How to transform your investment into a successful rental asset

The UK has a highly competitive rental market, especially in desirable areas such as Manchester and Liverpool. Whilst supply is slowly increasing, demand remains high, and tenants have limited choice.

To make your investment property stand out from the rest, we have put together a list of tips to improve your asset's appeal to tenants, so you can achieve the highest possible return.

‍

‍Presenting your property through imagery

The first viewing a possible tenant will make is through their mobile phone, so making sure you make a good first impression is crucial to gaining an edge over others.

Good quality imagery is the first step. This can be done with a mobile phone, but it needs to be done with consideration. Wait for a sunny day that fills the property with light, and find the best angles to make it look as spacious as possible.

If not, you can hire a professional photographer who will guarantee you the best results and will be able to maximise the property's potential through imagery.

3D virtual tours are becoming increasingly popular and give prospective tenants the ability to interact anytime from anywhere. Whilst these can be expensive, customers can explore the layout and begin to make an emotional connection with the property.

‍

‍Making a home not a stay

If your property is an empty canvas, it's unlikely to stand out amongst others, especially if it's in an apartment block with hundreds on offer. An empty apartment makes it harder to visualise what it could look like to people wanting to live there.

‍Adding furniture can have a huge impact on attracting tenants, with the simplest idea being that it just makes your property look better. Adding furnishings can help people be creative and begin to think about where they would want their own belongings to be.

When purchasing an investment property, furniture packs are often offered; however its important to go beyond that to gain the best chance. When decorating its important to pick something aesthetically pleasing; however dont go overboard. Keep the design clean and neutral so it appeases a broader clientele.

Your property should be presented as a home; you want the client to want to stay there as long as possible to reduce void periods and maximise your return. Adding soft furnishings, plants and decorations can have huge subconscious effects.

‍

‍The small wins that matter

Curation - Knowing your potential clients is important to know how to market your asset. For example, if your property is located in an area where young professionals are living, adding a work-from-home station gives the tenant a further reason to choose your property over others.

‍Scent - If you are conducting viewings on your property, make sure you have a nice scent to make an immediate impact and give the client another positive impression.

‍Lighting - The right type of lighting is crucial to set the mood and can transform how a space feels. If the build has come with a bright white main light, swap it out for a warmer yellow light or add lamps to create warmth.

‍

‍Outlook

These tips are not just about aesthetics but also about de risking your investment by getting in good tenants and reducing void periods.

Whilst they can seem like small details, added up, they make a huge impact and are definitely worth carrying out or at least considering, as every detail won't necessarily apply to every property.

If you are interested in starting your investment journey or want to use these tips and add to your existing portfolio, contact us today to find out how we can help you create a resilient, profitable buy-to-let portfolio.