Imagine going to an open house, being offered an unlimited travel pass for the next 12 months. £5,000 in John Lewis Vouchers for that 14” mattress with shaggy scatter cushions and £7,000 towards the installation of a cinema screen and surround sound, so that you can watch Stardust on repeat from the comfort of your recliner with a glass of wine nestled in the cup holder.
This is what’s on offer to first time buyers looking to snap up a new pad in Hackney.
You know the cost of being a landlord is going up. Developers are losing investor demand. Instead they are looking to give first time buyers ‘sweeteners’ to enhance their lifestyle and get them to buy at the top of the market.
Don’t worry, I’m not going to ask you to offer thousands of pounds worth of gifts. But the results show it’s a money making strategy, these units are flying off the market quickly.
Yet, there’s a giant problem. Mortgage lenders don’t agree with the prices. Purchasers must up their deposit or continue renting.
You, as a Landlord, need to fill that rental demand.
Offer your own ‘sweeteners’ to land the BEST tenants, without spending the £’s:
- Fast wifi, the type that allows you to upload YouTube videos in 5 minutes, not 5 hours
- Cosy, brand new duvet covers on the bed with plumped up pillows – Primark is your go to.
- Minimalist kitchens… clear counter tops with SPACE!
- Vouchers!! Phone your local coffee shops, bars and takeaways, there are so many on offer. Your tenants will feel awesome that you cared so much
- Put some Prosecco in your fridge and a couple of champagne flutes on a tray with a selection on truffles. Show how much you care
Simple but effective upgrades which get tenants desperate to rent your property.
It’s time for you to compete with developers. Make your occupants feel awesome about their new home. Renting property isn’t outdated, but landlords who rent out sub-standard properties is.
You need to keep up with demand!
I’d love to hear from you what’s 1 sweetener you can add to your buy to let’s to attract awesome tenants?
Share as much detail as you possibly can. Property investors jump on here to get inspiration and will love everything you post.
Thank you so much for reading. I cannot wait to catch up with you again soon!