Europe Property Management

One of the most common questions landlords often ask of us is “I can’t find tenants – please can you help me rent my property?” or “what do we need to do to rent my property quickly?”.

Often we are shown the property of landlords who are struggling to find tenants, yet on many occasions we can tell within minutes of walking through the door, why they have had little interest. Usually with just a little bit of work, these properties can be made more rentable, without having to commit a large budget.

Some tenant find principles

Most tenants will view five or six properties before choosing one to rent; and will often make up their mind based on a single viewing. After considering the type of tenant you want to attract, you need to help them choose your property over the others.

To successfully rent my property it is essential you know your market. The location and type of property you have to rent will in most cases dictate the type of tenant you should try and attract. Which ever category of tenant you are after, it makes commercial sense to attract the best tenants you can. If you want professionals in your property then you need make your property appeal to the expectations of that type of tenant. If you are after students, LHA or house share; then your property needs to attract tenants who look for something different.

So if “how do I rent my property” is a question on your mind, here are some key pointers to help you rent your property quickly.

Rent My Property – Our Top Tips

1) First impressions: The tenants’ first view of your property is made as they walk up road or up the drive. How does your property compare with others on the street? How does it look through the windows (often the first things prospective tenants see are the backs of curtains and blinds)? Outside; a tidy garden, clear path, freshly cut lawn, clean walls and paint work, have greater tenant appeal.

2) Clear the clutter: If your current tenants are messy, consider waiting until they have left until you show prospective tenants round. New tenants often cannot see past the clutter and therefore struggle to see themselves living there. If previous tenants have gone and left clutter inside or out – get rid of it.

3) Re-fresh and fix: The decoration and presentation of your property will affect the speed of letting and the rent you will achieve. Pay special attention to the paint on the walls (plain paint is often best); the carpets and the floors. Clean and repaint where necessary; fixing any broken door or drawer handles and taps. You are setting a standard so you should refresh according to how you would like your property to be looked after (and grubby properties attract grubby tenants).

4) Focus on the kitchen: Many tenants look at the kitchen more than any other room in the property. If you are to spend money on any room in the house, make this the one you look at first. If your kitchen looks “tired” then a repaint and new cupboard handles can make a major difference for a minimal cost. Any loose doors need to be fixed or replaced. Appliances do not have to be new but they should be clean – especially ovens and hobs.

5) Do not worry about “white goods”: Your property should supply a cooker as a minimum; other appliances are beneficial but not essential. If there are not any “white goods” in your property then you may be best waiting until tenants view the property before deciding whether to supply them (you have to maintain them if you do). Some tenants already have their own. You can always state to viewers that you will supply if required.

6) The bathroom: The second most important room in the house is the bathroom. A “tired” bathroom will put many tenants off. It does not need to be new but it should be clean and clear of clutter. All units and bath sides should be firmly fixed; taps and showers should work smoothly. Showers are now a modern day necessity so if your property does not have one, consider installing an electric shower over the bath as your property will rent quicker if you have one.

7) Carpets and floors: If your property has old or worn carpets, with heavy patterns or dark colours; consider replacing them with more modern, plain carpets. A good choice of colour can brighten up a room and make it feel more spacious. An important room to look at is the living room. If your budget is restricted, this is the room to look at first. With the right choice you will recover the cost with the extra rent you will likely achieve.

Windows and views: You can never let too much light shine into your property. Make sure all windows are clean and any curtains are open when tenants are shown round; and remove any old net curtains. You should supply curtain rails but curtains are not essential as tenants often prefer to provide their own to personalise the property. If your property has good natural light then use it and if at all possible conduct viewings during daylight hours.

9) Lamps and shades: It is possible to improve the appearance of a room with new lights and/or shades. In many properties for rent these are old or have never been cleaned, contributing to a grubby feel. New shades can add that finishing touch. Subtle is best as anything unusual runs the risk of not appealing to the tenants taste.

10) Furniture: There is little difference in rent values for furnished and unfurnished properties. Smaller furnished properties can appeal to younger tenants; the recently separated; or students. Larger properties generally attract families who tend to bring more furniture with them. If you are willing to supply some furniture, don’t rush out and buy it in advance. Prospective tenants may not have the same taste as you and involving the tenant in the buying decision can be a plus point for your property over others.

11) The final clean: The last yet most important action to rent my property is the thorough clean. This means doing more than just going round your property with a vacuum cleaner. A full professional clean can transform your property from average to desirable. For less than a week’s rent, it will make your property stand out and attract a better quality tenant.

Rent My Property – Final Thoughts

All landlords hate to have an empty property but rushing to rent my property without investing time to refresh and prepare it, can mean your property is empty for longer. It is better to adopt the principle that you are competing with other landlords and you want to attract the best tenants you can in your target market.

When competing to rent my property, you are usually better to refresh your property as above – even if it takes a week or two to complete and comes with a small cost. It will help you rent your property to a better tenant, who is prepared to pay more rent. Your property may ultimately rent faster.

Choosing a company to manage the largest asset you own – your home – shouldn’t be taken lightly. All too often, our Company fields phone calls from disgruntled homeowners that are frustrated with their property manager. The core cause of the frustration is often traced to a simple lack of experience on the part of the Property Manager.

Below are a few points to consider when selecting your Property Manager:

1) Never hire a Realtor focused on sales. Sorry Realtors, but property management isn’t a part-time job. A lot of Realtors feel obligated to lease their client’s home when it won’t sell. However, if the Realtor is really looking after the best interest of their client, they will refer the client to a reputable property management company. Realtors, in most cases, lack practical management experience and do not have the tools to properly screen applicants.

2) Ask if the Owner of the PM company owns rental property. The best PM’s, in my opinion, own their own rental properties. NOTHING will replace the practical knowledge that owning rental property provides. Having a PM that owns its own properties will allow the PM to see things from your standpoint – that of the Owner – more clearly.

3) How many years experience is enough? Be cautious of any PM company whose Principal Broker doesn’t have at least 10 years of PM experience. Chances are, 10 years will provide the Principal Broker with a multitude of experiences that will benefit you. Trust me, you do not want to go through a bad experience with a PM that’s experiencing the problem for the first time.

4) Ask about the PM’s staff In addition to the Principal Broker, the PM’s staff should have solid experience managing and leasing properties. A simple question to ask is: “What’s the combined, or average, experience of your entire staff?” Most well-run PM companies will have that information readily available.

5) Technology matters Progressive, experienced Property Management companies are always looking for ways to do things more efficiently and effectively. If the PM company you are considering still mails statements, collects paper applications and uses yard signs for the bulk of its marketing, you’ll probably want to continue your search. Using antiquated methods for leasing and managing your property shows a true lack of sophistication and desire to do things better. PM companies that strive to remain relevant and viable for the long-term, will always seek out the best technology to handle your property.

Apartment buildings aren’t the only form of living that needs property management. A community is a place that also needs some property management. There are people that can live in a neighborhood and watch over everyone there. Managing properties is one of the most sought after and respected professions out there today. It is becoming more and more popular to look into taking it on as a job.

There are requirements you need to know before you look into hiring a property manager or becoming one. A good company should have good communicative skills as well as computer, financial and writing skills.

It is becoming more of a trend to hire managers that have had a good full education. They should be responsible enough to watch, learn and teach people within the community. Clever minded people who are quick-witted and are able to communicate with the tenants are the most desirable for the position. A person who can calm down tenants and point the conversation in the property owners direction is the type of person that is the most desired for the position. A conflict-free community is beneficial for both sides of the spectrum. The tenants will be happy because it will be a stress and drama free neighborhood, while the value of the area goes up because of the demand to live in it. Solving problems every day is what the management is going to be doing so these skills are mandatory.

It is important for a community manager to notify tenants in the neighborhood of what is going on as far as events and concerns. They also should be keeping it in good condition. This means trash clean up, maintaining the streets and front yards and car parking situations. The condition of the area is going to also help with the value of the properties.

Managers should be skilled at advertising. Keeping the area clean and quiet is the first step to getting potential buyers. They should advertise in newspapers and the internet to try to attract people to your business. They then can take those who are potential buyers or interested in becoming a tenant and proceed with background checks and credit history.

The manager’s job has many different levels to it so it has to be someone who meets the standards and can handle complicated work that requires a skill set to match. Field work is just as important as documentation and organizing.