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Tag: Property

Our top tips to finding new tenants quickly

Posted on by Sophie Winter

The surge in rental home demand has created an unprecedented situation where every home listed on the market experiences high demand. Consequently, landlords are faced with an elevated volume of rental applications to sift through in order to choose a suitable tenant. In this blog post, we will explore five effective strategies that landlords can use to speed up the tenant selection process. These tips will help increase the chances of finding the perfect tenant, and reduce the time and effort needed to do so.

Detailed property listings

Creating thorough property listings is one of the most important aspects when renting out your property. Dedicate some time to investigate the frequently asked questions about similar rental properties in Kent, and incorporate the responses into your property description. By proactively providing all the information upfront, including details like the number of bedrooms, available amenities, and proximity to local transportation options; you can assist potential tenants in assessing whether the property aligns with their requirements even before they express interest. This approach ensures that prospective tenants come prepared for viewings, saving valuable time for both parties involved.

Pre-qualify potential tenants

You can simplify the tenant selection process by pre-screening applicants. Prior to arranging viewings, request potential tenants to complete a pre-qualification form. This enables you to assess their eligibility for the property and understand their readiness to undergo reference checks.

This method reduces the risk of investing time in applicants who may not meet your criteria and allows you to focus your attention on those who have a genuine interest and a higher likelihood of successfully passing the reference checks.

Organise block viewings

Conducting separate viewings for every applicant can become a time-consuming and less efficient process, particularly when a property generates high interest. Instead, consider organising group viewings, wherein multiple prospective tenants are shown around the property in intervals of 10-15 minutes. This approach not only saves time for everyone but also creates a competitive atmosphere among applicants. Therefore encouraging them to make quicker decisions and submit their applications promptly.

Confirming attendance

Focus your efforts on confirmed viewings to reduce the likelihood of no-shows and to optimise your time. Prior to the scheduled viewing, send a reminder to the applicants and request their confirmation of attendance. By taking this approach, you can diminish the chances of last-minute cancellations and ensure that you are making the most efficient use of your time during each viewing.

Prepare your tenants for check-in

After you’ve narrowed down your pool of prospective tenants, assist your selected applicants in preparing for the next phase of the rental process by offering them detailed guidance, such as a step-by-step guide. This will help them grasp the requirements for a seamless check-in. This proactive approach not only minimises the need for extensive back-and-forth communication, but also demonstrates your dedication to delivering a positive rental experience.

Want to discuss your property?

We understand that as a landlord the surge in tenant demand can present opportunities and potential difficulties. If you’re feeling daunted by the prospect of securing a new tenant or if you’re interested in learning more about our comprehensive property management solutions in Kent, don’t hesitate to reach out to us by calling 01634 570057 or submit an online enquiry to our lettings experts.

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Why reducing the price of your property could help you sell

Posted on by Sophie Winter

In previous years, decreasing your property’s price was viewed as unfavourable. It projected an image of desperation, potentially allowing buyers to exploit this and present unreasonably low bids. However, with the evolving property market, does this perspective still hold true?

Price reductions and the property market

Well, no not really. Since the last recession in 2008, attitudes toward reducing property prices have significantly eased. Given the dynamic nature of the property market, achieving absolute precision right from the start can be nearly impossible. Determining the appropriate market value for a property is essentially an approximation; there are no fixed guidelines or no crystal ball, just a rough estimate based on the seller’s and agent’s assessment of the property’s selling potential. Occasionally, adjustments are necessary, and in this age of technological advancement, a price reduction can, in fact, yield favorable results in your sales strategy.

It’s no longer stigmatised and won’t generate unfavourable perceptions about the property. Buyers may notice that the price has dropped; but they may view it positively, recognising your commitment to selling rather than interpreting it as a sign of desperation.

Why do some see it as a negative?

This could be down to our shift in our consumer mindset as it operates similarly when it comes to Property. Just as we’re accustomed to High Street stores frequently offering sales or shopping at designer outlets with clearly marked recommended retail prices (RRP) and discounted rates; we don’t devalue the clothing or decide against a purchase simply because no one else bought it from the original store; we merely accept it as an item we like and wish to acquire at a reduced price.

This same adjustment in our buying psychology might apply to the property market. When we encounter a property that has adjusted its pricing, we don’t automatically assume it’s inferior or that the sellers are desperate. Instead, we perceive it as a discount, a valuable opportunity. This perspective can motivate a hesitant buyer to make an offer they might not have otherwise considered. It may act as the gentle push they needed to take action.

What can a price reduction do?

Reducing the price, when required, can prove to be a beneficial strategy and may be the key to sealing the deal.

  • Revitalising the property’s marketing and promotion, including mailing campaigns and re-matching with potential buyers. This is similar to giving a post on social media a boost.
  • This approach introduces the property to a different pricing tier. Attracting a fresh set of buyers who may not have been aware of its availability, as it was previously outside their budget range.
  • For those who previously viewed the property at its higher price, the reduction might now align more closely with their perception of its value, potentially rekindling their interest.

Want to discuss your property?

A reduction in price can often unlock the path to a successful sale. Especially when your property has been listed for several months without any positive outcomes, despite all other efforts.

If you’re facing challenges in attracting viewings and are eager to sell your home, reach out to our property specialists. They can assess your marketing strategy and provide guidance to help you start receiving those coveted offers.

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How you can boost your property value by £48k

Posted on by Sophie Winter

Do you find yourself using your garage as a storage space for clutter, or does it stay empty because the idea of constantly moving your car in and out seems too bothersome?

A study conducted by Admiral Money has unveiled that up to 51% of individuals in the UK seldom or never utilise their garage for parking their cars. Instead, they tend to fill it with tools or furniture that remains unused. In fact, the total of unused garages is so substantial that Admiral’s calculations suggest that almost 600,000 homes could potentially be in the space wasted by them!

However, by dedicating some effort and resources, this overlooked space in your home has the potential to significantly enhance the value of your property. Admiral’s research also demonstrates that a simple garage conversion could incur a minimal expense, starting at £6,000 for a single garage, while a comprehensive conversion might range from £10,000 to £20,000. But the value it could add your home is much more – estimated at around £48,000!

Why are homeowners converting their garages?

Conducted using data from the ONS, this study comes during a period when individuals aspiring to live in larger homes might encounter obstacles due to escalating mortgage rates and higher housing costs. However, as stated by Admiral, opting for a garage conversion provides an alternative avenue. This allows homeowners to tailor their residences to align with their lifestyles in the aftermath of the pandemic.

The study uncovered that a majority of homeowners who undertook garage conversions did so with the aim of expanding their living area (67%). The most favored choices were utility rooms and home offices. However, 24% chose to repurpose their space for recreational purposes, opting for features such as bars, home cinemas, and gym facilities.

Converting your garage

In addition to the potential for enhancing property value, another significant advantage of transforming your garage into a room is the low likelihood of requiring planning permission and it often avoids the need for extensive structural modifications. This can make it a highly cost-effective method to expand your living space and overall square footage.

While the initial conversion expense might seem discouraging, homeowners have the option to increase the mortgage on their property for garage renovation. Recent statistics suggest that this approach could potentially increase the average property value across the UK by over £48,000 and even up to £150,000 in certain London postal areas.

Factors to consider during a garage conversion

Prior to moving forward, it’s crucial to thoroughly consider whether you, or a potential future property buyer, might require the use of your garage. This assessment is particularly relevant if you reside in an area where parking is challenging or if your driveway has space for only one car.

If you’re seeking ingenious ways to utilize the space, enlisting the help of an architect can be beneficial. The fees for professional architects and engineers can commence at £1,500 and extend up to £3,000.

According to Martin Hitchcock, an architect, the essence of a successful garage conversion lies in assessing your current home usage and contemplating potential improvements.

We’d suggested thinking about these questions prior to starting any plans:

  • Could extending an existing room into the garage prove advantageous?
  • Is it feasible to convert a portion of the garage while retaining the rest for storage purposes?
  • Do you possess alternative parking options if you proceed with the garage conversion?
  • How would your car’s placement outside a window in the converted garage impact the natural light in your new space?

Have you recently converted your garage and want to know what your property is worth?

Why not contact our expert team today to discuss your property and its new value. We can provide you with a fully detailed sales report and local comparison to show you during the valuation.

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