As we enter not just a new year, but a new decade, our thoughts inevitably turn to what 2020 may mean for the property market. One subject seems set to dominate the news agenda for some time yet, and while it’s still not clear exactly how the B word – Brexit, there, we’ve said it – will effect the housing market in general, there does remain one overwhelming challenge for landlords.
That challenge is avoiding void periods. In other words, limiting the time a rental property stands empty. Of course, finding and keeping tenants has always been the aim of the rental game for landlords and estate agents, but it’s not always straightforward. In fact, in a recent Post-Brexit Housing Market guide published by Residently, it was reported that void frequency has been at its highest in the last five years. Property Reporter, meanwhile, wrote last year that, on average, properties are rented for 11 out of 12 months. That single month of an absent tenant may not seem significant, but it’s still a month of lost revenue for a landlord.
A growing concern? Perhaps. But, for a landlord searching for new tenants, there are steps you can implement to try and ensure your property rarely stands empty. The key to avoiding wasteful void periods and getting a tenant in quickly is to make sure the property is tenant ready. Or, as we at Hatch like to call it, tenant friendly.
Much like selling a property, renting a property requires a great first impression. A potential tenant may have a shortlist of several properties to view and, assuming all budgets are roughly equal, the place they are likely to choose is the one they can see themselves living in.
Landlords – think about that when you look around the property. Does it look inviting? Welcoming? Homely? If the property you are renting out is unfurnished, the answer to those questions is almost certainly a resounding no. If it’s furnished but with old, tired, items, the impression won’t be much better.
Don’t worry. This is where Hatch Interiors comes into its own. Our turnkey furniture packages are perfect for the landlord who wants to make a property tenant ready – and fast. Our range of smartly-designed, durable furniture packs can create a winning look in next to no time; they can be installed in just seven working days and ready to welcome in that new tenant quickly. As part of the service, our team will clean the property after the furniture has been installed and take photos ready for it to be marketed. The result is a property that looks and feels shiny and new.
We have a selection of ranges to suit any landlord’s project and budget, and extends to sofas of different sizes, armchairs, dining tables and chairs, coffee tables, beds, drawers and wardrobes. We can go even further if you need, and fully equip a property with kitchen utensils, housekeeping items, soft furnishings, artwork, mirrors and more. Your tenant can move in with just the clothes they’re wearing and a suitcase, if they choose.