It’s always the top tip for Landlords – target the right Tenant. Whether you have a property, or you’re thinking of buying buy-to-let, the first thing that you should do is imagine what you want out of the property.
Everyone needs somewhere to live, so how do you figure out which type of person is the right one for your property.
Generally, you can group Tenants into four different groups.
Here, we take a look at them in detail to help you understand the differences a little bit better.
Young professionals will share with others, or they may live alone. They will usually want something which is a better standard than a student property as they will be on a full time wage. Offer your property furnished or part-furnished because young professionals are unlikely to have accumulated their own furniture, though they may want to.
Young professionals may not have too much spare cash, so they’ll probably want to live somewhere near the city centre with good amenities nearby and good transport and road connections.
A professional couple will have more cash to throw at rent. They may want somewhere that they can settle down and start building a home together. They may want to start with a furnished property, with the option of getting some furniture removed later as they acquire their own. Professional couples are likely to stay in one property a bit longer than younger professionals, as they will be looking for a home.
Students want cheap and cheerful. They want furnished, and they want to be close to the university or the city centre. You can get away with turning reception rooms into bedrooms, as long as there is some communal space. Students will expect that the property will be furnished with basic furniture. Students will move every year or two years and you should expect that they won’t take the best care of the property.
Get in contact with the university and see if you can get on a list of approved landlords or something similar to help get your property seen by students specifically.
A top priority for families is space. Space for bedrooms and space outside to enjoy. They may be on a budget but they want somewhere safe and somewhere presentable for them and their potentially young children to live. Like young professionals, they will want to make your property feel like their home, so don’t furnish it, and let them paint or add things to the walls. The more they feel at home, the longer they’re likely to stay.