Ultimate Landlord Guide for Maximizing Rent After Tenants Leave

A Landlord's Guide to Preparing Your Property and Increasing Rent after the previous tenancy ends

As a landlord, the end of a tenancy marks not just the conclusion of one rental agreement but also the beginning of an opportunity to enhance your property's appeal and boost its rental value. With how the property market has exploded in the past few years it's easy to understand why landlords are asking for higher rents and a lot of them are reluctant to keep the tenancy agreements they have in place where rent is still on 2020 levels. Preparing your property thoroughly after tenants leave can make a significant difference in attracting high-quality tenants and justifying a higher rent, even though there's little reason to justify anything, especially if you are a landlord of a property in a prime location. Here's a comprehensive guide to help you navigate this critical transition period and squeeze the most out of the flat or house you own.

1. Conduct a Thorough Inspection

The first step after your tenants vacate is to inspect the property meticulously. Look for any damages beyond normal wear and tear, and document everything with photos and notes. This inspection will help you determine what repairs are necessary and whether any costs should be deducted from the tenant's security deposit, in accordance with local laws. As a cleaning company Magic Pro Cleaning is impartial to how landlords and tenants conduct their business and whether or not one part or another feels justified in doing anything related to the security deposit and the initial tenancy agreements.

2. Invest in Professional Cleaning

A clean property is more appealing to prospective tenants and can justify a higher rent. Consider hiring professional end of tenancy cleaners to perform a deep clean. Make sure you get a reputable company to take care of the cleaning and ensure they make the place spotless. That's the first step in increasing the property's perceived value. Here's what we think such a cleaning should include:

• Carpet and upholstery cleaning (ideally shampooing of carpets for best results)

• Window washing inside and out

• Kitchen appliance cleaning, professional oven cleaning using a deep tank.

• Bathroom sanitization, deliming, descaling, the full monty.

• Dusting and polishing of all surfaces.

Professional cleaners have the expertise and equipment to reach areas that might be overlooked in a standard clean, ensuring your property is spotless. Like we mentioned above you shouldn't skimp on spending a few quid more, considering the property's rent will be increased until the end of the agreed upon tenancy period. That could mean you get 100 pounds more for 2 years or even longer.

3. Perform Necessary Repairs

Addressing maintenance issues promptly can prevent them from escalating into more significant problems. Common areas that might need attention include:

• Fixing leaky faucets or pipes. Those pesky pipes are something you should definitely take a look at and have inspected prior to the moment you start getting viewers for the property, especially if your property is on the older end.

• Repairing or replacing broken fixtures. We probably started with the wrong order as you were told you should have the fixtures polished above in the cleaning section. It's important to note that in some cases, just polishing them won't do the trick and you might need to replace them altogether.

• Patching and painting walls. Ensure you have someone do that thing thoroughly and in the proper way.

• Ensuring all appliances are in working order. If anything is too old or looks like it's been through the great war, just replace it. Considering the prices of rent in London, the price for a new stove or a hob is neglectable.

By maintaining your property in top condition, you not only preserve its value but also enhance its appeal to potential tenants.

4. Upgrade Strategically to Increase Rental Value

Investing in upgrades can significantly increase your property's rental value. Focus on improvements that offer the best return on investment:

• Fresh Paint: A new coat of paint can brighten up the space and make it feel new. If the previous tenants were smokers, there's always a residual smell. A fresh paint will take that away as well.

• Modern Appliances: Upgrading to energy-efficient appliances can attract tenants looking to save on utility bills. You can instruct the letting agent to underline this as a special perk to the property. Most people would make long term calculations and energy saving electrical appliances are definitely something that'll be taken into consideration and appreciated.

• Updated Fixtures: Replacing outdated lighting and plumbing fixtures can give the property a modern look. Forget about the oldschool two-sided taps. In with the new and out with the old is what I always say.

• Enhanced Security: Installing security features like alarm systems or better locks adds value and peace of mind. Cameras are a no-go if you are not planning on passing the full access on to the tenants, as it is going to be considered a breach of privacy rules.

5. Enhance Curb Appeal

First impressions matter. Improving the exterior of your property can attract more interest:

• Landscaping: Trim bushes, mow the lawn, and add some colorful plants, perhaps an outdoor set for visitors or something like that.

• Exterior Cleaning: Power wash siding and clean gutters. That might be an overkill, but if you want to get the best price possible for the shortest amount of time, it won't hurt to increase your chances.

• Entrance Appeal: Update the front door or add new house numbers. There are plenty of options available online for prices as low as 25 quid.

6. Set a Competitive Rental Price

Research the local rental market to determine a fair and competitive rent. Consider:

• Current Market Rates: Look at similar properties in your area. Zoopla is a great place to start.

• Property Upgrades: Justify a higher rent based on improvements made. Make sure you don't overdo it, as at some point you will not be able to recuperate your investments even in a long term lease.

• Demand Trends: Adjust pricing according to the demand in your location.

Balancing profitability with market expectations ensures you attract quality tenants while maximizing your return. Sometimes it might be a smarter choice to get a specific type of tenant that will pay less, but will use the property less and end up wearing it down less.

7. Update Your Marketing Strategy

With your property in excellent condition, it's time to showcase it:

• High-Quality Photos: Invest in professional photography to highlight your property's best features. Most estate agencies probably have that covered already, but if you want to try and let the property yourself, it's a good idea to have someone take quality photos of it. If you are a professional real estate photographer, you're all set in this department.

• Detailed Listings: Write compelling descriptions that emphasize upgrades and amenities. Make sure you don't overlook or skip any of the upgrades you've made. After all you did make them to increase your rent price.

• Multiple Platforms: Advertise on various rental websites and social media platforms to reach a broader audience. There are a few sites that can take the legwork for you and publish on multiple platforms on your behalf.

8. Review and Update Lease Agreements

Ensure your lease agreements are up-to-date and compliant with current laws:

• Legal Compliance: Check for any changes in landlord-tenant laws that need to be reflected in your lease. Here's the latest document we managed to find that should suffice, but don't take our word for it and do your own due dilligence.

• Clear Terms: Define responsibilities for maintenance, repairs, and end-of-tenancy procedures.

• Rent and Deposit Details: Clearly state the rent amount, due dates, and security deposit conditions. The more concise the tenancy agreement the better.

9. Consider Professional Property Management

If managing the property becomes overwhelming, hiring a property management company can be beneficial. They can handle:

• Tenant Screening

• Rent Collection

• Maintenance Coordination

• Legal Compliance

While this service comes at a cost, it can save you time and ensure your property is managed professionally.

Conclusion

Preparing your property thoroughly at the end of a tenancy is a strategic move that can significantly increase your rental income. By investing time and resources into cleaning, repairs, upgrades, and effective marketing, you set the stage for attracting reliable tenants willing to pay a premium for a high-quality living space. Stay proactive, keep abreast of market trends, and consider professional assistance when necessary to make the most of your rental property investment.