Beating off the Competition

DDproperty Editorial Team
Beating off the Competition
Since a buy-to-let property makes a sound investment as there is always a need for housing, you won’t be the only landlord trying to profit from this asset class. There might be times when there are units in the building that are also available to rent at the same time upping your competition and potentially taking it longer for you to secure a new tenant.
If you have a tenant in your property that you are happy with: pays their rent on time and creates a minimal fuss, then as a landlord is wise to try and retain them. Keeping an existing tenant happy and renewing for more than one term will save you the hassles and costs related to finding a new tenant. Therefore, if your tenant has served their notice the first thing to do is to ask why to see if there is anything you can do to change this. If they are moving countries or looking for a bigger home then there is little you can do. But if they are finding your property a little tired, it might be worth making some investment to change this. Painting, replacing items of furniture, or fixing anything might change their perspective. >>8 Ways To Make Your Rented Place Feel Like Home
Lastly, if the market isn’t looking that great with a glut of properties available then competition is going to be stiff when looking for a new tenant. So why not consider reducing their rent? A small drop might be worth it versus an empty property that isn’t generating any rent.

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Should there be no way around keeping your tenant then immediately survey your competition? See what similar units are available, take note of their price, condition and size. Use this to gauge what level you should market your unit at and if you can afford to go slightly lower, then do. This could make or break between having a property occupied or unoccupied.
Be flexible in other ways too will also help. If you have the luxury of being able to offer the property both furnished or unfurnished, then make this widely known and even have it listed in your advertisement as this will widen your pool of tenants. Plus take on board any reasonable requests, this will show your goodwill as a landlord since many tenants will want the reassurance of the potential good relationship with their future landlord. >>7 Photo Tips For House And Condominium Rent
You will need to be aware of what is going on in the market to keep abreast of any property related news. No one wants to accept a slightly lower rent or even make alterations to the property that will cost more, but this might be your only options to beat off the competition. Lastly, don’t forget to continue investing in the property. Keep on top of any repair works and if the property isn’t letting as the bathroom or kitchen is dated, then this is the time to carry out these works which will help increase its value too.
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