When you are a landlord, rental yield is one of the most important aspects you must take into account. Rental yield can be affected by several things that are not under your control such as market fluctuations or the local economy. However, there are also things that you can control to ensure a better yield.
Keep reading to learn 6 key ways real estate agents Stratford can help you increase your rental income in East London.
What you can find in this article:
- Suggesting Ways to Improve Property Value
- Charging the Right Rent
- Shorter Vacancy Periods
- Attracting the Right Tenants
- Rental Reviews
- Handling Negotiations
Our experienced estate agents in Stratford are always available to support landlords and help them navigate the rental market. Contact us at 0207 055 0441 to learn more about how we can help you avoid vacancies and increase your rental income for your property in East London.
Suggesting Ways to Improve Property Value
One of the first key ways estate agents Stratford can help you increase your rental income if you have a property in East London is to help you make the most of the home you are letting.
Experienced estate agents in Stratford know exactly what features tenants are looking for and what makes a property more attractive to them.
By working with a knowledgeable estate agent, you can learn about what you can improve about your property in order to attract as many qualified tenants as possible and drive up the rental price.
For instance, if your ideal tenant is a family with children, our estate agents Stratford may recommend you install a swing in the backyard. Or, they could recommend you install a washing machine and a dryer.
Each type of tenant will be looking for something else. The key is to know what that is.
An experienced Stratford estate agent can help you both define your ideal tenant and make changes to the property to attract that exact type of buyer. In most cases, the changes you’ll need to make to the property won’t cost you an arm and a leg, but they will increase the property’s value and, therefore, your rental income.
Our estate agents Stratford will also be able to give you recommendations on how to set up the home for pictures and visits so that potential tenants will be instantly attracted to the property. The more potential tenants you can attract, the higher up the bid for your property will go and the more your rental income will increase.
Charging the Right Rent
Another key way in which estate agents Stratford can help you increase your rental income in East London is by advising you how much to charge tenants for their stay.
Many times, landlords do their own research online trying to determine the right rental price. However, while being informed is always a good idea, doing your own research will only take you so far.
On the other hand, using a Stratford estate agent with local market experience will give you access to insights about what tenants are looking for that you will not find online. This way, you can ensure you charge the right rent, and you don’t deny yourself opportunities that could increase your rental income.
Shorter Vacancy Periods
One aspect that is sure to affect your rental income is vacancies. Vacancies are perhaps what landlords fear most. And for good reason. Having weeks, if not months of zero income will definitely affect your rental yield.
A good Stratford estate agent knows that. And they will do their best to make sure your property is occupied, and you have little to no vacancy periods by being in contact with the existing tenants and starting to market the property before they move out.
Although this will not increase your rental income per se, it will ensure a steady flow of cash and increase your rental yield.
Attracting the Right Tenants
As mentioned above, as a landlord, it’s best to know exactly who your ideal tenant is.
Is it a family with small children? Is it an older tenant with a cat? Is it a rock band drummer?
It doesn’t matter who they are. What matters is that you know who you are marketing the property for. And this is exactly where an experienced agent can come in.
Our Stratford estate agents have helped many landlords in East London define their ideal tenant and then ensure the property they are letting fits that specific type of tenant by adding the features they are looking for.
When you know your ideal tenant and you ensure the property has the features they want, you can increase competition between potential tenants and increase your rental income.
On top of this, our experienced estate agents in Stratford can market the property in a way that will surely attract the exact tenant you want. Using multiple online and offline platforms and networks, they can secure as many potential tenants as possible and, in doing so, drive the rental price up to increase your rental yield.
In addition, they will do background checks and get referrals for potential tenants to minimize any risks associated with renting your property such as damage or inability to pay rent regularly or on time.
Every landlord knows that rent reviews are another very important aspect of letting a property that are sure to affect your rental yield.
However, in many cases, landlords do not increase the rental price as often or as much as they could because they fear losing their tenants and having to look for new ones.
Our Stratford estate agents have the market knowledge it takes to properly valuate your rental property from the very beginning. Therefore, they can recommend an appropriate rental price that is more in line with the rent charged for similar properties at any given time and they can advise you when and how you can regularly increase the rent you charge.
This is where another key way estate agents Stratford can help you increase your rental income in East London comes in. Namely, negotiations.
Negotiating isn’t only an important part of closing the deal with a tenant. It is also important throughout the lease period and whenever you need to increase the rent.
No matter what anyone says, negotiation is always an option.
Our Stratford estate agents will represent you in your relationship with the tenant and:
- Negotiate a higher rental price by encouraging competition for your property
- Negotiate additional expenses and costs included in the rental price that won’t affect your rental yield but will increase the rental price
- Negotiate rental price increases regularly
It’s always best to have an experienced partner by your side whenever you are letting a property in East London. Our Stratford real estate agents can help you secure the best price and outcome using their local market expertise and knowledge. To learn more about how we can help you, contact us at 0207 055 0441.