Residential letting can be a lucrative business, but the time and expense of keeping your properties secure, clean and attractive shouldn’t be overlooked. To maximise the returns gained from your portfolio, it’s crucial to stay on top of facility management. In doing so, you can maintain your rental value and even justify increases, making your investment work harder to generate an attractive rental income.
To help you get the most out of your properties, we’ve got a few suggestions on how to increase their rental value.
Invest in energy efficiency
Over the past few years, the public has woken up to the importance of energy efficiency. Not only does reducing carbon emissions help the environment, it can reduce the bills of eco-friendly households significantly.
As a landlord, presenting your property as energy efficient can help you attract cost-savvy tenants. So look for ways to boost the energy rating of your properties, from upgrading old boilers to improving insulation in key areas of the building.
If you own affordable housing and have low income tenants in your properties, you may be able to take advantage of grant funded boilers as part of the government’s ECO scheme.
Create an outdoor space
Whether you’ve got a large apartment block or private houses, create an area where your tenants can enjoy outdoor activities. This could be as simple as a well-kept communal lawn, or could involve a play area, BBQ patios or ponds and woodlands. Dedicate the time and resources to landscaping your outdoor space, and you’ll benefit from higher rents, happier tenants, and manageable maintenance costs.
A lick of paint
Your property may have a fully functional kitchen, bathroom and living areas on paper. However, it the décor looks tired and out-dated, you’ll struggle to command the rents that you seek for your property. A fresh coat of paint, new carpets, and a few aesthetic improvements such as contemporary furniture can make a remarkable difference to your property. And the more interest you attract from potential tenants, the more picky you can afford to be.
Securing good tenants is one challenge, keeping them is quite another. To this end, it’s essential to prioritise the maintenance of your properties. However, keeping on top of tenants’ request can be a constant battle, particularly if you’ve got a large portfolio.
A facility management firm can take care of this for you, maintaining your property and grounds to a high standard, and dealing with any problems as they arise. So you can focus on more important matters, without worrying about losing tenants when their contracts come to an end.
To protect the value of your properties and justify rent increases, it’s vital to continually invest in maintenance. Whilst hiring facility managers is yet another expense, the value they can add to your properties will far outweigh the costs in the long run. From renovation work to cost-effective ways to boost the appeal of your property, follow these tips to optimise the value of your houses or apartments.
Looking for a reliable team of facility managers? Find out more about our landlord solutions, or give us a call on 0113 243 1077 to speak to an advisor.