit and tie, but don’t show up in your rugby uniform, either. First impressions count, and you want your tenants to take you seriously.

Arrive early and do a final once-over of the property. Be prepared to do business with plenty of rental forms and pens.

Follow these affordable landlord tips, and you could start seeing more income from your rental property very soon.

Kate Nash has always had an interest in property and has managed to turn around some properties successfully. She enjoys sharing her experiences and tips online and is a regular writer for a number of property-related websites.

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