10 secret strategies to drive higher rent in London for 2020

December 19, 2019

So, what’s the secret to achieving the top end rent for your London postcode? We’re about to tell you.. 

 

We hear landlords often ask us this question, and likewise we see properties on the market for full whack but guess what? They sit there for sometimes months at a time because they are simply not worth it. 

 

The London rental market is changing, a lot to do with the fact that it is absolutely saturated. However, landlords (and certain agents) still fall in to the trap of thinking ‘I own a XX bed property in XX of course the demand is so high I can charge whatever I want for it’. But that is simply not the case. 

 

Demand is high for all types of properties, whether it’s something slightly lower quality or the highest of the high. If you’re a savvy landlord or agent you will be able to let it in London IF it’s priced correctly and advertised accordingly. There are certain strategies to this, which we will explain later, but in essence the demand is there for a property that offers value to the tenant(s).

 

If you’re struggling to let your property for market rate, or for a higher than market rate we’ve got some handy tips for you to look at below to help you along the way to achieving it:

 

      1. Assess the condition of your property or ask someone impartial to.. 

 

      2. Advertisement strategy

 

     3. Pricing strategy 

     – This again is hotly contested. I know certain agents that will slash the advertised price compared to what it’s worth just to get the demand flooding in. They will do one viewing with around 20 – 30 groups and then go to blind bids which makes everyone applying panic because they want the amazing flat of their dreams that they thought they could never afford but seemingly can (or could have). 

 

     4. Assess your area and the type of tenant demand and adapt

 

     5. Reduce your voids

 

     6. Find your niche, or use someone elses!

 

     7. Depending on your area and type of property adjust your rental strategy

 

     8. Look at the market and your immediate competition

 

     9. Review your agent if you use one, if you don’t use one currently consider it

 

     10. Reduce admin costs and plan your tax

 

So there’s our top strategies for driving your rent and yields higher if you own a property not only in London but across the UK. Don’t forget, we are based in London, Loughborough, Lincoln, Hull, Cardiff and Nottingham – so if you’d like to drop in to any of our offices for a coffee and informal chat about how we can help with any of the above please feel free to get in touch on 07972 611317 or [email protected]

 

We wish you luck in your 2020 property journey!