I was talking to an investor the other day and they were
looking to budget for a new purchase. We had discussed finishing touches, how
to decorate, the spend on the build and then she popped the question. Maybe I
should have expected it? “Should I let my property furnished or unfurnished,
Jeroen?”
It took me by surprise as she had brought me several properties
to manage over the last year and I knew they were in good order. I had however
inherited them from another agent she used to use and I must admit I didn’t check
the details of every letting as yet. Turns out that they were unfurnished! She
had let unfurnished all this time! I was bound to notice when the time came for
renewal as I would have noticed the rents were a bit light though.
Here’s the thing…
If you are letting a property in Clapham and surrounds, I
would say this easily applies to zones 2-4 in general, then furnish them.
Furnish them well. If you are letting to DSS tenants then they will be used to
supplying everything, even down to their own white goods. However professional,
working tenants, they’re a different kettle of fish. Take a stunning new build
for example. If you take out the furniture, really you’re left with a carbon
copy flat. Furniture and décor is how you differentiate. Supply cast-offs from
your grandma’s loft? Do so at your peril. They used to say location, location
location – now it’s presentation, presentation presentation! As long as the
flat is clean, tidy and well-presented you are already ahead of the
competition! I’m not saying spend thousands upon thousands on furniture. Take
this as an example, one from my most recent project: The bedroom furniture
including beds and mattresses were sourced under £2000. FOR ALL THREE BEDROOMS!
These are solid pine and an orthopaedic mattress no less. Add a few quid for
matching curtains and lamp.
You want top dollar for your rental? Break some eggs to make
that omelette and by that I don’t mean break the bank. Look at items that LOOK
expensive but are not expensive. Well if you want tenants you will have to
furnish it… simple!
Professional tenants are more discerning. If you are looking
to furnish your new property with cast offs of yesteryear you can say goodbye
to rental success.
I hope you find this useful. Remember my name is Jeroen
Hoppe, author of the Clapham Property Blog. Helping landlords and investors
making the most of their investments in South London. If you need help or
advice on making your investments more profitable email me on jeroen@claphampropertyblog.com
or search and follow the Clapham Property Blog on google, Facebook or LinkedIn.
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