When most people think of a landlord, they think of someone who owns a portfolio of properties pops into their head. In the past, this would have been exactly the right image.
However, these days a landlord is just as likely to be a private individual that owns one or two rental properties. Often, the rent generated is used to pay the mortgage.
For this type of landlord, marketing their property effectively is extremely important. In many cases, the house would only need to sit empty for a few months for the owner to end up running into major financial problems.
Hire a good agent
It is especially important for this kind of landlord to employ a good letting agent, like Linley and Simpson York. You need an agent that is well established and has a good reputation to market your property for you. Check that the agent’s website is easy to navigate and make sure that they also advertise in the local press.
Redecorate your property
You also need to do your best to keep your property in good condition. Each time a tenant leaves, you need to take the opportunity to carry out a visual inspection. This will allow you to determine what work needs to be done to make your property more attractive to potential tenants.
A clean, freshly painted, property will always rent out faster than one that looks a bit shabby. Therefore, spending a bit of money on decorating between tenants really is worthwhile.
The fact that the property is empty means that your builders will have free run of the house. This means that they will be able to work efficiently, and get everything finished to a high standard.
Keep your property up to date
It is also worth considering updating your rental property, while it is empty. For example, installing new kitchen units, and upgrading the bathroom can often help you to secure a higher rent.
Of course, whether this is worth doing depends on the level of demand in your area. You only want to make a significant investment like this if you can be sure that you will cover the cost of the improvements, and make more money, in the future.
This is something that a good letting agent will be able to help you to decide. They know the market in the area, and how much more tenants will pay for a property with a modern kitchen and bathroom.
Carry on investing in your property
It is also worth considering making other changes to your property. For example, in some areas, adding an extension or converting your loft space into bedrooms will make it easier for you to rent it out.
In many parts of the country, the cost of making these changes can be more than covered by the value that is added to your property. Click here to find out more about how much value major adaptations like a loft conversion can add to your investment property.