For buy-to-let landlords, the ultimate nightmare is not having tenants in a property. There are many reasons why a rental property can lay empty but leading London estate agent Hurford Salvi Carr, has identified the top Seven Deadly Landlord Sins.
Kari Trajer, Lettings Manger at Hurford Salvi Carr’s Clerkenwell office, explains: ‘As any buy-to-let landlord will tell you, periods when their property is bereft of tenants with no rental income to cover property costs, known as void periods, can have a significant impact on cash flow.
‘To avoid the nightmare of voids, landlords need to treat their property as a product, which must be correctly presented to the target market.’ To help landlords who might be experiencing void periods, Hurford Salvi Carr has compiled a list of rental faux pas - the Seven Deadly Landlord Sins, and also provided advice to on how to achieve tenant heaven.
The Seven Deadly Landlord Sins are:1 - Slothful first impressions – Poorly decorated interiors, neglected exteriors and shabby communal areas in dire need of decoration are a big tenant turn off. Ensure that the property is kept in good decorative order throughout, with repainting carried out every two/three years. Although communal areas may be the responsibility of the freeholder, insisting that the communal parts of a building are properly presented is essential. Make sure every aspect of your property, and the building it’s in, is welcoming. Also, ensure that key access is given freely to the agent as if they can’t quickly take tenants around, the marketplace and the agent will tire quickly of fruitless cancelled viewings and go elsewhere.
2 – Take Pride in cleanliness– No matter how wonderful the property, a tenant will immediately realise if it’s dirty and untidy. At the end of each tenancy agreement, always get the property professionally cleaned, inside and out.
3 – Envy – When it comes to bathrooms and kitchens, an outdated décor or flouncy decoration is a lettings disaster. Kitchens and bathrooms are a top priority for most tenants and they look for clean, functional lines that their guests will envy. White tiles, fully equipped kitchens with the latest stainless steel appliances, working showers and a spotless bath for family renters are a must.
4 – Lust - Flooring flaws – Floors are often overlooked by landlords but they make a big impression on prospective tenants who crave the simplicity of good flooring. Scruffy floor coverings can let a property down, and carpet in the bathroom is the deadliest sin, as is a carpet in the kitchen. Easy to clean wood, good quality laminate and tiled floors are what people expect. If you have carpet as is carpets in the bedroom/s and or the living room kitchen, make sure you get it cleaned during any void periods to neutralise any nasty whiffs from previous tenants.
5 – Gluttony (More or less) - Every clued up and experienced landlord understands that flexibility with furnishings is the key in attracting the right long-term tenant. Offering a property on a furnished, partly or unfurnished basis will increase the audience that the property appeals to. Self-storage costs, or the cost of buying a bed/sofa are minimal compared to the length of time it could take to wait for someone who fits your property perfectly. As a landlord, you can even negotiate a longer-term tenancy (or even no break clause) in return for removing/adding items to the tenant’s specification.
6 – Greed – Make sure you ask a reasonable monthly rent compared to local competition. Do your research to find out how much landlords with similar properties to yours are charging. Set your rent too high and all you’ll do is drive tenants away into the hands of the opposition. As tenants will always negotiate on the listed price, keep in mind the difference between your marketing price, and your bottom line requirement. It must be stressed that your outgoings cannot control the market price of your property therefore correct forecasts are essential before purchasing.
7 – Anger – Once you successfully find tenants, don’t get cross when repairs crop up…Nor should you rest on your laurels. A regular inspection of the property, at least two inspections a year, will show the tenant you care about the state of the property they have rented. If there are any repairs to be carried out, make sure these are organised quickly and efficiently. Not only will this impress the tenant and encourage them to stay, you’ll also be able to monitor the property’s condition and identify minor damage before it turns into a major job.
For information on lettings opportunities in the City, Clerkenwell and neighbouring areas, contact Kari Trajer at the Hurford Salvi Carr, One Britton Street, Clerkenwell, on Tel. 020 7566 9444.