Martin & Co’s Business Development Manager Michael Drake is looking at exactly how to make the most of your investment property
So you have just bought your first investment property, the selling agent says it has the potential to earn you a fortune but you look online and find similar properties are not commanding such riches and stuck on the market longer than the average tenancy. What do you do?
Well first you need to chide yourself for not speaking to me first but once this task is completed look at why the other properties are not reaching the dizzy heights you expected and why even at a lower rent they are not shifting.
The number one reason why is marketing. Just by placing your property on Rightmove does not mean that the property will let quickly. Thought and consideration needs to be applied prior to the property being listed. We have all seen the Tracy Emin style bedroom photo, the sink piled high with last week’s dirty plates or the toilet seat up with the empty cardboard toilet paper tube precariously hanging onto the back of the cistern. These photos only portray the fact the landlord and letting agents do not care.
Your property needs to stand high and mighty against other properties within its peer group. You are not just selling or letting a property you are offering a lifestyle to applicants. Ask yourself “what do you like to see on property listings”, your idea of quality lifestyle will probably mirror what your audience is looking for. If you would not live there why would anyone else?
Before you or an agent take the marketing photos stage the property, don’t leave the idea of what it could be like to the viewer, show them. If the property is unfurnished try and get photos of the property with some furniture in, photos of blank rooms are difficult to scale and I can guarantee the viewer will think either “my new corner sofa will not fit in there” or “my super queen size bed will take up all the bedroom”. If you cannot do this ensure a floorplan is included in the listing. Rightmove say that a listing with a floorplan will increase the number of viewings by over 44% so that’s a no brainer. Focal points to a room or interesting shapes will really draw the eye of the viewer, this will also increase the interest in your property.
It does not need to be expensive or quirky like the old vending machine bedside cabinets shown above but just a standard houseplant transforms a white bathroom or a stylish kitchen sign to draw the readers eye.
Just remember you are not just selling bricks and mortar you are selling a lifestyle and as such the better adverts and the most popular properties are all about lifestyle. If you follow these simple rules you will achieve quick results and increase the profitability of your property.
If you want to know about marketing your property for sale or rent just pop in and see me, advice is free and I make a really good cup of tea.
IF YOU’RE INTERESTED IN LIVING IN LEEDS, HAVE A CHAT WITH US TODAY:
Martin & Co Leeds City
24 – 28 Bridge End, Leeds, LS1 4DJ
0113 245 7174
Martin & Co Roundhay
460 Roundhay Road, Oakwood, LS8 2HU
0113 887 6209