January 26, 2021

How To Increase Your Rental Income

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By

Stuart Hamilton

How To Increase Your Rental Income

All landlords strive to achieve the best possible income from their property but sometimes struggle to attract new tenants at the price they would like. As experienced letting agents in Glasgow we understand the rental market extremely well and can advise and help our clients make the changes needed to obtain the best price. Here are Phoenix’s top tips:

1. Always make sure your property is in its best condition. Give everywhere a really deep clean paying particular attention to the kitchen and bathroom areas. Bad smells and general uncleanliness are very off putting for potential tenants. Cleaning properly takes time and effort so if you are unable or don’t want to do this yourself, Phoenix can arrange for a professional cleaning company to do it for you.

2. Redecorate tired rooms, even a fresh coat of paint can make rooms appear instantly brighter and cleaner looking. Stick to neutral colours fair to appeal to the largest number of people. Replace or thoroughly clean any old flooring or dirty stained carpets.

3. Declutter your property to make rooms appear as spacious as possible. In addition try to find ways of increasing the amount of free storage space. As tenants view a property they will be looking out for adequate space to hold all their own personal items. If you can, convert any nooks and crannies into usable storage areas and add shelving to any large cupboards.

4. Obviously any damp patches should be dealt with by a professional . Patch up jobs rarely work for very long and it is always much better to fix the root cause of the damp problem rather than try and disguise it. As well as damaging your property long term, dampness has a very distinctive smell which will definitely deter tenants.

5. If your property is furnished, make sure the quality of the furniture is up to the standard that the tenants you hope to attract would expect at the rental price you want to achieve. Old, worn and marked furniture is not attractive to prospective tenants and can be easily replaced with good quality second hand furniture relatively inexpensively.

6. While resisting theurge to over furnish, adding  some soft furnishings like scatter cushions for the sofas and attractive lamps can add some colour and a level of homeliness which will be appealing to your tenants.

7. If there is space, providing extras such as a dishwasher or tumble dryer etc. can be a good idea. Tenants will often be willing to pay a bit more for the convenience these items offer.

If you are a landlord looking for help to let and manage your property we’d love to hear from you.  We have over 30 years experience managing properties in the greater Glasgow and Lanarkshire areas. And for all new landlords we offer no management fee for the first 3 months. For full details on how you can get in touch with us, click here to go to our contact page.

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