So, after a very long wait we appear to be heading back to work into the new normal. One thing everyone seems to agree with is Residential Lettings will be busy from day one.
Simultaneous to these move ins we expect the floodgates to open of people desperate to move for a host of different reasons ranging from a desire not to commute to a change in relationship status.
This will be music to the ears of many landlords a number who have been without a tenant for some time as a result of covid and desperately need the rental income but take warning you are far from alone in this position.
The Supply of Air Bnb’s
Some estimates suggest as many as 80,000 properties across London that were predominantly on AIR B and B are now destined for the long term AST market as a result of the collapse of the tourism. This, coupled with the pent up demand, cyclical change and the closing of the universities (hence less students) means that the supply of rental properties has never been greater and applicants have more choice than ever before.
So, what can you do to differentiate your property from the competition to make sure you secure a tenant quickly?
One thing you have to be aware of are the properties that would have been on holiday let platforms could be at an advantage. These are in effect serviced apartments ready to move into and may feel more homely from the pictures, virtual tours and during the social distance viewings.
What can you do to increase your kerb appeal?
1.Reduce Your Rent
The most obvious thing is price; you can reduce your asking rent so that its better value than the direct competition and will Let quickly, this is a route many will seek to go down to get income in quickly.
Another route is virtual staging, this is where our photographers super impose furniture and other personal effects into marketing photos, this can be a low-cost way to improve its desirability. However, when viewings take place it cannot hide the faults.
Another route that could add to not just the rental value but also the capital value is to bring in the services of an interior designer. We have partnered up with award winning (and affordable) interior design house – My Bespoke Room to offer all our clients a 10% discount on the first room they design for you and further discounts on subsequent rooms. We have seen their work first-hand and the huge impact it has on the desirability of property for Rent and Sale. The good news is where we have pictures and floorplans you can get designing with them now even in the lockdown.
This may be a good time to sell and use the capital elsewhere.
The increased supply in properties will without doubt have an effect on rental values, therefore more so than ever it is prudent to know the value of your property be it for Sales, Re-mortgage or Equity Release. Our Greater London Properties Sales Team would be delighted to assist, please call them to book in a Valuation. If you would like to find out the value of your property, please do make use of our free Social Distancing Valuation here.
If you have any further questions do get in contact with our Sales or Rental teams at Greater London Properties and hopefully we will see you all again soon and in person. Call us on 0207 734 4062 or email at [email protected].
Please be advised that we are following the strict Government Guidelines when it comes to all Viewings and Valuations.
Greater London Properties are Central London’s Estate Agent specialising in Residential Sales, Lettings and Property Management. We have been supporting our Central London Communities since 2003 and are always happy to offer any advice or help. Please give us a call today.