Tenants move out for all manner of reasons, whether they're getting married, needing more space, relocating, or going their separate ways.
But before rushing to replace them for a same-day changeover, it's worth stepping back to see if your rental has unlocked potential.
Improvements and upgrades are far easier to carry out in an empty home, and getting them right means you can target the highest-paid tenants in Birmingham for your type of property.
So let's take a look at:
- Preparing for your tenant’s exit
- Examining your property’s full rental potential
- Elevating the interior
- Crafting an outdoor escape
- Getting ready for your next tenant
And who knows? A short empty period between tenancies could be just what you need for an immediate income boost and years of extra profit.
PREPARE FOR YOUR TENANT’S EXIT
If you haven’t been making regular visits to your rental property, arrange one as soon as your tenant gives notice so you can explore any opportunities for improvements, then:
- Get your tenant’s notice and moving-out date in writing, then reply to confirm when the tenancy will end and whether any more rent payments are due.
- Remind your tenant that the property needs to be returned as clean as when they moved in: we find that offering them our cleaning firm’s number really spurs them on!
- Arrange a final checkout inspection to sign off the inventory and return the security deposit within 14 days, or provide estimates for the amount you propose to retain.
Insider tip: we make at least two mid-tenancy inspections every year to monitor the homes we manage and build a ready-to-go list of profit-boosting ideas for when opportunity knocks.
EXAMINE YOUR RENTAL POTENTIAL
If you’ve had the same tenants for a while, you probably have the opportunity to significantly increase your income given how much rents have risen over the last year or two.
So, before you remarket your property, take a moment to see if you can reposition its place in the market and attract more affluent tenants.
- If you have a managing agent, speak to them about the top-performing homes similar to yours, from new lettings to recent rent reviews.
- Otherwise, if you're running everything yourself, set some time aside to wander around local letting agents and check the portals for listings of comparable properties.
- Either way, explore the existing or potential demand for upgraded specifications from high-earning professional tenants with a bigger budget for a superior home.
Of course, the extra bonus of targeting the top of the rental market with a high-quality property is the greater capital growth that comes from boosting the sales value with your improvements.
ELEVATE THE INTERIOR
Whether you own a studio flat or a family house, a foolproof plan for getting a market-leading rent from the top tier of tenants is to offer a home that feels current, comfortable, and crisp.
So, look around your property to see if anything would improve its appeal and value, using the following checklist as a rough guide.
- Remove scuffs with a magic eraser to reinvigorate walls and woodwork, or, if it’s time to redecorate, use a high-quality washable emulsion in a warm white.
- Replace any taps, basins, shower trays and baths that are dated, damaged or can’t be revived with a limescale remover: sparkling sells!
- Add a dishwasher if there isn't one; swap chipped laminate floors for engineered wood; replace threadbare carpets; and switch up dated-looking or wobbly door handles.
- Add storage where it’s lacking, like a mirrored medicine cabinet over a wash basin or a vanity unit below, and extra kitchen cupboards or shelves, for easy storing of essentials.
With regular appraisals to identify where you can increase the levels of style, convenience and quality, your property will always be in demand at the top of the market.
CRAFT AN OUTDOOR ESCAPE
The two qualities that will get you the best rental return on the garden or balcony at your rental property are usability and easy maintenance, so explore whether you can:
- Fix collapsing fences and walls as they’re a hazard for children and can be quite off-putting for anyone who wants to spend time outside.
- Prune unruly hedges and trees, remove weeds and dead plants, cut the grass, and jet wash patios and decking.
- Install permanent light fittings: you’ll find plenty of hard-wired, solar-powered and battery options in various styles to suit every setting.
And don't feel that a small and dark concrete yard is a lost cause: it can look immediately bigger and brighter by laying pavers and painting the outside walls a light colour.
GET READY FOR YOUR NEXT TENANT
Lettings law has almost certainly changed since your last tenant moved in, so it's worth a quick refresher on preparations for remarketing your property.
- Confirm the validity dates of gas, electricity and energy performance certificates so you can supply copies to your next tenant, then put dates in the diary for renewals.
- Remember that smoke alarms and carbon monoxide detectors must be tested on the day the new tenancy starts, regardless of how recently they were last checked.
- Update the inventory with any improvements you’ve made, and review the tenancy agreement for out-of-date clauses (off-the-shelf ones are often sadly lacking).
Finally, it's good practice to check that everything works, including kitchen appliances, bathroom extractors, the boiler, radiators, taps, locks, and light bulbs, for a perfect new start.
Are your tenants moving out?
Then now’s the time to think about the future of your rental property and boost its performance and profitability, both for extra rent today, and future capital growth.
Call us on 03338 802 602 or email us at enquire@three2six.co.uk for a chat about what tenants in Birmingham will happily pay extra for, so your investment works at its absolute best for you.
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