[vc_row][vc_column][vc_column_text]When did you last see your property? Have you been letting it for quite a few years now? Is it proving harder to let each time now, rather than when you first bought it?
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Lower tenant demand makes letting tougher in Central London
Too many properties are currently chasing too few tenants – especially from overseas. Dropping the rent is not what landlords want to do, as their overheads have not reduced. So, what else can be done to make your rental property more attractive?
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What influences an incoming tenant’s choice?
Not only the rent level, location and size of the property. It’s also the style and condition that will sway a tenant’s choice. Does your property tick all the boxes, or does it have an ‘Achilles heel’ which is putting people off? These could include tired and faded Décor, worn Carpets and dated Furnishings, not to mention worn out Appliances – or perhaps a lack of modern day ‘essentials’ such as microwaves, dishwashers and power showers.
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How does a landlord know what needs changing?
This is usually brought to light when prospective tenants view your property. A bright and pro-active agent – when accompanying the applicants – will encourage them to say what is putting them off and will feed these points back to the landlord.
By spending as little as 1% of the property’s capital value every 5 years on improvements, it can be kept in an up-to-date and attractive condition.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_gallery type=”image_grid” images=”264769″ img_size=”375×250″ onclick=””][/vc_column][vc_column width=”1/2″][vc_gallery type=”image_grid” images=”264770″ img_size=”375×250″ onclick=””][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]ANDREW REEVES offer a ‘Review and Improve’ service to their fully-managed landlords – many of whom live abroad and have not seen their properties for many years. A senior member of staff visits the property and, after consulting the lettings teams, suggests to the landlord economical ways in which the interior of the property can be enhanced. If approved in principle, quotations for the work and purchases are obtained.
The expenditure naturally has to be funded in advance and this can be done by stage payments for work certified as complete. Our fee for organising, supervising and approving these works is based on the expenditure agreed with the landlord and is either 10% or 15% + VAT, depending on the time spent by us.
Work commissioned and carried out recently by approved independent contractors has ranged from a modest £2,000 spent on either re-decoration, new carpets and/or replacement furniture – to a full refurbishment costing £50,000, including a new kitchen, new bathrooms, complete redecoration, new hard-floors, and ‘Plantation’ style window shutters.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_custom_heading text=”If you would like to pursue this matter with ANDREW REEVES please contact James Reeves ARICS, Director of Property Management, available on 00 44 (0) 207 881 1340 or via the form below.” font_container=”tag:h3|text_align:left|line_height:1.3″ use_theme_fonts=”yes”][ult_content_box bg_color=”#efefef” box_shadow=”horizontal:px|vertical:px|blur:px|spread:px|color:#f7f7f7|style:none|” hover_box_shadow=”horizontal:px|vertical:px|blur:px|spread:px|color:#f7f7f7|style:none|” border=”border-style:solid;|border-top-width:0px;border-right-width:0px;border-bottom-width:3px;border-left-width:0px;|border-color:#73c737;” padding=”padding:25px;” hover_border_color=”#73c737″][/ult_content_box][/vc_column][/vc_row]
