Viewing your property as a business

Rental properties can vary wildly in terms of quality, ranging from very basic accommodation to luxurious and well-equipped homes. Some properties have features which are detrimental to their value, such as old appliances, inefficient heating and lighting, and signs of neglect or insufficient maintenance. Landlords looking to maximise their returns and avoid long void periods need to ensure their properties are well presented and effectively meet the needs of their target market.

In order to determine how you should present a property, you first need to think about your target audience. This can vary greatly and there are many factors you need to take into account including the location and the amenities in the local area. These factors will give you an idea of the type of audience you should be catering for.

Once you determine your audience you should consider what they will be looking for from a rental. If you are targeting affluent individuals you’ll need to ensure the presentation meets their needs, including a quality interior design, great use of space and all of the modern, luxurious appliances they expect. These types of features may be much less important to other target audiences, such as students and those who have limited income. They may be in search of accommodation which is more basic and meets their living requirements without going over their budget.

The trick to getting the best returns is to treat each property like an individual business. You need to choose your target audience, create your product, including making necessary investments to meet the needs of prospective tenants, and then market it effectively. You’ll also need to manage and maintain the property regularly to protect your investment for the long term.

As a professional lettings agent we work with a huge number of landlords throughout Richmond Upon Thames and the rest of London, and we provide bespoke services to help every investor to achieve their goals. We can assist clients with planning their strategies, using the knowledge we have gathered from our many years of working in the capital. This includes choosing what target audience to aim for and how to present the property.

If you would like support from an experienced specialist please contact us. We can even offer a number of alternative options to traditional private lettings that could potentially offer major benefits.