The life of a successful landlord is full of decisions and hard work. Among the many decisions to make, is the type of tenant you want to attract – short- or long-term ones. There’s a lot to be said for both kinds of agreements. But they also both require quite different approaches if you want to make them work financially and for your tenants.
In this post, we’re taking a look at how to make short-term city lets work for Landlords and keep attracting the best tenants.
“Short-term lets can be hard work, but once you have a system in place that works, you could find the reward is well-worth the effort,” said Battersea estate agent, Eden Harper. “The convenience factor of short-term lets mean they come with a higher rent.”
Getting the Location and Services Right
The market for short-term lets is more diverse than you might think. They include business, holiday and in-between home renters. We’re going to focus on city lets in this post, which includes all of the above but not the coastal, countryside or homes for large groups.
For short-term city lets, there are some details that are non-negotiable. They include:
- Location – it must be central and convenient for transport, popular office districts and/or site-seeing.
- Easy-to-maintain – this includes the inside and outside. If the property has a garden, it should include a patio and a small easy-to care for lawn.
- Cleaner – this could be offered as an option or simply be included as part of the services included in the rent.
- All bills included – short-term tenants don’t want the inconvenience of registering for services and amenities. Help them avoid that with a single, all-inclusive rental charge.
- Furnished – this goes without saying. Modern and neutral will work best, with items that are easy-to-replace.
- Clean, simple décor – if you feel you want to dazzle your short-term tenants with some amazing décor then of course you can. But, when it comes to touching up the imperfections left by every tenant, it’s easier to match plain colours than replace a specific wallpaper design.
“Short-term lets are all about creating a property that’s easy and straight-forward to live-in and manage, for the tenant,” said Central London estate agent, LDG. “Whether the tenant is here for work, play or while they wait for something specific to happen, they don’t want to deal with tonnes of paperwork or hiring furniture.”
Never ending Maintenance
We’ve already mentioned this detail, but that’s because it’s pretty important and shouldn’t be overlooked in the world of short-term let investment and management. If you have a high-turnover of tenants, no matter how considerate they are, you will need to replace and repair details of your rental property in between each and every tenant you get.
This means you need to put a reliable system and network in place that you can trust to keep your property in excellent condition. If you can do that, then tenants will return and recommend you to others, giving your investment a better chance of remaining profitable.
When it comes to the cleaner, try to employ one who will do a regular clean and a thorough one before every new tenant. While most cleaners offer this, not all are equal so try a few out and shop around. It’s something you need to get right and that your tenants will appreciate.
With your décor, fixtures and fittings, try and have well-made, good-looking items that can be easily replaced with something similar, if the exact match is no longer available. Better still, where possible, buy some extras on your initial shopping trip so you have a stock of decent bath and bedroom linens, lamp shades, soft furnishings and kitchen accessories.
Yes, it might be a bigger outlay at the start, but it will mean you can get the property up-to-standard quickly and without any problems, in the future.
“Short-term lets do require planning and thought, but if you get it right, the tenants will be queuing up to rent it and tell all their friends about it too,” said Andrew Reeves. “Being a landlord is about providing housing for those who need it, but it has to work financially too. It takes hard work to do that, but the rewards do justify the means.”
This article was provided to us by Property Division who are a specialist PR company for Estate Agents.