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How to achieve the best price for your rental property

Posted by martinshr on September 18, 2017
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buy-to-let landscape

Have you been watching the London 2017 World Athletics Championships? It really has been a stadium where dreams have been made and hopes dashed.  Each athlete has trained for months, even years to be race ready, but it only takes the tiniest move, or a tenth of a second, to win or lose.  

Similarly, when you’re looking to achieve the best price for your rental property, it isn’t just about turning up on the starting line and expecting magical things to happen.

Marketing

A couple of random photos just isn’t going to cut it in today’s market.  If you want to get the best result you have to be marketing the property in a way that will attract a larger audience.  Using beautiful photography to give your prospective tenant a clear picture of your property will grab their attention.  

In a world of instant gratification, if your property doesn’t ‘pop’ on a website, viewers will just pass on by.  It is therefore essential that you ensure the letting agent you choose clearly knows how to market your property effectively, and that they invest in quality materials.

Facts and Stats

It’s great to know an agent is investing in marketing, but do they know how to really drive it to get results?  Does your agent monitor your weekly Rightmove report? It will show how many clicks, enquiries and viewings have been achieved, giving  a real sense of how your property is performing. Are they adding value by giving you a precious Featured Property slot on Rightmove?

rightmove average asking price graph
Rightmove average asking price graph

Negotiator performance

How are inbound enquiries handled by your agent? It is vital that tenants are nurtured, followed up, given confidence and reassurance, that your offering is presented with professionalism and expertise. At the viewing stage, has your negotiator built sufficient rapport with the tenant to be able to elicit a good quality offer – that sticks? Do they have the experience and maturity to handle potentially deal breaking objections during negotiation? 

property agent priorities

Big fish

The specialist, independent agencies may only work with a limited number of landlords. This has the benefit of allowing each property an enormous amount of attention.  You are a big fish in a small pond. You may be attracted by the larger agencies, simply because they manage more properties. Do you think you get the same dedicated service when your property is a little fish in a huge pond?

Best dressed

Presentation is key. By taking time to style your interior, you can attract a wealth of eagerly waiting clients. We’ve seen many slapdash efforts –  undressed beds, light bulbs not working, furniture misplaced. These things are so easy to fix but many agents don’t report back to their landlords, nor take steps to rectify. We see this type of sub standard presentation particularly on ‘multi agency’ properties. If I were a landlord of some of these properties, I would not be happy.

Take the time to arrive at the property early for viewings, open the curtains, throw open the patio doors and with a bag full of luxurious cushions, a couple of throws, a vase or two of fresh flowers, you will create a vision of an attractive lifestyle that a tenant wants to experience.

Preparation

It’s not just what your agent will do once your property is live online, but the amount of preparation, monitoring and dedication they will give to it from the moment it’s listed until the moment it’s let.  

If you want to achieve the best price for your rental property, choose an agent who knows how to present, prepare, negotiate and make your property the biggest fish in the pond.

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