All landlords want reliable, trustworthy tenants that pay their rent on time and care for the property. But is there anything better than a reliable tenant? As unlikely as it may seem, there is. It’s higher-paying tenants.
Keep reading to learn who they are, what they want, and how you can attract them. If you are a landlord and want to have experienced professionals by your side who can help you raise your property’s value, find the best tenants, and increase your rental income, contact our estate agents in Newham today at 0207 055 0441.
What you can find in this article:
- Who Are These Higher-Paying Tenants?
- How to Attract Higher-Paying Tenants?
- Cover the Basics
- Target the Right Tenant
- Highlight the Area’s Advantages
- Offer Extras if Possible
- Be Flexible
Higher-paying tenants are, as one would expect, tenants who can afford to pay higher rents. Be it because they have a higher income that can accommodate a longer list of demands or because they are not personally the ones covering this expense, such as professionals who come from other countries or cities and have their rent paid by the company sourcing their services, higher-paying tenants are any landlord’s dream.
They are reliable, serious, and, most of all, willing to pay more.
These tenants want well-equipped spaces that have quality fittings and furniture and bespoke interior design. They want to have designated areas where they can work, relax, and host friends and family.
Especially now, after we’ve all been stuck indoors for so long and if the tenant is a person who likes to socialize, the quality of the interior is essential. Higher-paying tenants expect higher standards in all aspects of the letting process, from the space itself to how it is presented and how the negotiations are carried out.
Our estate agents in Newham frequently advise our landlords on different ways they can spruce up their properties to increase the amount of income they can collect from potential tenants. Or on different changes they can bring to the property to attract their ideal tenant. Moreover, they consistently support landlords to manage their properties, keeping them in tip-top shape, and helping keep their tenants happy.
In this article, our estate agents in Newham have put together a list of what higher-paying tenants look for and what their list of demands may most likely include. Keep reading to learn how you, too, can make your property appealing to this type of tenant and, therefore, increase your rental income.
The first box you will need to tick in order to attract higher-paying tenants according to our estate agents in Newham is to have a high-quality property. Letting a stylish, well-kept, well-located property will instantly attract the attention of premium tenants.
Location is, of course, one of the most sought-after characteristics of a high-quality property. It needs to be in an easily accessible area, close to public transport, as well as the areas your tenant may want to be closer to. Such as the business district, for instance.
Next, the property must be in excellent shape as far as the finishings are concerned, the layout of the space and its functionality, the furniture, and the décor. It must speak to and function well for a dynamic business professional, for example.
Last, but not least, higher-paying tenants require a different approach marketing-wise. They do not respond to the same stimuli normal tenants do. That is why you should consider enlisting the help of experienced estate agents for this task. Experienced agents will know how to present the property, where to advertise it to attract higher-paying tenants, and have proven strategies to negotiate and close successful deals.
Getting higher-paying tenants may require more time but, in the end, all the effort you put in will prove to be well worth it.
The first item on your list if you are a landlord looking for a higher-paying tenant is to make your property spotless and suitable for this type of tenant.
This means that every inch of the property must be well thought out from the get-go to appeal to the type of renter you are targeting. If you are unsure how to go about creating different spaces that can fit the tenant’s different needs, enlist the help of an interior designer and an experienced estate agent. Together, they can map out the ideal tenant’s wish list and make it a reality.
Next, in the implementation phase, you must ensure that the workmanship and furnishings are top quality also. There is no point in having a clever and high-quality design if the finishings are subpar. Therefore, choose an experienced contractor and don’t try to make any savings when it comes to the quality of the furniture.
Lastly, the place needs to be spotless. Every nook and cranny of the rental property must be clean and shiny if you want higher-paying tenants to envision themselves living there and if you want to make the best possible first impression.
To appeal to younger tenants who afford to pay higher rents, you need to focus your strategy on delivering more than just a functional, well-designed space with quality furniture.
According to our estate agents in Newham, you must also take into account the values your future tenant has. For instance, if you are targeting Millennials, you should take specific things into account, such as offering environmentally-friendly amenities. You could use energy-efficient light bulbs throughout the property, water-saving showerheads, or a dedicated space for recycling waste.
No matter if the high-paying tenant you are marketing the property to is a professional, a family, or a Millennial (not that any of those exclude each other), highlighting the advantages of the community the property is in is highly advisable. Any high-paying tenant will care about the home just as much as they will care about the neighbourhood the property is in and how easily they can get to work and enjoy leisure activities when living there.
Your marketing materials and advertising strategy should include details about:
- How easily accessible the property is (close to the business district, highways, or airport)
- What public transport options there are in the area, mentioning the distance and time to major locations
- What schools are in the area and their rating
- Entertainment options (sports arenas, shopping malls, concert venues, etc.)
- Outdoor recreation options in the area (hiking trails, biking trails, national parks, etc.)
You could make your property stand out and increase your chances of attracting a higher-paying tenant if your property also comes with:
- A private parking space
- A separate storage space
- A garden or outdoor space
If it is a possibility, our estate agents in Newham recommend you consider throwing these benefits in when letting your property.
A good tenant, especially one who is open to paying more, will be looking for a good landlord. And there is no better quality a landlord can have than being flexible. For instance, a busy professional may travel more often or move more often so they won’t be interested in a long lease. On the other hand, a tenant who is allowed to make the home they rent more comfortable and “their own” will be more likely to extend their stay.
Therefore, you should consider being flexible in terms of tenancy length but also about personalization.
Our estate agents in Newham recommend you offer tenants the possibility to rent the property for shorter terms, such as for six to 18 months or 12 months with a 6-month break clause. You could even consider offering a month-to-month option, allowing tenants to terminate the lease as needed. This type of flexibility will definitely make your property stand out if you’re looking to attract higher-paying tenants.
As for personalization, you should be open to allowing your tenant to put their own stamp on the property. For your peace of mind, you can insert a clause in the contract that states the tenant will have to return the property to the condition it was let in at the start when they vacate.
If you are a landlord and are looking to make your East London property more appealing to high-paying tenants, contact our experienced estate agents in Newham today at 0207 055 0441 to get the best advice and professional support.