Finders Keepers

Anna Turner, Letting Manager of Finders Keepers St Clements has this advice for getting the most from your property.

Know your timeline and what you want. For some landlords income is everything, others want their home returned as they left it. Some landlords want flexibility and short tenancies, a minority need long tenancies lasting several years.

• Your target market should influence every decision you make. Have a good look at agents' websites and property portals to see comparable properties to yours. Are they furnished? Who are they aimed at? A corporate tenant has different needs to sharers, which are both different to families and students.
• Have a plan to prepare the property to appeal to your market. It might need minor cosmetic improvements like redecoration, new furnishings or just a thorough spring clean and de-clutter. But, if a major upgrade is needed involving finance speak to experts first.
• To furnish or not? Take advice on whether furnishing will increase the rent – in some areas the difference is minimal due to (often family) demand for unfurnished.
• If you do furnish, the golden rule is you get the tenant and rent you furnish for. Tenant expectations are high, they shop around and they expect high quality design and furniture, partly thanks to Laurence Llewelyn Bowen and friends. The good news is that many tenants are prepared to pay a premium for sparkling, glamorous, well-furnished homes.
• Beware flat pack furniture – much of it just isn't robust enough for letting long term. If this suits your timeline, fine, but otherwise it’s a false economy as you will have to replace it.
• Your property is valuable – don't pick a letting agent from the Yellow Pages. Most successful landlords choose their agent by recommendation from friends and colleagues. Check prospective agents’ websites, how they market properties, if they are bonded by a professional body and if they are registered to hold tenant’s deposits.
• Invite agents to meet you at the property. Have a list of questions to form an opinion on how they operate such as:
  • Are they specialists in letting?
  • What similar properties have they let recently?
  • What advice do they have on presentation?
  • Who do they see the target market as?
  • How much experience do the firm and the staff have?
  • Who would be responsible for letting your property?
  • Is their property management handled locally, or sourced out elsewhere?
  • Do they have an out of hours emergency service?
  • How often would they visit the property during a tenancy?
• Beware the 'high valuation' trick designed to seduce your ego. Ask for proof the agent has recently let comparable properties at the rent they quote for yours. A high valuation makes you feel good, but if it doesn’t let then it earns you precisely nothing!